South Florida Real Estate Blog by Shari Orland, Realtor

Where is Boynton Beach Real Estate Headed? The 2020 Predictions

Now that we’re almost to Thanksgiving, we find ourselves at the traditional moment when real estate’s soothsayers dust off their crystal balls and get busy. In the coming weeks, they will go to press with their projections, informed guesses, and unbridled hunches about how real estate will fare in the coming year.

Everyone contemplating Boynton Beach real estate transactions in 2020 will be affected to some degree by shifts in the national disposition, so it’s always worth keeping an ear open to the experts’ conversations—their projections do influence what actually comes to pass (even if they’re ultimately off-target).

Last Friday’s Forbes release led the pack this year with Senior Contributor Aly Yale’s roundup of six opinions from Forbes-selected mortgage, real estate, and housing experts. For Boynton Beach readers hoping to gain fresh insights about the coming year, the consensus views were less than electrifying: if any big changes are hovering over the horizon, the experts are keeping them on the q.t.

Details:

Housing.  Throughout 2019, housing inventories have remained limited, in large part because people are choosing longer stays in their current homes. One study found that the average duration was 8 years in 2010—but is now 13 years. Says O. Kushi, chief economist for First American title insurer, “you can’t buy what’s not for sale;” hence, the cap on housing sales. The prediction for 2020? More of the same.

Real Estate: With interest rates low and incomes climbing, the share of younger buyers has been growing. Even so, it has still been an uphill battle due to higher prices and a dearth of starter homes....

What Bathroom Preferences Differ by Age Group?

 Luxurious bathrooms are getting to be a staple in nearly all the new homes being built today. For future sellers whose older Delray Beach homes come up short in that department, an upgrade may be warranted—giving rise to a relevant question about which features are most likely to attract future homebuyers.

Earlier this month, The National Association of Home Builders issued a press release that addresses the issue. It summarized the findings compiled in their What Home Buyers Really Want publication—an exhaustive breakdown of the findings in the NAHB’s national survey of prospective buyers. The survey documents significant deviations in the features different American generations value—particularly when it comes to bathroom features.

It is fairly unanimous that all age groups would value having both a stall shower and a tub—but three-quarters of Millennials list a double vanity as their second most sought-after feature. Preceding generations (broken down into GenXers, Boomers, and Seniors) find that less compelling.

The greatest bathroom preference disparities between young and old appeared in four areas—

  • Dual toilets in the master bath
  • His and Her baths
  • Color vs. white toilet, tub, and sink
  • Whirlpool tub

—    with the youthful respondents showing markedly greater partiality for dual accommodations, splashes of color, and whirlpools.

As a practical matter, when sellers consider remodeling their existing bathrooms, space limitations render some upgrades impractical....

Nobelist’s New Idea Could Bear on Boca Raton Real Estate

Gaining insight into today’s Boca Raton real estate market doesn’t usually call for Nobel Prize-level theoretical input, but you can make a pretty good argument that last week provided an exception. For those of us who are relied upon to provide knowledgeable insight into the myriad forces that can move our market, an intriguing interview in Yale University’s YaleNews roundup could go far in explaining one nagging question.

The Nobel Prize connection is with the interviewee: Nobel Laureate Robert Shiller. His Case-Shiller Indexes are the undisputed go-to economic measures of home price fluctuations. Dr. Shiller just published “Narrative Economics: How Stories Go Viral and Drive Major Economic Events,” a book that delves into a novel explanation for why markets and pricing so often seem impervious to scientific analysis. If you’ve ever come away with more questions than answers after listening to academics discussing future conditions, you know what I mean.

Professor Shiller’s book is a plea for more study of “the epidemics of popular narratives,” which he believes have a strong influence on how economies and markets behave. For him, “popular narratives” aren’t the kind that are based on economic data. They are “simple stories, true and untrue” that underlie regular people’s thinking. Although these are often based on oversimplifications, they can be contagious—and sometimes lead to illogical conclusions that send markets in irrational directions.

He thinks they explain things like why people tend to believe that the stock market measures the health of the economy, or why they spend more money during booms than in busts. That’s hardly a rational strategy, as those who bought Boca Raton real estate during...

Inheriting Boynton Beach Homes: Not without Issues

The wisdom behind the truism that there’s no such thing as a free lunch can even apply in a context as virtuous as inheriting Boynton Beach homes. Parents bequeathing the family home—or generations passing down the ancestral vacation cottage—are intended to be acts of unalloyed generosity. But common to many commentaries on the subject are some common unintended consequences. For Boynton Beach homeowners who have ever weighed the idea of passing the family homestead onto their progeny, it’s a point worth exploring.

 The most acrimonious outfalls surface when multiple heirs are involved. Since individuals fare differently as careers develop and life’s opportunities and challenges unfold, the obligations accompanying homeownership present difficulties for some heirs more than others. Given the fact that taxes, insurance, utility bills, and maintenance expenses are ongoing even for a property that is debt-free, the choice of which possible disposition (occupying, renting, or selling) may affect heirs very differently.

Overlaying the financial outfall is the likelihood that the latter two income-generating solutions are bound to raise sentimental issues when clearing the property for sale or new tenants. The emotional stress often causes heirs to avoid cleaning out an inherited property, sometimes, for years. Says Rhea Friedman, a CFP in Manhattan, “Not selling a house and not living in it makes for increased maintenance and insurance costs without much to show for them.”

The best solutions seem to result when everyone can summon “their best selves” to cooperate in formulating a precise agreement spelling out how ongoing expenses and obligations will be shared. Another variation is for the donors to engage Boynton Beach legal help to create a framework that...