Prepare for smaller, more affordable homes
If so, here’s some good news – based on what Ali Wolf, Chief Economist at Zonda has to say – smaller, more affordable homes are on the way: Ali Wolf, Chief Economicist at Zonda says that smaller, more affordable houses are on their way. “Buyers can expect to see a noticeable increase in the number entry-level homes over the next 12-24 months.” In some ways, smaller housing is already here. The meaning of home changed when the pandemic struck. The space in their homes was needed not only for living, but also to work, attend school, exercise and more. Those with the space were more likely keep it. Those who didn’t had to sell their smaller home to buy a bigger one. This graph shows the seasonal changes in the size of houses on the market. The summer months are when larger homes are on the market, because families with children out of school want to move. . . The seasonal trend of smaller houses coming to market in the latter months of the year is good news, especially if you are struggling to afford a house. Mikaela Arroyo is the Director of the New Home Trends Institute of John Burns Real Estate Consulting. She says that a possible increase in the availability smaller homes will not solve the affordability crisis but it will create opportunities for people to afford an entry level home in an area. Connect with a local agent to keep up-to-date with what’s on offer in your area.
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