Your Fabulous New Dream Home is Now Available
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!
Utah grapples with growing housing shortage as demand outpaces supply
Utah faces a housing shortage of about 44,000 units due to rapid population growth, high land prices, labor shortages, and restrictive zoning. Median home prices rose from $305,000 to $535,000 between 2018 and 2024, outpacing wages and limiting affordability....
New Year, New Sale: Renovating Your Home for 2025
Upgrade Kitchens and Bathrooms: Modern countertops, energy-efficient appliances, and updated fixtures increase home value and buyer interest.Boost Curb Appeal: Fresh landscaping, a painted front door, and new lighting create strong first impressions.
Tariffs to Inflate Remodeling and Home Prices
Tariffs on building materials are driving up construction costs, raising home prices, and slowing the housing market.New tariffs could add $7,500–$10,000 to home costs, making homeownership harder as demand continues to decline.
Key Benefits that most Veterans Overlook
Navigating the path to homeownership can often seem daunting, particularly for veterans who have dedicated a significant portion of their lives to serving their country. The VA home loan program stands as a beacon of hope, offering a unique opportunity to those who...
Honoring Our Nation’s Heroes on Memorial Day.
This day honors the brave men and women who have sacrificed their lives to defend America's freedom.It became an official federal holiday in 1971. Americans observe Memorial Day by visiting cemeteries and memorials.
How to Determine Your Home’s Value
Robert and Kim are experts in personal finance at Newsweek. Determining your home value is crucial for selling your property. Methods include online tools, comparative market analysis, and professional appraisal. Factors like location, size, condition, comparable...
Real Estate Fortune: Why 2025 Is the Golden Year
2025 may present a unique opportunity for Real Estate agents despite ongoing industry challenges. An increase in inventory could lead to lower prices and more successful deals for agents.
New report reveals how one fast-growing expense is impacting homeowners: ‘Many may feel like they can never own a home’
Home insurance premiums in Utah have surged by 59% in three years, the highest increase nationwide, driven largely by climate change-related extreme weather. Rising costs are worsening the housing crisis, making homeownership harder, especially for first-time buyers....
US Homes: Will Growth Return in 2025?
U.S. home sales peaked in 2021, declined through 2024, and are expected to see mild growth in 2025-2026.Mortgage interest rates will continue influencing market trends, impacting prices and buyer demand.
Property Tax Trends Across the US
Rising property values have led to higher tax burdens, though some states cap assessments to limit drastic increases. Northeastern and Midwestern states generally impose higher property taxes, while Southern and Western states tend to have lower rates.