Monthly Archives: March 2020

Downsizing Is Good!

5 Real Estate Agent Tips For Downsizing Baby Boomers

Upwardly mobile baby boomers had a mantra of “More space!” as they looked for larger homes to accommodate growing families and increased possessions. Now, as empty nesters look to downsize, they’re headed in the opposite direction.

How can you best serve home buyers in their period of transition? Here are five helpful tips for real estate selling to downsizing baby boomers.

1. Evaluate Current Space and Possessions

Wanting a smaller home is a vague goal. Have your clients take a careful look at their current space and decide which features they could do without. Do they need more than one spare bedroom? Does the formal dining room get any use? 

2. Start Downsizing Immediately

The sooner your clients can begin eliminating unwanted furniture and home accessories, the easier the task will be. If they wait too long, they may be forced to take them along and put them in storage, which is an additional expense they don’t need.

3. Obtain SRES Designation

A Senior Real Estate Specialist, or SRES, has completed specialized training focused on working with seniors and evaluating their unique need. SRES certification will give your clients additional confidence in your ability to help them.

4. Budget for Monthly Housing Costs

All homes come with property taxes, HOA fees and other costs that must be included in the overall budget. Baby boomers on fixed incomes need to be particularly accurate in accounting for all expenses.

5. Think Ahead

Do your clients have health or mobility issues? Do they want to be close to family members? Consider other changes that will impact their choice in homes.

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Coronavirus Fears

Coronavirus Is Infecting The Real Estate Market: What You Should Know

Coronavirus, a deadly disease originating in China and spreading worldwide, has taken center stage in recent news. Can a health crisis have an effect on current real estate trends? Experts weigh in on how coronavirus may impact the U.S. housing market.

Putting the Brakes on the Luxury Real Estate Market?

At this point, there have only been 11 confirmed cases of coronavirus in the United States. But according to Lawrence Yun, chief economist for the National Association of Realtors® (NAR), the luxury real estate market is already taking a hit. Many high-end properties on both coasts are purchased by wealthy Chinese buyers, to the tune of $13.4 billion in NAR’s most recent annual report.

In the short term, this could repress an already sluggish luxury market, which is defined as properties selling for $1 million-plus. Bay Area broker Amy Kong, president-elect of the Asian Real Estate Association of America, reports lower attendance at open houses marketed toward Asian buyers.

Interest Rates on the Decline

China is the world’s second-largest economy, so anything impacting their financial outlook has a ripple effect around the globe. On January 30, rates for 30-year fixed-rate loans dropped nine basis points to 3.51% While lower rates could trigger an uptick in buyers, the benefit could be negated by sellers raising list prices.

What’s Ahead?

Yun makes a comparison between coronavirus and the outbreak of severe acute respiratory syndrome (SARS) in the early 2000s. SARS had a negligible effect on U.S. real estate, but Chinese buyers weren’t as active then. Fortunately, the consensus is that once the coronavirus is under control the market will bounce back to business as usual.

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