Where did the “starter home” go?

    Rising home prices and having less homes for sale is making affordability a challenge for many buyers. The market skews to higher earners — and they’re buying bigger homes. In fact, in 2013, first-time buyers purchased homes with an average 1,845 square feet, while the average home in the U.S. is just 1,819 square feet, according to Romem’s analysis of data from the Census Bureau’s American Housing Survey.

    These buyers are also making a decision to stay longer. We see many buyers that look beyond a 5-7 year timeframe and plan to stay in a home close to 10-15 years, making finding the right home more important than ever.

    The National Association of Realtors data and MarketWatch offer some good insights. And the possible solution could be looking in more neighborhoods to find more value as home prices continue to increase.

    Read more here: MarketWatch

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    Dave Senkier

    From first time home buyers to empty nesters and everything in between - my goal is to provide an exceptional real estate experience. I work with a great team and great technology to manage your home search all the way through closing and beyond. I understand that every home and every client is unique; I work full time to accommodate your needs and your schedule. If you are thinking about buying or selling a home, or have a friend or family member who is, I would love to earn your business!

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