Are you upsizing or downsizing?
Posted on Wednesday, January 25, 2012 at 10:02:07 AM
The housing market is steadily improving and many adults are making a housing switch. Two large demographics are currently seeking new accommodations - young families and empty nesters, reports the Chicago Tribune.
The first are looking for larger spaces to meet the demands of their growing families. From cramped and tiny apartments to more spacious houses in areas with new amenities and quality schools, these consumers are beginning to ramp up housing sales. Consumers are looking to enter homeownership equipped with steady incomes, good credit scores and easier residential financing options.
The second are downsizing in order to meet new lifestyles. No longer are four bedroom homes needed as children have grown secure in their own finances and moved out to create their own families. In order to compensate for this, empty nesters are seeking single level condos or homes with less square footage, taxes and maintenance.
As the market changes to meet these new demands, consumers are likely to find more communities built around the demands of these two key demographics.