Tuesday, June 4, 2013

No More Downsizing for NOVA Homebuyers

It seems downsizing your NOVA home may now be a thing of the past, according to Realtor Magazine. Mortgage rates and housing prices have been rising, but so has the average size of the home Northern Virginia homebuyers are searching for. 


For the past three years, the average size of new homes has been increasing— to the tune of 8 percent since 2009. "The median new-home size in 2012 reached a record high at 2,306 square feet according to a newly released data from the Census Bureau," stated Realtor Magazine.

The interest of homebuyers in smaller homes stemmed from the recession, but now recent data shows that period is recovering in addition to the real estate market. Americans are upsizing again, looking for homes that are larger than the ones in which they currently reside.

Why are they buying homes with more space? It could mean they are living with more people, a college graduate has moved back home or older parents have moved in.

If you're looking to upgrade your current Northern Virginia home in Arlington, Fairfax, or Alexandria City, let us help you find the right property with just the right amount of space. 


Earle Whitmore

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