When selling a property, there are some common mistakes that sellers can make, potentially sabotaging their transactions. Since real estate transactions are complex, failing to handle them properly can inadvertently ruin the deal. I wrote this blog to help you avoid such pitfalls.
The graph above shows the average square footage of newly built homes, measured quarterly. As you can see, during the COVID period, when interest rates were low, the size of homes was increasing. However, as interest rates rose and buyers' purchasing power began to decline, the size of newly built homes started shrinking.
In the current real estate market, supply is low, and interest rates are high, causing home prices to rise rapidly. However, many households are not seeing income growth that keeps pace with this rate, leading to decreased purchasing power for buyers. Builders are well aware of this situation, so they are constructing homes that will sell. Additionally, to make their offerings more attractive, builders are often providing incentives, aggressive price cuts, or promotional deals.
Ultimately, buyers will have more affordable options available. However, in the long run, the supply of larger homes will likely dwindle, and the prices of homes above a certain size will continue to rise.
I look forward to providing more helpful content in the future!
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