A
changing society is certain to affect almost everything surrounding it,
including real estate. For example, as more divorces occur, more older singles
enter the market for a home.
Many
of these newly single buyers are downsizing, even though they need to
accommodate children on a full-time or part-time basis. It’s one of many
realities affecting the typical use (and size) of the so-called family home, as
well as its market value.
Logically,
a general trend of downsizing to affordable accommodation for smaller families
will have an impact on demand for smaller homes. This, in turn, will create
selling opportunities for owners of townhouses and condos (e.g. two-bedroom,
one-bedroom, or even bachelor units with hideaway beds). However, owners of
smaller homes wouldn’t necessarily be the only benefactors of this trend.
Meeting
the needs of divided families will, no doubt, fuel other changes. A significant
shift of owners of larger homes to smaller urban units will precipitate an
influx in large suburban homes entering the market, some that would be
available for immediate occupancy.
This
could offer unique opportunities to growing and established families ready to
move into a larger home at a very attractive price.
Are you experiencing a life style change? Your local REALTOR® can help! Call one today!
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