Did you know that over 700,000 new homes were sold in the last year? On average, the price of a home was about $310,000. This is an 3 percent decrease in value from the previous year.
Buying a new house is a big financial investment but there are many reasons why people are moving and purchasing new homes in the new market. Keep reading to find out 5 primary reasons why everyone is getting a new house.
1. People Are Moving to More Affordable Places
There are many reasons to move and one of the most common is finding a more affordable place to live. Instability in the economy and the job market is a key reason why so many Americans are looking to find new homes where the price of living is lower.
Whether financial hardship has directly affected them or not, rising housing costs in certain cities has led many to move out of their current homes and look in neighboring cities or states to purchase something new.
2. You Want a Home Upgrade
You might want to buy a home not primarily because it is more affordable but to upgrade your living situation. Renting is a temporary living arrangement and moving into something entirely your own is a great step forward.
Since you are spending more time at home in this new housing market, the need for more space is something on your mind. Looking to buy a new house with more space for an office or your children's game room is common these days.
Check out your local Realtor's website to find the home you have always dreamed of having.
3. New Work Options
Next on our list of reasons to move out is coming into new work opportunities. A new job is a common reason why many people relocate to a new city or state and this might be the case for you.
In the new economy, more Americans have the opportunity to work from home or are currently doing so. With this flexibility in completing your job, you don't have to stay in the city where you work anymore.
More Americans are moving out of their current homes and into cities they have always wanted to live in while keeping their current jobs.
4. Less Crowded Neighborhoods
When deciding to buy a house you might be interested in moving out of a big city to the suburbs or even a rural area. These moves can be related to the lower costs of living but a deciding factor is the appeal of less populated neighborhoods.
Moving to an area with smaller populations in an era of widespread disease is a trend that could continue for years to come.
5. Changes in the Family
When selling a house to move into a new one, a common reason might be because of changes in your family. Whether it is a marriage, divorce, or a growing family, you might need something new as your family spends more time at home.
Reasons for Moving and Buying a New House
There are many reasons for packing up, moving, and buying a new house in our current situation. The need for more space and new work opportunities are common reasons why. Make sure to check out some of the other home improvement, moving, and real estate blog posts.
