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!
How Missing or Ghosting A Home Showing Can Damage Your Reputation And Business In Real Estate
How Missing or Ghosting A Home Showing Can Damage Your Reputation And Business In Real Estate In the competitive world of real estate, maintaining a stellar reputation is not just important; it's paramount. Missing a home showing might seem like a minor mishap, easily...
Real Estate Agent Marketing Methods
Ready to sell your house? One of your top priorities may be getting help marketing your home. Partnering with a great agent can make all the difference. These are just a few strategies we can use to get your house more visibility. Ready to maximize your home's...
Hiring a PSA or Pricing Strategy Advisor is the Key to Pricing your Home Right
Your Agent Is the Key To Pricing Your House Right [INFOGRAPHIC] Some Highlights The asking price for your house can impact your bottom line and how quickly it sells. Both under- and overpricing have drawbacks. So to find the right price for your house, lean on your...
Home Prices Rising in the Next 5 Years
Wondering about the future of home prices? Here's the scoop. Experts forecast a steady rise in home prices until at least 2028. That means buying now sets you up to gain equity as values climb. But, if you wait, the price of a home will only be higher later on. If you...
The Number of Homes for Sale Is Increasing
The Number of Homes for Sale Is Increasing There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up. There are more homes up for grabs this...
Home Prices Are Climbing in These Top Cities
Home Prices Are Climbing in These Top Cities Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop. The latest national data from Case-Shiller and...
The Sun Is Shining on Sellers This Summer
The Sun Is Shining on Sellers This Summer Some Highlights If your needs have changed, now’s a great time to sell and get the features you want most. Many buyers are eager to move between the school years, so you may see a faster sale, multiple offers, a higher...
How Buying or Selling a Home Benefits Your Community
How Buying or Selling a Home Benefits Your Community If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too. Every year, the National Association of Realtors (NAR) puts...
Gen Z Buyers – Directors Mortgage Quote
If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly...
What’s Motivating Your Move?
Considering making a move? According to Realtor.com, profit potential and family priorities are the top motivators for homeowners right now.Let’s d What's Motivating Your Move? Thinking about selling your house? As you make your decision, consider what's pushing you...