From single-floor, ranch-style homes in the 1960s to ‘the bigger the better’ 1990s’ two- or three-story houses with full basements – properties sure have changed over the years.
Back in the 90’s it seemed like everyone was buying a home rather than renting. In 1997 they changed the tax law to make owner-occupied homes basically tax free when sold. With all the tax deductions that came with home ownership and increasing property values, it seemed to make sense to own rather than rent.
Fast forward a decade. The housing bust hit people hard. Circa 2008 people were losing their homes to:
- Adjustable rate mortgages adjusting higher
- Job losses
- Declining property values
- Tightening of bank lending standards
And all the problems that come with a massive recession.
Many people wanted nothing to do with home ownership.
They rented instead.
Or they moved in with Mom.
Or they looked for roommates to share expenses.
Now we’re well into 2018. Today’s trend…
Hal Cranmer
Hal Cranmer has had a wild past. Born in India, he’s lived all over the world and started his working life as an Air Force Special Operations and Commercial airline pilot. After 9/11 brought him down from the clouds, he entered the corporate world and rose to the level of running a $36M machining plant. Yet from 2006 on, he caught the passion for real estate investing. He flipped a bunch of houses in Minneapolis and still owns several multifamily rentals there. Lately, he is into assisted living, and owns 5 assisted living homes in the Phoenix area. He loves to follow real estate trends, both locally and nationally.