rj-onerj-onerj-onerj-one
  • HOME
  • SELL WITH US
  • PAST SALES
  • HOME FINDER
  • ABOUT
    • MEET THE TEAM
    • RAVING FANS
    • CONNECT WITH RJ & ASSOCIATES
    • Front Porch
  • MARKETING
  • COMMUNITIES
  • STRATEGY
✕
Don’t Sell on Your Own Just Because It’s a Sellers’ Market
April 7, 2021
Why This Is a Great Year to Sell Your Vacation Home
April 20, 2021

Some Buyers Prefer Smaller Homes

Over the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist at realtor.com, shares:

“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans…In a sense, it has elevated real estate markets as a centerpiece of our lives.”

For some, this has spurred an interest in making a move to a home that better suits our changing needs. In a recent study on today’s homebuyer preferences, the National Association of Home Builders (NAHB) states:

“When asked more specifically how the pandemic may have impacted their preference for home size…21% or about 1 out of every 5 buyers, do want a larger home now as a direct result of the health crisis, while another segment – 12% – would prefer a smaller one instead.”

While you might expect more time at home to lead to a need for more space, it’s interesting that a significant portion of homeowners actually want less. For those who own larger homes right now and have a desire to move, today’s housing market is full of opportunities. Danielle Hale, Chief Economist at realtor.com, explains:

“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards…Those who are selling homes can use the profits to help them buy new ones.”

As a homeowner today, you likely have equity that can be put toward the purchase of your next home. With the equity growth homes have seen over the past year, you may have more than you think, which can help significantly as you make a move into your next home. According to a report from the National Association of Realtors (NAR):

“Home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. Sellers 22 to 30 years gained the least at $33,400 in equity compared to sellers 66 to 74 years gained $100,000 in equity as they likely had lived in their homes for a longer period of time.”

Despite the benefits of growing home equity, some homeowners are still hesitant to move and could be considering remodeling or making changes to their current space instead. However, if you’ve thought about aging in place rather than downsizing, you may want to reconsider. The U.S. Census Bureau points out:

“Of the nation’s 115 million housing units, only 10% are ready to accommodate older populations.”

If your house is no longer the best fit for your evolving needs, it may be time to put your equity to work for you and downsize to the home you really want.

Bottom Line

Today’s housing market favors homeowners who are ready to sell their houses and make a move. If you’re thinking about downsizing this year, let’s connect to discuss your options in our local market.

Share
Robin Jaurique
Robin Jaurique

Related posts

Selling-Your-House-Your-Asking-Price-Matters-More-Now-Than-Ever-1024x683
August 9, 2022

Selling Your House? Your Asking Price Matters More Now Than Ever


Read more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Some Buyers Prefer Smaller Homes

remax-gold-new-logo-white-elite-web-transparent-850px

WHO YOU WORK WITH MATTERS

Robin Jaurique REALTOR with RE/MAX Gold Elite
Cal BRE License# 01436290

Serving Solano, Napa & Sonoma Counties with full-service real estate. +1 707.333.3009

 

We Love What We Do…

  • Professional video and drone services for every home
  • Maximum value guaranteed
  • A website created just for your property
  • Access to over 120,000+
    agents in 102 different countnries

 

2020 Copyright robinjaurique.comwebsite by
ElitePartnerSolutions.com
866.863.5251