801-205-3500 or 801-205-1600 Gales@UtahRealty.us

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available |MyKCM

Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a change in the type of home they live in.

That two-story, four-bedroom colonial with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. When they decide to travel to be with friends and family, locking up the house is too time-consuming and worrisome.

Instead, a nice ranch home with 2-3 bedrooms and two baths might better fulfill their new needs and lifestyle. The challenge many “boomers” have faced when trying to downsize to the perfect new home has been a lack of inventory.

The average number of years a family stays in their home has increased by fifty percent since 2008, causing fewer houses to come to the market. During the same time, new home builders were concentrating most of their efforts on large, luxury, expensive houses.

However, that is starting to change.

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March. The great news is that more of those homes were sold at the lower end of the price range.

In a press release last week, the National Association of Home Builders (NAHB) explained that:

“The median sales price was $302,700, with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.”

NAHB Chief Economist Robert Dietz offered further detail:

“We saw a large gain at lower price points where demand is strong. In March of 2019, 50% of new home sales were priced below $300,000, compared to 39% in March of 2018.”

Bottom Line

If you are a “boomer” thinking of selling your old house in order to buy a new home that better fits your current lifestyle, now may be the perfect time!

Top Days to List Your Home for Sale in Utah by Utah Realty

Top Days to List Your Home for Sale in Utah by Utah Realty

Top Days to List Your Home for Sale Some Highlights: ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale. The top five days to list your...

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

Pin It on Pinterest

Share This

Share This

Share this post with your friends!