Failure to Start
The starter home has long been the first step into real estate for many homeowners. It’s typically smaller, cheaper and in need of a few minor repairs, and now many buyers feel it may not be worth their time.
According to a recent article in “The Residential Specialist”, buyers are increasingly favoring the idea of the forever home over the starter home. Seventy-five percent of first timers want a home that will fit their needs in a few years and nearly 70 percent are willing to wait to save more money and move into a nicer home in the future rather than buy a starter home now.
Between the limited inventory and rising rises in many of todays markets, it may be that starter homes are no longer at starter home prices, and buyers are skeptical of paying too much for a home they will quickly outgrow.
For buyers who have the money, buying homes they can stay in longer may be worth the extra money they’ll have to pony up to get there.