Increased residential sales due to improved homebuyer sentiment
The number of residential sales around the country for November 2012 was recently released by the U.S. Department of Housing and Urban Development. With a seasonally adjusted annual rate of 377,000 for the sale of new single-family houses in November, real estate officials were optimistic that the homebuyers market was rebounding strongly. The figure represented a 4.4 percent increase above the revised October rate and a substantial 15.3 percent above the November 2011 estimate of 327,000. This would be an excellent time for families looking to relocate to the Bay Area to check out the houses for sale in Oakland.
There are several reasons for the improved outlook on the nationwide residential real estate market, according to the PulteGroup Home Index (PGHI) surveys. Chief among these reasons was an increased emphasis on the role of family and the needs of family units, especially those with children on the way or already here.
"Across the board, we are seeing more confidence in the market in general," Deborah Wahl Meyer, the senior vice president and chief marketing officer of PulteGroup, told the news source. "Also, more families are making a deliberate choice to build a better bond among the generations and live closer to family and friends."
According to the survey, many homebuyers are considering their future families in their housing decisions. The data from the survey revealed that 68 percent of homeowners aged 18-34 want a larger home for their growing families, while 36 percent of overall buyers indicated an interest in homes with more space for family and kids.
Additionally, traditional family dynamics are beginning to shift, portending a new era of family homebuying. The survey noted that twice as many households today expect to eventually share their home with adult children or aging parents, citing family bonding with children (46 percent) or aging parents (48 percent) as reasons why. This will require buying larger homes with more rooms in order to fit everyone under one roof.
Finally, renters were increasingly eschewing the traditional rental market in lieu of buying a house. According to the data, 61 percent of renters plan to buy a home within the next two years. Of this group, 49 percent are doing so due to a desire to call themselves homeowners, while 44 percent see it as a good financial investment.