The REport

A bright spot in today’s housing economy is luxury real estate, with “multimillion-dollar mansion sales up 25{0a8e414e4f0423ce9f97e7209435b0fa449e6cffaf599cce0c556757c159a30c} compared to the rest of the market,” USA Today reports.  Traditionally, homes priced over $1 million and those below market rise and fall together.  But today they are moving in opposite directions. 

Speaking of opposite, you likely wouldn’t consider a mobile home to be in the “above $1 million segment” but an agent just sold the most expensive mobile home in America for $2 million in cash (and the owner still must pay to lease the land it sits on!).  It is important to note that this mobile home is in Malibu, California with sweeping views of the Pacific Ocean.

Members of the House of Representatives are aiming to serve those who serve.  This week, lawmakers called for struggling homeowners who are in the military to have access to the Home Affordable Modification Program and other foreclosure prevention services.   While most servicemen and women are not behind on their mortgages, they are often called to relocate quickly, and have to sell their homes for more than what they owe, thus increasingly going into foreclosure.  It’s good to see those who give so much get some assistance.

Have your in-laws become live-in laws?  Today’s economic realities are making multi-generational housing a necessity for many across the country.  I found Forbes’ Ashlea Ebeling’s analysis on how to live peacefully under these trying conditions to be interesting.  It is worth a recommendation to any clients who find themselves suddenly in a multi-generational home situation.

In an interesting and far-sighted trend, some baby boomers, lured by low prices and interest rates, are snapping up cheap retirement homes, even while they still have several working years ahead of them.  To cover the extra mortgage, many are renting out their future abode to long-term or short-term (i.e. vacation) tenants.  For those agents in CNN Money’s 25 Best Places to Retire, are you seeing this buyer emerging?

Each homebuyer is unique and it is impossible to know every detail that will put a glimmer in their eye, but the better you get to know each client, the more successful you are going to be as an agent.  For example, if you come across cat people, a niche trend emerging in Japan that could be applicable here is the pet-friendly home design.  Or what about pairing a homebuyer who enjoys a good party with a seller who is offering a $1,000 bar tab?  Tough markets often call for creative incentives.

Have a great weekend!

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