Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Will McMansions Trend Once Again? ☘ Hoey Team ☘ eXp Realty
Dated: July 29 2020
In recent years, Americans have favored smaller homes, while interest in supersized suburban homes has waned.
But the pandemic may be changing those preferences, and big homes may be “in” once again.
As millions of Americans may be looking at where they live with a new lens, having been more confined to their homes due to the COVID-19 pandemic. Some are finding that their house feels small.
“The pandemic has been long enough and deep enough that it might bring a change in collective thinking toward bigger homes,” Sonia Hirt, dean of the University of Georgia College of Environment and Design, told realtor.com®. “The suburban home that was so stereotypical and boring suddenly proved itself to have benefits we’ve completely forgotten about.”
City residents may be more willing to trade their cramped apartments and condos for a larger home in the suburbs.
Before the pandemic, the median size of an existing home purchased was 2,060 square feet, according to the National Association of REALTORS®’ 2020 Home Buyers and Sellers Generational Trends Report. For new homes, the median size sold in the first quarter of 2020 was 2,291 square feet, according to the National Association of Home Builders.
Architects say they expect both of those numbers to rise over the next year. It may not be the 5,000-square-foot supersized homes that defined the suburbs in the 1980s and 1990s. Higher home costs may keep square footage lower for some.
“The market is not being driven by people looking for massive homes," Ken Perlman, managing principal at John Burns Real Estate Consulting, told realtor.com®. "It’s being driven by people looking for the right combination of functionality and price.”
Many families, however, are needing more space to accommodate adult relatives who may have moved in because of the pandemic. Also, many college students and those in their 20s are returning home as universities have moved online and entry-level jobs were eliminated.
“We're going to see another bump in multigenerational living,” Donna Butts, executive director of Generations United, a Washington, D.C.-based multigenerational advocacy organization, told realtor.com®. “By combining resources, they can afford a bigger house or a more comfortable lifestyle.”
Here in Southwest Florida, inventory is low, but we continue to list and sell real estate. At our Team ☘ and Brokerage, we have been succesfully working 100% virtually / remotely for the past number of years as we grew, so we have been used to this new requirement, and we just had our eXp shareholders summit, virtually, using VirBELA, which powers eXp World; our virtual campus.
Article content from our FR (Florida Realtors) Newsletter and from other sources including Hoey Team ☘ eXp
On this page we are adding a list of Vendors for COVID-19 related items here in SWFL. Please let us know if there is a Vendor / Store we should add: www.VisitCollier.Com Feel free to share with anyone looking.
NOTE for Buyers and Sellers: On our Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com ?
For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing: https://HoeyTeam.239RealEstateDeals.Com
Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible.
Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, weither it is for you or for a loved one, and we are able to help in a responsible social distncing way, we will certainly do what we can to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
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Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press