Multigenerational home sales are an evolving niche in the real estate market. This is true in Clark County WA as well. “Multigen” is where two or more generations decide to move back in together.
There are many advantages, financial and emotional. Often elderly parents move in with their adult children. This is much more desirable than a nursing home, or an independent living facility, which can be very costly. Sometimes grandparents are capable of share in child-rearing responsibilities. Everyone benefits from this arrangement.
Since we live in a multigen household, we specialize in finding and selling those types of homes. Our multigen homes are located on acreage or large lots. They have “elbow room for the soul”, which provides lots of room & privacy.
According to the most recent 2016 study by the Pew Research Center, 1 in 5 homes in the U.S. are now multigen. Because of this trend, multigen homes will continue to be popular. Likewise, it is a good way to address caring for the elderly in a rapidly aging population.
Working with multigen clients can pose some challenges. In spite of the demand for multigen homes, separate living quarters are not a common feature. So you often end up finding homes that are not quite set up with separate quarters, but could be. Here, it takes some some ingenuity to imagine how a home can accommodate all family members. From our own experience of upgrading an existing home to multigen, we can identify those homes best suited for modifications.
If your family is considering a multigen home, it’s important to know the market. Here is a brief Market Report for Multigen Homes in Clark County WA:
102 Active Listings – $415,000 to $4,200,000
Average SQFT – 4,036
Average $/SQFT – $229
48 Pending – $449,000 to $1,445,000
Average SQFT- 3,681
Average $/SQFT – $183
46 Sold in last 3 Mos – $427,000 to $2,400,000
Average SQFT – 3,874
Average $/SQFT – $196
Median Days on Market was 57 days – up from 44 days in April. But with limited inventory, multigen homes don’t stay on the market very long!
(Note: Report is for homes priced $400,000 and above, and does not include a spectacular $12,000,000 165-acre multigen property in Woodland, WA)
Call us for a free market analysis of your home’s value. We are specialists in this field, and we have buyers ready to move!