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!
Why Selling Your House Before Next Spring Is Key
Why Selling Your House Before Next Spring Is Key Today's housing market is empowering homeowners with the control they want when selling their house, but as home inventory begins to rise, this fair weather won't last forever. Let's connect to start the process of...
How to Prepare for a Bidding War
How to Prepare for a Bidding War Some HighlightsWith so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers.From pre-approval to making your best offer, here are three tips to make sure you can act quickly...
2020 Housing Market on Track to Beat Last Year’s Success
Housing Market on Track to Beat Last Year’s SuccessBack in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions....
Why Pricing Your Home Right Matters This Fall
Why Pricing Your Home Right Matters This Fall Some HighlightsAs a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.To sell your home quickly and for the best possible price, you...
Ready to Sell? Homebuyer Traffic Is on the Rise.
Ready to Sell? Homebuyer Traffic Is on the Rise. Buyer activity is continuing to rise. Let's connect to discuss why selling your house now could get you the price and terms you've been waiting for.
Two New Surveys Indicate Urban to Suburban Lean
Two New Surveys Indicate Urban to Suburban LeanThere has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.In a...
Why You Need Expert Guidance in a Bidding War
The 2020 Homebuyer Wish List
The 2020 Homebuyer Wish List Some HighlightsThe word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.From more outdoor space to virtual classrooms for their...
It’s Not Just About the Price of the Home
It’s Not Just About the Price of the HomeWhen most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the...
Salt Lake Home Sales Climb to Record High in July 2020
Salt Lake Home Sales Climb to Record High in July Salt Lake County home sales reached an all-time high in July at 2,093 homes sold, 15 percent higher than July 2019. It's the first time monthly sales surpassed 2,000 closings since the MLS began keeping records....