Upgrading Your Starter Home
First-time home buyers make up 33% of all homebuyers in the US market, according to the National Association of Realtors in their 2019 end of year report. Most homes are previously owned. Overall 13% opt for a new construction. On average first homes were 1,850 square feet, three bedrooms, two bathrooms and were built around 1990. This is what we refer to as a "starter home." Most often it's where new couples or early career professionals who are looking to move out of their rentals for something with more predictability and control, and so that they can begin building equity. The great thing about many of our first-time homebuyers is the energy they put into their first home purchase. With much excitement and hope, our first-time homebuyers often envision that this will be their one and only home and many take that excitement and energy and focus it on updating and personalizing the house.
First-time Homebuyer Transition
For our first-time homebuyers, decades of experience indicates that they will stay in their homes between five and seven years before moving. In fact nationally the statistics are that 93% will sell within the first 7 years. During those years many personal transitions happen, such as family moving to the area, a job transition, or having children. The averages for the once novice first-time homebuyers selling their home is for:
27-33% move for life changes (children, marriage)
18-20% move due to career or job change
13-22% move for a larger home
The distance moved for many of these now first-time home sellers is about 11 miles. We've helped our clients when many of these life changes take place. Cary, Chapel Hill, Durham, Pittsboro, and Raleigh still have that small-town feel, where you know your neighbors and just about anything you need is within 15 minutes, but given that the Raleigh-Durham is the fastest growing area- in the country, you can imagine - the traffic is getting worse and frequently our sellers are moving to be closer to work and shorten their commute.
Homeownership: Young Families and Careers
In addition to work, many of our younger clients start their families and discover their three-bedroom home runs out of space. Trying to manage all of the new furniture and toys, without compromising on home office space and a guest room can make things tight. With little ones underfoot, we work with new parents on a new list of needs and wants as they begin to consider larger yards, less traffic, more open floor plans, or proximity to family. As babies and toddlers grow older school districts also become a consideration that they didn't originally focus on.
"I recommend that clients get to know their financial options. Whether they buy first, sell first, or do it concurrently, we've worked with clients through all the scenarios." - Andrew Palumbo
At MY NC Homes, we work with many clients as they progress through the phases of home buying. From first-time homebuyers, to move up buyers upgrading their home or with older clients looking to rightsize. The agents at My NC Homes are familiar with all the stages of life, we are committed to helping our buyers and sellers make these transitions smoothly and easily. We recommend starting with our Sellers Guide that highlights the many services we provide our clients (e.g., staging, professional photos, cleaning, etc.). Because we stay connected to our clients, we are there to help them find a new home when they welcome new babies, take a new job further away, or welcome an aging parent into their home. Keep up with us on Facebook, Twitter, LinkedIn, YouTube, or contact us directly.
Co-authored by 3 Bossy Bees