Residential real estate market getting stronger in America

Residential real estate market getting stronger in America

The housing market in the United States, including in Florida, appears to be strong these days. Mortgage applications continue to climb in number, and homebuilder confidence has returned to the level it was at 10 years ago. As a result, residential real estate is being developed at the quickest pace since the beginning of the last recession.

The strengthening of the housing market is contributing to a boost in the American economy, as well as in the stock market, rather than dragging them down, as the housing market has done in recent years. Even so, the modern market is different from the pre-recession one. U.S. home purchasers are aging, and their homes are increasing in size. A homebuyer's median age today is 43, while the age was 35 back in 1985. 

Part of the reason that the median homebuyer age is increasing today is because it appears that people have decided to delay homeownership. This is, in part, due to the fact that people are also delaying life events that typically come before homeownership, such as marrying and having kids. Research also shows that people's homes are getting bigger. American homes have averaged 1,800 square feet since 2000, but many new homes today are at least 2,200 square feet in size.

The fall can be a wise time to purchase a home, when competition for homes is not as strong as it is during the summer. However, residential real estate transactions can be complicated to navigate, and one mistake can end up costing an individual financially. Appropriate legal guidance may help individuals to successfully buy their dream homes in Florida.

Source: mypanhandle.com, "Real estate today: Older buyers, more bathrooms", Heather Long, Oct. 21, 2015