Trending real estate news on my daily walk:

Don’t use a vacant property to sell a home.

Professionally staged is preferred and allows Buyers to imagine the potential of a space during a walkthrough. At the very least, a virtually staged space gives a potential Buyer a feel for scale. This is a way to satisfy the “scale” and “layout” feature, encouraging an actual visit to the home.
The hit shows we’ve all talked about can make and break the local housing markets. From “Fixer Upper” and “Yellowstone” what we might be dealing with if our area suddenly gains stardom? Is it a good or bad thing?

During ‘Fixer Upper,’ Chip and Joann Gaines put the struggling college town of Waco, Texas on the map. With many positives to the tourism boom, home prices locally increased nearly 52% from 2015 to 2019 and increased a tax appraisal of roughly 30% in 2022, according to reports. Out-of-state relocation buyers, who tend to have larger housing budgets, descended in Waco and propped up the local market.

Montana’s ‘Yellowstone’ effect and the ability for many to work remotely post-pandemic pushed prices in Montana across the board. In addition, tourism skyrocketed. Montana is now the seventh fastest growing economy in the nation. In 2020 and 2021, Montana was one of the few states in the U.S. to grow in populations. Median home prices doubled to $750,000. Condo prices soared more than 60% year over year.

Time will tell if national attention stays on Montana in their last season of Yellowstone. West Texas is where Paramount’s upcoming show “6666” will reportedly take place.  My sources tell me there is absolutely nothing there – that it’s a vast desert, so this one we’ll watch!  Could it be a could time to go purchase a little desert?

(National Association of Realtors Statistics)

Researchers Say These Seattle Office Buildings Could be Housing Instead

As reported by the Seattle Times in September 2023, a move to make more affordable and higher density housing lies in current downtown office space. (See mapping to the right).

Ninety-one buildings in the Puget Sound region could be candidates for conversion, ranging from Seattle’s historic Smith Tower to dated three and four-story office buildings in Federal Way, Kirkland and other suburbs according to a list compiled by the researchers. This was first reported by the Puget Sound Business Journal.

Luxury Homes on the Rise of Multigenerational Living

It’s here across the real estate sector, multigenerational living is a beneficial solution for many families. I saw the beginning of requests for this in 2020. I listed and sold a beautiful luxury home designed and built 10 years prior for speculative purposes. It was a water view from every level, had a home office and an elevator serving every level with separate entries for privacy and quiet.

Younger generations are supported by their parents in sharing the costs and responsibilities of homeownership, and grandparents are available to help raise grandchildren. Buyers are looking for a place their children and grandchildren will want to spend summers and holidays. Conversely, young families with two working parents are opting for a guest house or in-law suite for their parents to help with childcare.
(Inman news)