Realtor Prime Blankenship III has an announcement to make: Prospective buyers don’t know what to make of this market. Also, he says, “Water is wet.”
It may not be news to you, but Blankenship, a Realtor with Scottie Smith and Associates, says that the general confusion from buyers has pushed the market in an interesting direction.
Is it time to buy?
“Buyers are hearing from one expert that the market is near a crash while another expert is certain the market is continuing its increases in value,” Blankenship said. “When you factor in that we are facing the highest mortgage rates we have seen in a decade, the overall nervousness makes logical sense.”
The increase in interest rates, combined with low inventory, has some buyers pressed to get a home under contract yesterday. Others think waiting for the market to dip is a better option. Sellers? They’re just as perplexed, Blankenship says.
“Not only are these factors playing a role in the number of buyers and sellers,” he said, “but it is directly impacting what today’s buyer wants.”
Which brings us to his listing at 2409 Whitewood in Kiestwood Estates. It’s a perfect example of “house hacking” that gives a homeowner more value than just a single-family property.
“This particular listing stands out, especially in the market we are now facing,” Blankenship said. “Home buyers are looking at homes to do more than just provide shelter. They are requiring either the ability to house multiple generations or to provide cash flow while still living in their home.”
A House With Plenty of Hacks
House hacking isn’t necessarily new, but it’s gaining more mainstream appeal. With the economic uncertainty people are facing, more and more homes are becoming multi-generational properties. Parents are moving back in with their children, and Gen Z is becoming the new boomerang generation.
“It is common to read about the Millennial who moves back in with their parents, but few stories have covered the Millennial buyers who are purchasing homes spacious enough to house both them and their parents,” Blankenship said. “Or the couple who buys their first home with the goal of renting out their converted basement, garage, or simply a room. Or the family who buys a home with two kitchens so they can do both: Lease out the space or allow the family to move in while maintaining space for everyone.”
That’s what Blankenship’s listing offers — income potential or multi-generational living. WIth five bedrooms, four full baths, and a completely separate apartment, this property could easily accommodate a renter — either short- or long-term — or aging parents.
“What we are witnessing is a fascinating shift in buyer needs based on the market we are all navigating,” Blankenship said. “While there is debate on short-term vs long-term renting, I do not believe this new buyer is shifting for the short term. Today’s buyer is not only acknowledging water is wet, but asking how they can make that water work for their family.”
Blankenship has listed 2409 Whitewood in Kiestwood Estates for $525,000.
