Tag Archives: National Association of Realtors

Remodeled Space For Aging In Place | The Daily Oklahoman

*You might have to press pause on the video just below if you want to read everything before you watch it, it seems to be playing automatically.

A quick note before the video/article:

Early in 2017 I found myself in the middle of a transaction that had a very strong thread for all parties involved, aging family members. My sellers were helping their mother sell their childhood home, which needless to say had to be emotionally impactful. Not long after the house went on the market I was approached by a lady saying that her daughter lived a few doors down from the house, and they thought it would be nice to live closer to one another. I later discovered that this very witty and charming person was in the earlier stages of an Alzheimer’s diagnosis. Long story short they purchased the home after a few bumps in the road, and she and her daughter renovated the home – and it is immaculate…

I’m currently writing this with tears in my eyes next to my grandfather who is on his deathbed. In the last few years I lived for a while with my grandparents as they were getting settled into their final residence. We’ve been preparing for this moment for a long time, and in the middle of taking care of him for his final stage of life I saw this article pop up in The Daily Oklahoman, telling the wonderful story of some of my newfound friends, Deb and Amy on one side and Larry and Sue on the other. I’m so grateful for everyone involved. Being a part of their story makes me appreciate my own even more, and I’m pretty much bursting at the seems already with love and appreciation for my own family.

-Grady

Remodeled Space For Aging In Place

By Dyrinda Tyson For The Oklahoman dyrinda@gmail.com  


NORMAN — Amy Brewer wanted her mother closer, especially when memory issues began to surface. But it took several years and an Alzheimer’s diagnosis for things to come to a head.

“In April, she got lost for five hours,” she said. “That’s when I decided that she needed to move.”

Her mother, Deborah Brewer, raised a finger.

“Now I have a different story,” she interjected. She offered her explanation, mostly off the record, possibly tongue-in-cheek. “So I knew where I was,” she concluded with a nod.

Still, her daughter saw it as a call to action. Interstate 35 and major chunk of Norman lay between them. And as unpredictable as Alzheimer’s disease can be, the one thing for sure is it doesn’t retreat.

“I decided I’d put this off long enough,” Amy Brewer said. “For five years, I knew we needed to do something. And I’d been floating the idea and floating the idea.”

Her mother, though, was reluctant, at least until Amy played her trump card: “I finally said, ‘There’s going to come a time when I’m going to have to take your car away, and you’re still going to want to see your grandkids. So you need to be right by us. And, she said, ‘I understand.’ ”

The perfect bungalow came on the market that weekend, just two doors down from Amy’s house in central Norman. Things bogged down, however, as she grappled with the logistics of selling one house while buying another.

The bungalow was still on the market when they finally laid a plan in place. They gave the go-ahead to their Realtor, Grady Carter, of Metro Brokers in Norman. But they worried about trust issues on the seller’s side.

“He must have done some magic on his end, though,” Amy Brewer recalled. “I was in San Francisco about to board a flight to New Zealand.”

That meant many hours in the air cut off from communications, so she laid it out in a phone call to Carter. “I said ‘I’m going to land in 13 hours, Grady. Whatever they need us to pay, we’ll pay. Whatever earnest money, we’ll do cash.’ ”

That did the trick. By the time Amy Brewer came home from her extended trip, the deal was done. Friends had pitched in during her absence to ensure Deborah Brewer made it to closing, then helped her move out of her old home and into her daughter’s house to await remodeling on her new digs.

Oh, yes, the remodeling.

“I was really focused on securing this house, which took a long time,” Amy Brewer said. “And after we purchased the house, I realized I had plans to do a complete remodel and no plans to do a complete remodel. I guess someone who knew what they were doing would’ve had that lined up before they closed. A week or two went by, and I realized I had no idea what I was doing.”

Smooth transition

So she did what almost everyone does in this day and age, namely take her plight to social media. And social media gave back, leading her to Kendra Orcutt and her Home Mods By Therapists team. Orcutt channels her experience as an occupational therapist into designing spaces to accommodate people’s physical challenges.

Orcutt and her team opened up the space inside by getting rid of hallways, allowing the bedrooms and bathrooms to open directly up into the main part of the house.

They widened hallways, repurposed space lost to a heater closet to enlarge the laundry room and installed a sliding barn door on the master bathroom, adding not only a trendy touch but one that saves space and is easier for a person on a walker or cane to open.

Even the color scheme in the kitchen was designed with a purpose. The gray-and-black floor tiles are low-contrast, which is easier to navigate with impaired vision or balance.

“By making this house accessible to memory loss, she doesn’t ever have to move,” Orcutt said. “She won’t have to relearn another space. She knows her daughter is down the street. All of those things are important. So what I did was I made things easier to live in.”

Easier to live in, but not institutional. It’s often just a matter of style. What appears to be a towel rack by the bathtub, for example, is actually a grab bar. Its brushed silver surface matches the faucet and, frankly, it could function just fine as a towel rack.

And that’s the point, Orcutt said. “Everything we did in the house, someone else could live in.”

That was a major consideration as Amy Brewer worked to persuade her mother to trade her four-bedroom home for the bungalow.

“She had a great big house, and I didn’t want her to feel like she was having to give up anything,” she said.

Deborah Brewer finally moved into her revamped home in late November. She gave up two bedrooms and a lot of square feet in the move, but may have gained so much more in return.

Amy Brewer smiled as her tween daughter, Harper Sterr, wrapped her arms around her grandmother. “These two are best friends,” she said.

Deborah Brewer held out a hand to compare their heights. “And she’s almost as tall as me.”

Source: Remodeled space for aging in place | NewsOK.com

5 Predictions for the Housing Market in 2016 – NerdWallet

One thing that seems more and more clear to me is that so goes millennials so goes the nation in next decade. If millennials decide not to buy houses there is going to be a large wealth shift – we will become even more of a renter society. So, a stable housing market that young people want to participate in matters. A lot of people are outraged by our nation, and world’s growing wealth gap (and in many ways rightfully so), but not participating in ownership of housing could be one of the greatest factors in the next great wealth shift. A lot of numbers show that young people do want to own their own stuff, and have a more self-sustaining lifestyle in a lot of ways. I’m just very curious which direction my peers and I are going to trend towards in regards to housing.

Grady Carter
Realtor®, GRI
Metro Brokers of Oklahoma
Lic. #160723

5 Predictions for the Housing Market in 2016

  February 5, 2016  Home Search, Mortgages

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5-predictions-for-housing-market-in-2016

A New Year brings new opportunities, and that’s certainly true if you’re looking to sell or buy a home in 2016. What exactly does the year ahead have in store for housing?

Industry experts point to a lot of promising signs — moderate increases in prices and sales, the creation of more households, and an improving job market — for the national housing picture in 2016. But the gains won’t look like they have over the past two years, and we’ll see more local housing markets stabilizing in the near future. And that’s a good thing.

After the deluge of damaging foreclosures and short sales that flooded U.S. cities during the downturn, a number of housing markets have recovered in a big way in recent years, to the relief of homeowners and economic analysts alike. In 2013, there were 5.09 million existing-home sales nationally, according to the National Association of Realtors. In 2014, sales dropped by 3.1% to 4.93 million. Although final figures for 2015 are not yet available, NAR predicted existing-home sales would close out the year at 5.3 million — nearly 7% higher than the previous year.

With NAR forecasting existing-home sales to rise by 3% to 5.45 million in 2016, experts say we’ll start seeing more balance return to the housing market in the near future.

Here’s a closer look at five key housing predictions for 2016:

1. Rising rates will squeeze first-time homebuyers most

The Fed’s move to increase interest rates in December reflects the major strides the U.S. economy has made as it emerges from the Great Recession. Higher rates (though they haven’t happened yet), along with rising prices and limited supply, will make it harder for some to afford a new home. The good news: Long-term mortgage rates will see only a gradual increase this year and will remain relatively low compared with what they were before the downturn.

Thirty-year fixed-rate mortgages, which averaged under 4% for most of 2015, will average 4.4% this year, according to Freddie Mac. Meanwhile, housing data firm CoreLogic, in its latest U.S. Economic Outlook report, predicts mortgage rates will increase roughly half a percentage point in 2016 over 2015.

If you’re a first-time homebuyer or you earn a lower income and haven’t had a raise lately, the rate increase might make it harder for you to afford a home. For the most part, though, a slight rate bump isn’t cause for panic and is unlikely to sideline most potential homebuyers, says Christian Redfearn, an associate professor of real estate at the University of Southern California.

Increasing mortgage rates will clamp down on refinancing activity as fewer homeowners will have enough incentives to refinance their current mortgages, according to CoreLogic. As a result, the firm is forecasting refinance originations to decrease by one-third this year.

2. Sales will rise, but modestly

Even though mortgage rates are rising, home sales will still be up about 3% this year as existing homeowners jump into the selling pool, according to a forecast from the National Association of Realtors.

After years of depressed prices, many homeowners have regained much of the equity they lost in the downturn, so they may seek to cash in on that value and sell in 2016 to move up to their next home, NAR President Tom Salomone says. In some markets, though, prices have increased too quickly, causing a bumpy recovery that’s priced out some potential homebuyers, he says.

“We don’t want these big peaks and valleys we’ve seen since the downturn,” Salomone says. “Steady, sustainable growth is what we’re after.”

As the economy continues to grow and more jobs are added, potential homebuyers with strong credit will be more willing to jump into the market too, Salomone says.

3. House prices will increase, too, but not at 2015 levels

Another trend that sellers in particular will appreciate: Home prices will rise again this year by 4% to 5% as demand increases faster than supply, according to CoreLogic. Although the increase in home prices will outpace inflation, it’s less than the 6% increase seen in 2015.

The more measured growth of home sales and prices is good news for the millions of younger Americans who are on the cusp of homeownership. However, experts agree that a shortage of housing inventory and new construction, which leads to bidding wars and competitive market conditions, will fuel higher home prices until more sellers enter the market or more homes are built.

“We haven’t built enough housing for a long time,” Redfearn says.

4. Housing demand will be up

The improving job market has been a boon for new household formations, a term that refers to configurations of people who live together under one roof, be it you and a few roommates, a married couple, a nuclear family of four, or just you. This increase will continue in 2016, with more than 1.25 million new households expected to be formed.

Millennials — all 83.1 million of them — now outnumber baby boomers and comprise more than a quarter of the U.S. population, according to the Census Bureau. Many of them are moving out of their parents’ homes, getting married or having children. As they do, these young Americans will create higher housing demand, particularly for rental homes.

This new surge in demand is expected to spur more construction of single-family homes and multifamily apartment buildings, but not at the pace needed to keep up with new households. NAR forecasts 1.3 million single-family housing starts this year, but the country needs 1.5 million to keep pace with demand.

Freddie Mac predicts total housing starts will increase 16% from 2015 to 2016, but it’s still not enough. That’s why more people are turning to the rental market, which is faced with a similar crunch.

5. Rents will also rise

Construction of multifamily homes will increase this year, but there’s still a shortage of rental homes for the millions who need them. Rental vacancy rates are at or near their lowest level in 30 years, according to the CoreLogic report. Accordingly, rents in 2016 will continue to rise faster than inflation, CoreLogic predicts.

With rents climbing, it’s no wonder so many millennials struggle to afford a down payment. For starters, 41% of them are saddled with student loans that frequently run into the tens of thousands, according to NAR. Plus, wages are growing slowly or not at all as rents and other living costs get steeper. It’s a combination of challenges that makes it hard to save for a down payment on a home, experts say.

Homeownership rates will dip slightly again this year as the number of new households that rent exceeds the number of new homebuyers. However, 94% of renters under 34 surveyed by NAR say they still want to buy a home in the future, and that bodes well for a more balanced market in the years to come, Salomone says.

The bottom line

The housing market has come a long way since the Great Recession, but the recovery has been uneven, and some areas still have a long way to go.

A sustainable housing market, Salomone says, is one that’s fair for both buyers and sellers. All the signs we’ve mentioned point to a more balanced road ahead for housing, but it’ll take a little more time to get there.