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!
Pugs and Kisses
I know I look a lot younger in my photo! Wishing You The Best Valentines Ever!
Is This Your Year To Break Up with Renting?
Is This Your Year To Break Up with Renting? If you aren't in love with renting, you're not alone. Let's...
Want Top Dollar for Your House? Now’s the Time To List It.
Want Top Dollar for Your House? Now’s the Time To List It. When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is...
Wasatch Front Home Prices Soared
Median single-family home prices on the Wasatch Front soared in the fourth quarter. Home prices in the 10 most expensive Wasatch Front ZIP Codes now rival many other large U.S. cities. Alpine’s median price climbed to $1.3 million, a higher median price than Los...
Consumers Agree: It’s a Good Time To Sell
Consumers Agree: It’s a Good Time To Sell In today’s sellers’ market, many homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage...
How Remote Work Impacts Your Home Search
How Remote Work Impacts Your Home Search Some Highlights If your workplace is delaying its return to office plans or is allowing permanent work from home options, that may open up new possibilities for your home search. Ongoing remote work could give you the chance...
Pre-Approval Gives You The Edge
Pre-approval gives you a competitive edge when you make an offer on a house. Let's connect so you're in the best position when you find your dream home. [video width="1920" height="1080"...
Sam and Lacie Diamond
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential Specialist 2009 Certified Negotiation Expert 2014 Master...
Why a Move Could Bring You More Happiness This Year
Why a Move Could Bring You More Happiness This Year Over the past two years, we’ve lived through one of the most stressful periods in recent history. Because of the health crisis, many of us have spent more time at home and that’s led us to re-evaluate both what we...
Housing Inventory Lower than Last Year
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential Specialist 2009 Certified Negotiation Expert 2014 Master...