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!
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big...
The Pain of Unemployment: It Will Be Deep, But Not for Long
The Pain of Unemployment: It Will Be Deep, But Not for LongThere are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million...
How Technology is Helping Buyers Navigate the Home Search Process
How Technology is Helping Buyers Navigate the Home Search Process Some Highlights:A recent realtor.com survey revealed that buyers are still considering moving forward with the homebuying process, even if they can’t see the home in-person.While they still prefer to...
A Recession Does Not Equal a Housing Crisis
Today’s Homebuyers Want Lower Prices. Sellers Disagree.
Today’s Homebuyers Want Lower Prices. Sellers Disagree.Utah Single Family Inventory has risen from 5775 to 5940 from April 5th to April 16th.Utah County Single Family Inventory April 5th was 1401, April 16th up a little to 1466Salt Lake County Single Family Home...
Think This Is a Housing Crisis? Think Again.
Think This Is a Housing Crisis? Think Again.With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it's logical to...
What If I Need to Sell My Home Now? What Can I Do?
What If I Need to Sell My Home Now? What Can I Do?Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in...
Recession? Yes. Housing Crash? No.
Recession? Yes. Housing Crash? No.With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate...
More than half of homes in America have at least 50% equity. Wondering how much equity you have? Let’s connect.
What You Can Do to Get Your House Ready to Sell
What You Can Do to Get Your House Ready to Sell Some Highlights: Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store. Your real estate plans don’t have to be completely on hold even while we’ve hit the...