Listing Courtesy of LEWES REALTY INC
The number of households belonging to older adults is on the rise across the nation, and (let’s face it) the homes themselves aren’t getting any younger. So states the Harvard University's Joint Center for Housing Studies' Housing Perspectives (JCHS), which recently published the projection that, if true, makes it likely that Lewes home remodeling activity will spike in the coming years.
Abbe Will, research analyst for JCHS drew this conclusion:
"Since much of the housing stock is currently ill-equipped with even basic accessibility features, older homeowners aging in place will need to invest in retrofitting their homes in order to age comfortably and safely.” In other words, even for homes which remain in their owners’ hands, home remodeling activity could grow markedly.
Home remodeling is no minor industry. Home improvement expenditures by older homeowners already topped $90 billion in 2013—making it a significant economic contributor. Now the JCHS projects that it could surge by an extra $17 billion annually over the next three years. Welcome news indeed for the construction and design industries, who had been in the doldrums until recently.
But what does this mean for Lewes homeowners who plan to sell in the near future? When considering a remodel, if you want your home to attract potential older buyers, consider the innovations modern designs have made for individuals in that demographic group. That will be the competition.
JCHS's analysis notes, "… not even a third of (existing) homes have what could be considered basic accessibility features, such as a no-step entry and bedroom and full bathroom on the entry level.” Both young and old can appreciate other features, as well. Wider hallways in a kitchen remodel is one example. Another is bathrooms showers with ‘edgeless’ design, which holds appeal both to Millennial buyers (for the sleek, modern look) and to seniors with limited movement. A bedroom on the main level that can readily be converted to a master if needed can be attractive to older homeowners—and also to anyone looking for a guest or au-pair suite. Investing wisely by thinking long-term when it comes to home remodeling plans is part of strategic home ownership. If you are considering selling your Lewes home at some point, it doesn’t hurt to inform yourself about forward-looking trends.
Wondering what today’s buyers are looking for? I’m here to help with all your Lewes real estate-related concerns: call me anytime this summer! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.
The way the media treated last week’s federal funds rate announcement by the Federal Reserve Board was a convincing demonstration of how much importance is placed on that singular piece of the financial puzzle. That rate may not be directly tied to Lewes mortgage interest rates, but since it determines lenders’ borrowing costs, its effect is considerable.
For many years now, Lewesmortgage interest rates have been comfortably nestled near the bottom of their historical range. Many Lewes homeowners have enjoyed the resulting low monthly payments on their mortgages. Lewes home sellers have likewise benefitted from home loan interest rates that make their properties more affordable than would otherwise be the case.
Real estate repercussions are a major part of the reason that the Fed’s announcement, which came midday last Thursday, had the national media holding its collective electronic breath. With ten minutes to go, one cable network talking head could add little illumination. “Wall Street will be watching the announcement very closely,” was her understatement. Channel flipping with five minutes to go, viewers found the streaming banner at the bottom of one network trumpeting BREAKING NEWS…BREAKING NEWS… before the fact. On CNBC, “the most highly anticipated announcement in years” was awaited by four commentators who had the unhappy challenge of predicting the decision mere seconds before the fact. Above the ever-moving streams of real-time data (oil was down, the stock markets up) panelists chattered about China (“it’s big and mysterious”), inflation targets (“missed again”), and optimism (“a rate hike won’t hurt the economy, it will help”). Only if the Fed “saw something down the road,” it was agreed, would they not raise rates. Then, just 5 seconds to go…then-
The Fed left rates unchanged.
Citing concerns over global this and financial that, the Fed said they were going to be monitoring them. The economy expanded at a moderate pace, and housing improved moderately, they said. But since global conditions might cause trouble...
The media’s excitement level flat-lined within minutes. “The markets are not panicking,” said a gentleman in a snappy suit. He looked irritated. “I blew it,” said another, who moments before had thrown in with the majority predicting a rate rise. “They cited uncertainty,” he frowned; then blurted, “The Fed is the biggest source of uncertainty!”
The stock markets didn’t react at all at first. Later, they closed mixed.
The next day, mortgage interest rates crept downward.
What seemed to be an excitement bust for the media was good news for many of the viewers. When the Fed funds rate continually hovers close to zero, there’s ample reason to suspect that Lewes mortgage interest rates might stay put for a while. TheStreet website later reported that they expected rates to rise a bit before year’s end. Given the recent record of expert predictions, it might be safer to stand behind one with a better chance of success: the next Fed announcement, I predict, will be the most anticipated announcement in years.
Meantime, if you have been mulling over whether to take advantage of the current balmy mortgage interest environment, I hope you’ll give me a Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.