Two Surprising Forces Shaping Today's Retirement Plans: Young People Moving to Golf Communities and Homeowners Building ADUs for Their Parents, According to HomeLight

SAN FRANCISCO, Oct. 18, 2021 /PRNewswire-PRWeb/ -- HomeLight, the real estate technology platform transforming the home buying and selling process for the top real estate agents and their clients, today published its Top Agent Insights 2021 Year-End Report surveying over 1,000 top real estate agents on the most critical influences shaping tomorrow's residential real estate market.

As the market settles into a calmer fall season — 62% of agents report that bidding wars are on the decline, compared to only 3% last quarter — new trends for multi-generational housing, the growing popularity of accessory dwelling units (ADUs), and more young people moving to golf communities once known for retirees have emerged. The report paints a curious picture indicating how the pandemic has shifted what "home" means for retirees, their families, and millennials on the heels of a housing frenzy.

According to HomeLight, more than a third of real estate agents have seen an increase in ADUs over the past year. The value of ADUs has increased 38% nationally since pre-COVID times, from $47,597 to $65,908.

• This trend is more prominent in the Pacific and Mountain regions where ADUs have historically been leveraged as an affordable housing solution and 64% and 47% of agents, respectively, have seen an increase in these units since March 2020. The value of an ADU is highest in the Pacific region, adding an average $116,931 to properties.
• Unexpectedly, ADUs are also gaining traction in regions where they haven't always been so popular, such as the Midwest. ADU value increased the most in the Midwest out of any region nationwide, showing a 54% average boost compared to 38% nationally.
• The top two uses of an ADU nationwide are to house parents of the owner living there (a trend cited by 61% of agents) or to support adult children who need temporary housing for financial reasons (35%). In third are short-term renters (tourists or vacations) with 32% of agents citing these guests as likely to inhabit ADUs in their market.
• Housing parents is by far the most common use. This is true across regions, though it's a particularly prominent trend in the South Central part of the U.S., where 67% of agents report that local homeowners often have parents residing in their ADU.

"We are not seeing an influx of ADUs being used for short-term rental purposes, but we are having many buyers wanting an ADU for their aging parent(s)," said survey participant Aaron Kinn, a top real estate agent in the HomeLight network serving the Dallas Fort Worth Metroplex in Texas. "This has been a common concern for many of our buyers since the pandemic hit in early 2020. They assume the space will be perfect for in-laws, and if not — it would be perfect for a second-office location away from the rest of the home."

As the report indicates, more near-retirees are moving back in with their children to spark a rise in multigenerational housing popularity, the data also sheds light on a different trend: younger people are looking to move to golf communities, neighborhoods once known as havens exclusive for older adults.

• The value of a property inside a golf community has increased 48% nationally since March 2020, from $16,174 to $24,002.
• The Northeast and Midwest saw the highest increases in the value a golf community location adds to a property, at 57% and 55%, respectively.
• Nearly a third of agents in the Pacific and Mountain regions also say that over the past year, people in their 30s and 40s have been more likely to embrace the country club lifestyle compared to pre-COVID times. In the Midwest, about a fifth of agents have noticed this unexpected trend as well — and how it's changed buyer preferences in their market.

"The interest of younger people to locate near a golf course or in a golf community is on the rise," said survey participant Kim Batterman, a top real estate agent in the HomeLight network in Appleton, Wisconsin. "Years past, it was mostly semi-retired or retired individuals desiring this type of property."

Other significant findings from the HomeLight Top Agent Insights 2021 Year-End Report:

• 85% of agents say they are optimistic about the state of the real estate market.
• 95% of agents report seller's market conditions nationwide.
• The percentage of agents who say home prices are on the rise in their market dropped from 95% to 53%.
• Nearly 50% of agents say price reductions are now more common in their market.
• Over the past year, 51% of agents have seen more properties being listed on platforms such as Airbnb, VRBO, or Homeaway in their market.
• Outdoor fireplaces have increased 72% in value since March 2020, from $3,337 to $5,753. The Pacific region by far saw the most dramatic increase in the value of outdoor fireplaces from $4,254 to $9,497, a whopping 123% increase.

For all findings, download the full report.

Survey Methodology
HomeLight's Top Agent Insights 2021 Year-End Report was fielded between Sept. 1-Sept. 19, 2021, through an online poll of 1,029 top real estate agents across the country. Agents were selected to participate in the survey based on the same performance data HomeLight uses to identify top real estate agents for over a million of homebuyers and sellers nationwide.

About HomeLight

HomeLight is building the future of real estate — today. Our vision is a world where every real estate transaction is simple, certain, and satisfying for all.

The best real estate agents rely on HomeLight's platform to deliver better outcomes to homebuyers and sellers during every step of the real estate journey, whether that's enabling an all-cash offer, unlocking liquidity of their existing home to buy a new one, or creating certainty through a modern closing process. Each year, HomeLight facilitates billions of dollars of residential real estate business on its platform for thousands of agents.

Founded in 2012, HomeLight is a privately held company with offices in Scottsdale, San Francisco, New York, Tampa, and Seattle, with backing from prominent investors including Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, STCAP, Citi Ventures, Google Ventures, and others.

For additional information and images: homelight.com/press

Media Contact

Lizzie Ryan, HomeLight, (855) 999-7971, [email protected]

SOURCE HomeLight