{"id":6812,"date":"2021-04-13T06:00:38","date_gmt":"2021-04-13T10:00:38","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6812"},"modified":"2021-04-13T06:00:38","modified_gmt":"2021-04-13T10:00:38","slug":"some-buyers-prefer-smaller-homes","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6812","title":{"rendered":"Some Buyers Prefer Smaller Homes"},"content":{"rendered":"
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\"Some<\/p>\n

Over the past year, we\u2019ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home<\/a> is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist <\/em>at realtor.com, <\/em>shares:<\/span><\/p>\n

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\u201cThe 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\u2026In a sense, it has elevated real estate markets as a centerpiece of our lives.\u201d<\/em><\/p>\n<\/blockquote>\n

For some, this has spurred an interest in making a move to a home that better suits our changing needs. In a recent study<\/a> on today\u2019s homebuyer preferences, the National Association of Home Builders<\/em> (NAHB) states:<\/p>\n

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\u201cWhen asked more specifically how the pandemic may have impacted their preference for home size\u2026<\/strong>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 \u2013 12% \u2013 would prefer a smaller one instead<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

While you might expect more time at home to lead to a need for more space, it\u2019s 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\u2019s housing market is full of opportunities<\/a>. Danielle Hale, Chief Economist<\/em> at realtor.com<\/em>, explains<\/a>:<\/p>\n

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\u201cIn a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards\u2026Those who are selling homes can use the profits to help them buy new ones.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

As a homeowner today, you likely have equity<\/a> 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<\/a> from the National Association of Realtors <\/em>(NAR):<\/p>\n

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\u201cHome sellers cited that they sold their homes for a median of $66,000 more than they purchased it<\/strong>. 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<\/strong>.\u201d <\/em><\/p>\n<\/blockquote>\n

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\u2019ve thought about aging in place rather than downsizing, you may want to reconsider. The U.S. Census Bureau<\/em> points out<\/a>:<\/p>\n

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\u201cOf the nation\u2019s 115 million housing units, only 10% are ready to accommodate older populations<\/em>.\u201d<\/p>\n<\/blockquote>\n

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.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Today\u2019s housing market favors homeowners who are ready to sell their houses and make a move. If you\u2019re thinking about downsizing this year, let\u2019s connect to discuss your options in our local market.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"SomeOver the past year, we\u2019ve 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: \u201cThe very nature of the pandemic, through the health implications, social distancing, [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,84,85],"tags":[],"class_list":["post-6812","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-buyers","category-for-sellers"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6812"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6812\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}