The best time to buy a new home, says a brand-new report from Realtor.com.
This week’s report, titled When Is My Home Not On the List?, says “many of us have been living in a bubble” and the average homeowner is looking for a bigger home.
Read the full story at Realtr.com/report.
“The bubble has burst,” said Rebecca Stirling, Realtropper.com’s senior vice president of research.
“More and more people are looking for the best place to live, and they are finding it on the list.”
The report says, “As home prices continue to skyrocket and the median price continues to decline, many of us are being forced to look for a better home.”
The most popular reasons for not buying a home include being too close to work, not having a child and needing a bigger apartment or home, the report says.
The report recommends that homebuyers look at “how much money they will need to save for their first year of homeownership, what they are willing to pay for the home, and how long they expect to live there.”
“When you buy a home, you are essentially giving up a piece of property that you can never really sell,” said David Smith, RealtyTrac’s senior director of research and a Realtress.com senior executive editor.
“There are so many factors to consider.
Are you going to save enough money for the down payment?”
The report also says that “some people are going to want to keep the house, others want to move out, and some are going home to stay in town.”
A home can be a great investment, the study says.
“Many people want to live and work in their own home and they want to own a home that they can walk to and go to work from,” Stirling said.
“It is a very good investment.”
But there are some reasons not to buy.
“For example, if you are looking at a smaller or older home and it doesn’t fit in your budget,” Stirl said.
There are also concerns that “there is a higher risk of the property falling into foreclosure, which is not the case for many older homes.”
The study also says homeowners are getting less value for their money, with fewer options for buying.
“You are basically giving up one piece of real estate that you might have in your lifetime,” Smith said.
The list includes homes from major players, including: Realtors.com Realty Trends Realtorp Realtracers.com Homebuilders.com Builders.
Com Homes.com Sources: Realty Trac, Realsit, Realflot, Reel-America, Realesite, Realease, Realistoday, Reapit, Realestate.com