Key Takeaways:
- People are spending more time at home due to the global pandemic, which has many homeowners reconsidering their home size preferences.
- Older homeowners can use their equity to invest in homes that better fit their evolving needs.
- Need guidance navigating today’s housing market? Contact Linda Craft & Team at 919-235-0007 for more information from our real estate experts.
What Does “Home” Mean to You as a Homeowner?
The global pandemic has many of us spending more time at home than ever before. The place we call home has evolved into some people’s office spaces, homeschooling centers, and social spots. George Ratiu, Senior Economist at Realtor.com, said that staying at home has “elevated real estate markets as a centerpiece of our lives.” Homeowners are becoming more focused on how their homes can better suit their changing needs, with many now wondering if now is the time to downsize to a smaller home.
Homebuyer preferences are progressing
A recent study by the National Association of Home Builders asked homebuyers how the pandemic has impacted their home size preferences. According to the study’s findings, about one out of every five buyers want a larger home as a direct result of the health crisis, while a smaller segment of 12% now prefers a smaller one.
Although spending more time at home did lead to a desire for more space for 21% of buyers in the study, there was still a significant number of homeowners who actually want less. For homeowners with larger homes wanting to downsize, today’s seller’s market is in their favor.
Older homeowners might be at an advantage
As an older homeowner, you can utilize your current equity toward the purchase of your next home. Thanks to the equity growth homes have experienced over the past year, a report from the National Association of Realtors notes that homeowners sold their homes for a median of $66,000 more than their original purchase price. Since older homeowners have likely lived in their homes for a longer period of time, sellers aged 66 to 74 years gained $100,000 in equity.
Let equity do the heavy lifting for you
We understand that as an older homeowner, your home holds a special place in your heart. However, if you’re thinking about aging in place rather than downsizing, then you have a few more things to consider. The U.S. Census Bureau notes, “Of the nation’s 115 million housing units, only 10% are ready to accommodate older populations.” As an older homeowner, let your equity do the work for you—no need to put the additional work into your current home to fit your evolving needs.
Ready to Make a Move?
Now is the ideal time to sell your home and make a move, and Linda Craft & Team are here to help! If you’re thinking about downsizing this year or just want to discuss your home-buying options in the Triangle area, contact us today for advice from the Triangle’s top real estate team.