Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureaureported that it increased to 65.1% in the
Growing Out Of Your Home Youre Not Alone
Growing Out of Your Home? You’re Not Alone
Americans who are house shopping in 2016 are looking for more than granite countertops and hardwood floors. According to recent research, it’s all about the family.
Most home buyers cite growing families as the main deciding factor in purchasing a new home. According to real estate professionals, almost three-quarters of their clients are motivated to look for a new home when they outgrow the old one thanks to their growing families.
The second key motivator relates to the job market; almost 70% of respondents to a recent survey of real estate professionals cite job issues as a reason for buying a new home.
As has been the case for several years, neighborhood safety remains the top factor influencing where buyers will purchase, according to the 2012 Profile of Home Buyers and Sellers, recently released by the National Association of Realtors. Convenient access to work was the second top factor. Families and couples placed a high priority on the quality and location of schools, and affordability remained a concern in 2012.
While looking for affordable properties, families living with elderly parents or returning adult children are paying as much attention to the home’s floor plan as to its cost. According to real estate professionals, many of these buyers are looking for split floor plans to give the different generations breathing room.
Smaller homes are gaining traction. Builders are expecting the average home size will be 2,152 sq. ft. in 2015, compared to almost 2,752 sq. ft. in 2007. Part of this relates to increased energy costs; 87% of buyers now consider heating and cooling costs at least somewhat important.
Single-family homes are still much sought after; according to NAR, almost 80% of last year’s buyers purchased a single-family detached home. It appears the American dream isn’t dead; like previous generations, families have and will continue to seek a place of their own.
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