Get Ready for Smaller, More Affordable Homes

Have you been trying to buy a home but higher mortgage rates and home prices are limiting your options?

In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school, exercise, and more. Those who had that space were more likely to keep it. And those that didn’t were in a position where they were trying to sell their smaller house to move up to a larger one. That meant the homes coming to the market during the pandemic were smaller than those on the market before the pandemic – and that trend continues today (see graph below):

The graph illustrates a seasonal pattern in the housing market, with larger homes appearing more frequently during summer when families are likely to move. As fall approaches, historical trends suggest that smaller, more affordable homes will become available in the market throughout the rest of the year.

The combination of a seasonal trend in smaller homes appearing in the later months of the year and builders introducing smaller, more affordable newly built homes to the market is positive news, particularly for those facing affordability challenges in the housing market.

Bottom Line

If a smaller, more affordable home sounds appealing to you, good news – they’re coming. To keep up with what’s available in your area, let’s connect and get started..