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!
Spring Real Estate Market is Here Ready or Not?
The New Spring Real Estate Market is Here. Are You Ready? Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not...
Demand for Smaller Homes is on the rise
Big Demand for Small Homes Movies, tv shows, and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different. Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is...
3 Benefits to Buying Your Dream Home This Year
3 Benefits to Buying Your Dream Home This Year Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting. 1. Buying a Home is a Great Investment...
Short video – Why you should buy a home in 2020
4 Top Renovations for Maximum ROI
Top Renovations for Maximum ROI Some Highlights: If you’re planning on selling your house in 2020, these are the top renovations that will give you the highest Return on your Investment. Regardless of how long you’re planning on staying in your current home, it’s...
2020 Real Estate Projections That May Surprise You
The 2020 Real Estate Projections That May Surprise You This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen...
Utah Realty Wishes you a Wonderful 2020
Utah Realty had the best year ever in 2019! Thanks to all our clients, friends, Chambers and Connections! Here’s to a Wonderful 2020! We hope 2020 is a great year for you, both personally and professionally!
Expert Insights on the 2020 Housing Market
Expert Insights on the 2020 Housing Market When closing out another year, it’s normal to wonder what’s ahead for the housing market. Though there will be future inventory issues, we expect interest rates to stay low and appreciation to continue. Here’s what three...
Here are the top 5 reasons not to FSBO (For Sale By Owner)
Why You Shouldn’t “For Sale By Owner” Rising home prices coupled with the current inventory in today's market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to...
When a House Becomes a Happy Home
When a House Becomes a Happy Home We talk a lot about why it makes financial sense to buy a home, but more often than not we’re drawn to the emotional reasons for homeownership. No matter the size or shape of a living space, the feeling of a home means different...