NEW YORK – Oct. 17, 2017 – The housing market is increasingly driven by millennials and first-time homebuyers “hungry for starter homes and efficient layouts,” says Javier Vivas, manager of economic research for realtor.com.
Large single-family homes receive 12 percent to 45 percent less views on realtor.com than the typical home in each market. This year so far, large, single-family homes are selling up to 73 percent (or 50 days) slower on average than the typical home in each market.
The often hefty price tags for bigger homes contribute to their lengthier sale times because there is a smaller pool of buyers who can afford them, says Artur Miller, founder and CEO of Miami-based AMLUXE Realty.
“The McMansions that soon-to-retire people purchased in the 80s and 90s are a very difficult sell right now,” adds Melissa Rubenstein, a former real estate attorney who now sells luxury properties with Re/Max HomeTowne Realty in Bergen County, New Jersey.
Many McMansions are outdated and may not include a first-floor bedroom and bath suite so the homeowners can age in place or host in-laws. Listings of large homes are also up two percent from last year, suggesting owners are dumping them faster, while listings of all homes are down 10 percent from last year, according to the realtor.com data.
However, Miller says that even the wealthy, extra-large homes will always sell if designed and priced right.
Source: CNBC.com (10/13/17) Kulp, Kayleigh
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