Are you in a situation where you want to move but can’t find your new home?You may be renting your home. Or possibly you own a home, but you feel your only option is to renovate your home. Either way, you feel that you’re stuck where you are.
Each year, the National Association of Realtors publishes their Profile of Home Buyers & Sellers. This publication recently reported that the average family has remained in their home for 10 years. That time span was unchanged from 2014 and 2016. However,, when they first started tracking this statistic in 1985, it was a five year span.
Why the change?
I read an article recently that put forth the proposition (hey – anybody recognize that line from The Doors – Soft Parade?) that the reason is low inventory levels and record high prices. As a result, many home owners opt to renovate, therefore removing those homes from the starter home price range. Consequently, making it it more difficult for renters to purchase their first home.
The issues in new construction also contribute to the problem. There is a lack of available land for new construction in the places people want to live. Add in high materials costs, and a shortage of skilled labor, and this makes new construction expensive. As a matter of fact, there are, nationwide, 250,000 construction jobs available. All of this contributes to the difficulties millennial renters face because they can’t find their new home.
And those darn Baby Boomers aren’t cooperating. They’re delaying their move into active adult communities. Why? They’re tending to stay in their homes longer because they’re healthier and want to stay near their children.
So, can you resolve this issue of feeling stuck? To put it simply, don’t give up. If you’re planning to move up to an existing premium home, you’ll find bargains out there. Because that’s a segment of the market with an ample supply of homes. Work with your Realtor and exercise some patience. Maybe you haven’t been able to find your new home yet. However, we feel it’s because the home where you are supposed to be just is not available yet.
Call us, Bunny and Art Reiman – Realtors at 732-616-6226. Let us help you find your new home.