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 theU.S. Department of Housing and Urban Developmentand theU.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.
Ina press releaselast week, theNational 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 EconomistRobert 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.”
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!
Author:Josh Zehnder Phone: 937-219-4870 Dated: May 17th 2019 Views: 124 About Josh: My commitment is to the Greater Dayton & Cincinnati areas. I have over 15 years of experience in the...
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About Berkshire Hathaway HomeServices Professional Realty
The Zehnder Group provides exceptional, experienced and trusted real estate support to local families in the Miami Valley. We are backed by the Berkshire Hathaway HomeServices brand. Whether buying a new home or selling your existing one, our quality expert staff is prepared to help you accomplish your real estate goals. Total customer satisfaction is our mission. The Zehnder Group, Experience Real Estate Excellence.
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"Don helped me and my wife Carolyn successfully sell our home. Don worked diligently to sell our house. The selling process occurred during the weak time of real estate marketing. His efforts were continuous and we found him devoting extra effort and going out of his way to promote our property. He kept himself readily available to contact by responding quickly when called. We greatly appreciated his excellent service"