ReCap

May

Gen Xers seek multi-generational homes

As their adult children move back home (or not leave at all), Generation X is adjusting by purchasing multi-generational properties.1 Numbers from the 2019 Home Buyer and Seller Generational Trends study:

  • Gen Xers are the most likely to buy a multi-generational home – one in six made the purchase.
  • Fifty-two percent of Gen X buyers said the presence of their adult children was the #1 reason they bought a multi-generational home.
  • Meanwhile‚ older Millennials are buying multi-generational homes to care for parents (33%) or spend more time with mom and dad (30%).

As the #1 mortgage company in Greater Lexington for 17 consecutive years‚ Capstone is here to provide guidance and support. Please contact me if you have questions.

1“Gen Xers’ adult children influence their buying decisions‚ younger Millennials become buying force according to REALTOR® Report‚” National Association of REALTORS®‚ last updated April 1‚ 2019.

May
Steps for a low-maintenance yard

While there may be no such thing as a zero-maintenance yard‚ there are steps homeowners can take to ensure outdoor spaces require less upkeep. Share these tips with clients1:

  • Gravel‚ special types of paving or grass-like perennial plants can replace sections of lawn and mulch – and help make yardwork less of a chore.
  • Or consider slower-growing lawn options. Certain breeds only require cutting a few times a summer.
  • When placed in proper areas with comparable species‚ native plants are another low-maintenance option.
As always‚ I enjoy staying in touch and sharing helpful homeowner advice.

1Melissa Erickson‚ “Secrets of a low-maintenance yard‚” Wicked Local Lexington‚ last updated April 12‚ 2019.

April

Living with parents has its savings advantages

Those who prolong their stay with Mom and Dad can knock up to 10 years off the time needed to save for a down payment.1 Meanwhile‚ Boston-area renters aiming for 20% down face nearly 15 years of saving. Here are the numbers:

  • The study factored in markets’ median home prices‚ median incomes‚ and an assumption of saving 16.5% of income.
  • Those choosing to live with parents as well as save for a 10% down payment will have enough saved in four years and two months. (Timeframe is based on saving 34% of income.)
  • Boston-area renters paying $2‚415 a month would need more than 14 years to save the money needed for 20% down on a $467‚000 property.

Please contact me for more information.

1Steve Randall‚ “Here’s how long a renter needs to save to buy a home‚” Mortgage Professional America‚ last updated March 1‚ 2019.

April

Out-of-towners prefer upscale areas

A new study1 offers an interesting peek into the search habits of today’s homebuyers. Take a look:
  • In expensive metro areas‚ out-of-town buyers research more upscale zip codes while local buyers hunt for bargains.
  • However‚ the opposite is the case in less expensive metros: locals aim for pricier areas; those searching from a distance look for low-cost options.
  • Lexington appears to be bucking the national trend: the median home value is $1‚027‚500; 70% of online searches are by locals.
As the #1 mortgage company in Greater Lexington for 17 consecutive years‚ Capstone Mortgage is here to provide guidance and support.

1Alexandra Lee‚ “Who’s searching for homes in your neighborhood: locals or out-of-towners?” Trulia‚ last updated February 28‚ 2019.

April

What modern-style homes have to offer

Low maintenance costs and contemporary styling are some of the features drawing Millennials to modern-style homes.1 Here’s more on this unique style‚ which originated from post-war trends and ideas:

  • South-facing windows allow natural light to pour in‚ creating a welcoming setting. This also helps reduce energy costs‚ as less lighting is needed in summer and less heat is necessary in winter.
  • An asymmetrical design allows for easy additions to a home’s footprint.
  • Modern homes maximize interior spaces (e.g., hallways & ceiling heights); at the same time‚ the exterior can blend into any neighborhood.

As always‚ it is a pleasure staying in touch.

1Ashley Baskin‚ “Modern homes: the style Millennials love‚” The Mortgage Reports‚ last updated March 19‚ 2019.