Baby Boomer empty nesters own twice as many three-bedroom or larger homes as millennials with children. Some are looking to downsize but struggling to find suitable housing at comparable price points, leading many to stay in their current homes longer. These shifts in the market present challenges and opportunities for agents. Here are four key trends to watch according to Orlando Regional REALTOR Association president Lawrence Bellido.
Multi-generational living
With fewer affordable single-family homes available, more buyers are looking for homes that can accommodate multiple generations. They offer benefits like shared expenses, enhanced family bonds and mutual support. Success often depends on clear communication, setting boundaries and planning for both shared and private spaces.
Demand for fewer HOA restrictions
Younger homebuyers, particularly millennials, are increasingly seeking homes without HOAs to reduce costs. Common restrictions include limits on home renovations, paint colors, lawn height, the types and numbers of vehicles and rules about when trash bins can be put out. The rules can vary significantly between communities.
Flexible home design
With many larger homes being held off the market, homebuyers are seeking properties with adaptable spaces that can serve multiple functions. Rooms are designed to serve more than one purpose. For example, a formal dining room might also function as a home office, a guest room as a yoga studio or a living room with a reading nook.
Multi-unit properties
More buyers are considering duplexes, where they can live in one unit and rent out the other to help with expenses. Potential benefits include offsetting a mortgage with rental income and potential for property appreciation, while drawbacks include increased management duties, shared facilities and competition.
