Back in Fashion: Ramblers “People want to remodel their homes so they can age in place. They’re adding main-floor Bathrooms and Laundry Rooms, zero-curb showers that could accommodate a wheelchair, and Family Room additions that could easily convert to main-floor Bedrooms.” –Kim Palmer, “Remodeling on Rebound”; Star Tribune (5/5/2013) Along with the housing market, remodeling...Read More
“Free at 1 p.m?” This anecdote is courtesy of Stefan Swanepoel, keynote speaker at Edina Realty’s 2011 annual meeting held last week: A Baby Boomer who wants to have lunch with an acquaintance will call or email two weeks in advance, then exchange multiple emails/phone calls over the ensuing two weeks to fine-tune the time and location. The Millennial (“Gen Y’er”)?...Read More
Millennials vs. Baby Boomers One of the most startling things I heard at yesterday’s Edina Realty annual meeting was the degree to which the Realtor ranks nationally are now dominated by (relative) old fogeys: something like half of all active agents are now over 40 years old (and not a few are over 65!). This, at the same...Read More
Renting vs. Owning: Shifting Consumer Preferences? Before explaining the “tectonic plates” of the housing market, this preliminary question: What was the biggest factor in the stock market’s almost 12X(!) appreciation between 1982 and 2000? A. Increased corporate earningsB. Low interest ratesC. An increase in stocks’ price-earnings multipleD. Reduced taxes on capital gains Answer: C Although...Read More
Why Such a Big Discount For Big Homes Needing Updating? Want a novel — but not at all far-fetched — (additional) explanation for why so many nicer, bigger homes are facing significant discounts in today’s market, especially ones that need significant updating? Keep reading. Far and away, there are three big reasons why such homes...Read More
Next Big Thing: Reverse Mortgages Take 80 million Baby Boomers fast closing in on retirement age, many of whom (still) have lots accumulated equity in their now too-big homes, and what do you get? A vast potential market for something called a reverse mortgage. Like its name suggests, in a reverse mortgage, the lender pays...Read More
