Sunday, August 1, 2010

Economy Bringing Families Closer Together in Orlando Homes

Although the economy has been a catalyst for many issues, some of the trickle-down effects have had positive effects on Orlando homes. One of the most notable is that families are drawing closer together.

Over the past thirty to forty years, the “steps” to take for growing up were always one, grow up and two, move out. Few parents ever considered that their now adult children might be moving back in to their quiet, empty Orlando homes. However, with the economic problems hitting millions of Americans, the number of multi-generational households is growing.

During the Great Recession and more specifically in 1940, approximately 25% of households were multi-generational. Homes often held children, grandchildren, and sometimes even great grandchildren – four familial generations. However, as the U.S. economy began to prosper and the baby boomer generation grew into adults, more homes became single family households. By 1980, only 12.1% of homes held more than one generation.

Now, the percentages are once again beginning to climb. Loss of jobs, foreclosed homes and lack of security has contributed to approximately 49 million Americans, or 16.1%, living in multi-generational homes. While this is far from ideal for those in a hurry to leave the nest, the benefits are many.

I once asked a single mother what it was like moving back in with her parents. She said, “It was hard at first, redefining the boundaries, but having my parents around has been a blessing in disguise. My kids have a stabilizing influence and extra attention, while I get occasional breaks that I normally wouldn’t get. We eat dinner together too, which helps build the family atmosphere for my kids. It’s not all smiles and roses, there’s a lot of compromise, but it works.”

For those who have been thinking about letting your family move in to your Orlando home, try to consider more than just the negatives. Look at the positives as well. And what could be more positive than closer family ties?

Whether you need to upgrade to a bigger family home or downgrade to a smaller one, we can help. Call us at 407-876-5771 for more information.

Closing Deadline Extended for your Orlando Real Estate

If you’re in the middle of buying Orlando real estate, for which you’re hoping to get a Homebuyer Tax Credit of up to $8,000, you have more time to finalize it.

After a close brush with the deadline, Congress passed a 90-day extension of the Homebuyer Tax Credit closing deadline. The extension applies only to buyers who have written, binding contracts in place as of April 30, 2010. The new closing deadline is now September 30, 2010.

Extending the tax credit closing deadline will provide additional stability to Orlando real estate and real estate markets nationwide. Additionally, the National Association of REALTORS® (NAR) estimates that this new extension will help about 180,000 to 200,000 homebuyers who already signed purchase agreements and were likely to miss the June 30 deadline.

Those are two of the reasons the NAR worked closely with Congressional leaders on both sides of the aisle to get this extension approved. Voter pressure on House members also helped to push this bill through.

Have questions about the Homebuyer Tax Credit or any other questions about Orlando real estate? Give us a call today at 407-876-5771. We are happy to help.