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Tips for Younger Homebuyers: How To Make Your Dream a Reality

By Acme Homes LLC 5-17-2024

Are you a member of a younger generation, like Gen Z, wondering if homeownership will ever be within your reach? With inflation, rising home prices, mortgage rates, and more seemingly stacked against you, it’s understandable to feel daunted. However, despite the challenges of today’s housing market, achieving your dream of owning a home is still possible, especially with the right guidance from professionals like Acme Homes LLC.

Here are some invaluable tips to help you navigate the path to homeownership:

Explore Your Options for a Down Payment: Saving for a down payment can seem like an insurmountable hurdle. However, there are over 2,000 down payment assistance programs designed to make

homeownership more accessible. Additionally, nearly half of Gen Z homebuyers receive financial assistance from loved ones, according to LendingTree. Working with a trusted mortgage professional will help you understand your options, including how much you really need and guidelines for receiving financial gifts.

Live with Loved Ones to Boost Savings: Consider temporarily living with friends or family to reduce your housing expenses and accelerate your savings. Bankrate reports that many Gen Z homebuyers are choosing to live with relatives to bolster their savings, with 30% transitioning directly from their family member’s home to their own.

Cast a Broad Net for Your Search: In a competitive market with limited inventory, it’s essential to consider a wide range of options. Your real estate agent can help you explore affordable suburban or rural areas and consider smaller homes, condos, or townhouses as entry points into homeownership. Being flexible and open-minded about your preferences can significantly expand your possibilities.

Take a Close Look at Your Wants and Needs: Prioritize your must-have features while remaining open to compromises. Remember, your first home doesn’t have to be your forever home. Focus on building equity and consider how it can enable you to upgrade in the future. Your agent will help you identify homes that align with your top priorities and long-term goals.

Achieving homeownership as a younger buyer is feasible with the right strategies and support from professionals like Acme Homes LLC. By exploring down payment assistance programs, living with loved ones to save, casting a broad net in your search, and carefully considering your needs, you can turn your dream of owning a home into a reality. With guidance from experienced real estate professionals, your journey to homeownership can be both achievable and rewarding.

5-9-2024

As we track the trends of 2024 the National Home Builders Association is seeing a shift from previous years. New home trends in 2024 are high quality homes of a lower size. In the realm of real estate trends, the pendulum has swung once more. The National Association of Home Builders report the following, after a brief upsurge in the size of new homes in 2021, there's been a noticeable shift towards more modest dwellings. The average size of newly constructed homes has steadily decreased, dwindling from 2,479 square feet in 2022 to a modest 2,411 square feet in 2023. This marks the smallest average size observed in 13 years, aligning closely with the evolving preferences of homebuyers, who now seek less sprawling abodes.

According to the latest insights from the National Association of Home Builders (NAHB), prospective homeowners are eyeing properties averaging around 2,070 square feet, a notable decline from the 2,260 square feet sought two decades ago. Rose Quint, NAHB's Assistant Vice President of Survey Research, attributes this shift to a combination of changing tastes among homebuyers and the escalating challenges of housing affordability in recent times.

Builders are keenly attuned to this paradigm shift, with 38% reporting the construction of smaller homes in 2023 to bolster sales, and an additional 26% intending to further downsize their constructions in 2024. Strategies to enhance affordability include slashing home prices, offering enticing sales incentives, and introducing more budget-friendly finishes. In a noteworthy departure from the past, median prices for new homes plummeted to $427,400 in 2023, marking a 7-percentage-point decrease from 2022, a rarity not witnessed since 2009. Meanwhile, existing home prices continued their upward trajectory, reaching $394,600, a 1-percentage-point increase over the previous year.
Yet, the evolving preferences of homebuyers extend beyond mere square footage. There's a palpable shift towards customization and authenticity in design preferences. Donald Ruthroff, AIA, Founding Principal at Design Story Spaces LLC, notes that homeowners are increasingly inclined towards personalizing their living spaces, aiming for a sense of uniqueness that sets their homes apart from the rest.

This desire for individuality is reflected in various aspects of home design, from the architectural style to the choice of upgrades. Homeowners are investing in features that lend a distinct character to their abodes, whether it's crafting an island that resembles a bespoke piece of furniture, opting for higher-quality cabinets, or splurging on luxurious flooring materials. As the housing landscape continues to evolve, the emphasis on personalization and authenticity remains steadfast, reshaping the very fabric of contemporary homeownership.

No matter what your style or personality Acme Homes works to provide you the right home at the right price.