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CATHERINE REAGOR REAL ESTATE
More boomers choosing to update homes No March madness upset for Phoenix
MALLORY PRICE/GANNETT AND GETTY IMAGES
Retirement remodel JOYCE M. ROSENBERG ASSOCIATED PRESS
EW YORK - The small businesses that dominate the home remodeling industry are expecting robust growth in the next few years, thanks partly to baby boomers who want to remain in their homes. Home remodelers say they’ve had a pickup in projects from boomers who are in or approaching retirement and are seeking to modify their houses. It’s a trend known as “aging in place,” an alternative to moving to smaller quarters or a warmer climate. Many of these homeowners are hoping to make their surroundings easier to manage and safer in case they have health problems. They’re replacing bathtubs with walk-in showers, installing safety rails, widening doorways and building ramps — features known as “universal design” since they can be used by anyone, regardless of physical ability. Boomers are also redoing their kitchens and sprucing up other areas — since they’re staying put, they want to enjoy their surroundings. Zach Tyson estimates that 30 to 40 percent of his revenue is now coming from boomer renovations, up from 15 to 20 percent five years ago. Most of the projects come from homeowners who are healthy and
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mobile now, but want to be prepared if illness or injury hits. Besides making bathrooms safer, they’re enlarging rooms so wheelchairs or walkers can be used more easily, and also to give the rooms a more open feel. The oldest of the 76.4 million boomers — the generation born after World War II — are turning 71 this year. As more of them retire and make decisions about where they want to live, there will be a great need for accessible housing, according to a report released in February by Harvard University’s Joint Center for Housing Studies. The report predicts home improvement spending by homeowners 65 and older will account for nearly a third of the total amount of remodeling dollars by 2025, more than twice the portion that group spent in 1995-2005. Owners 55 and over already account for just over half of all home improvement spending. Home remodeling companies began seeing an increase in boomer spending about 18 months ago and expect it to contribute to their growth in the next few years, says Fred Ulreich, CEO of the National Association of the Remodeling Industry, a trade group.
March was a great month for metro Phoenix. The weather was wonderful. Baseball’s spring training was in full swing. And people flocked here to enjoy both. To close out the month, we also had basketball fans starting to stream into the Valley for the finals of March Madness. And some of those visitors checked out homes as well as the college championship basketball games. The final results aren’t yet in for Phoenix’s housing market in March, but real-estate analysts and agents are already calling it the third-straight month of a winning streak for sales and prices. And what happens in the Valley’s housing market during March is a good sign of what’s to come during rest of the year. » Metro Phoenix’s median home price climbed to $245,208 in February, up about $1,500 from December 2016, reports real-estate expert Mike Orr’s Cromford Report. » Valley home sales were up 12.5 percent during January and February compared with last year, according to the Arizona Regional Multiple Listing Service’s latest market report. » So far this year, the number of homes for sale is down 10 percent from last year. » Phoenix-area houses are selling an average of two days faster than last year. » And one of the area’s hardest-working real-estate agents, Bobby Lieb of HomeSmart Elite, said he has sold 40 Valley houses so far this year, double from the same period in 2016. “The market is very positive now. I am loving See REAGOR, Page 2R
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