After the downturn in 2010, people are starting to finally get more equity in their homes. What does this mean? When they sell their homes they have more to invest in upgrading to a larger home. With home prices rising, people have been waiting to sell their homes to gain more equity for reasons such as buying a bigger home. After this stall of selling their homes, “sellers have reported they sold their homes for a median of $40,000 more than what they purchased it for.”
“Recently The National Association of REALTORS releases its 2015 Profile of Home Buyers and Sellers report and it conveyed some interesting new trends emerging this year. One of the most fascinating trends is that in almost every region of the United States, we saw buyers trading up and buying bigger homes than last year.”
It’s not surprising that the typical seller/buyer for this trend is in the Generation X, the second largest age group to purchase homes last year. This most likely is because Generation X-ers have had a child in the last few years and are looking to purchase a bigger home for their growing family. Millennials are following the trend as well, although a litter farther behind due to their own set of environmental obstacles (such as recovering from the recession and lag time in starting new families and purchasing their first homes). Nonetheless, it will be interesting to see where these trends go from here and what new trends will emerge in the future.
(Credit: http://economistsoutlook.blogs.realtor.org/2015/11/16/2015-home-buying-trend-purchasing-larger-homes/?om_rid=AAQseo&om_mid=_BWVf4sB9IR1IDX&om_ntype=NARWeekly )
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