One of the most fascinating trends in Real Estate in 2015 in almost every region of the United States, we saw buyers trading up and buying bigger homes than last year. According to the new report, 42 percent of all buyers traded up in the size of their home, up from 40 percent in 2014. In the 2014 report, buyers reported that they were looking for homes similar in size at 31 percent compared to 29 percent in 2015. Regionally, the percentage of buyers looking for larger homes increased across the board. One reason for this shift in purchasing power is that people finally have more equity from selling their previous homes in order to buy a bigger one. Since the housing downturn in 2010, many homes were worth less than their mortgages. Over the last several years, home prices have been rising. In 2014, 17 percent reported waiting or stalling to sell their home, which dropped to 13 percent in 2015. Sellers also reported that they sold their homes for a median of $40,000 more than they purchased it, up from $30,100 in 2014. The most common reason for selling a home in 2015 was that the home was too small at 16 percent.
Warmest Regards,
Kevin Aizenshtat
Realtor