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