RidgefieldTalks Newsletter - March 2006
Just like burgers and big-screen TVs, Americans are super-sizing their homes.
Since the 1970s, the average single-family house built in America has grown by about 50 percent according to a report released at the National Association of Home Builders’ meeting last month in Orlando. During the same time, average family size has fallen from more than three people to about 2.5 residents per home.
Houses get bigger to contain all the features most buyers want. Almost 40 percent of new houses now have four or more bedrooms, compared with less than a quarter of such homes in 1973, and 24 percent of houses built in 2005 had three or more bathrooms - double the rate in the early 1970s.
Now, more than half of just-built houses have two or more floors. In 1973, almost 70 percent of our new homes were single-level. Nine-foot ceilings are now standard in most houses, but builders are getting rid of interior walls. “There will be not many walls in the average home - it will be totally open,” and it is predicted for the years ahead, kitchens will still stay the focal point, along with the bathrooms. Updating is important in resale in our area as most of the buyers are young and want these amenities. If a property is not updated, it is taken into consideration when I suggest a selling price.
A reminder, as I’m often asked, that the local conveyance tax when selling a property is 0.0025%. The state conveyance tax (for all its hard work) is still one-half of one percent on the first $ 800,000.00 plus one percent for anything over that sale price. This pertains to residential only.
Gold may be getting a lot of attention, but when it comes to hard assets our house is still a sounder investment. The tax treatment is more favorable, and besides, you can live in it.
Despite a recent surge, gold is up only 31 percent in the past 15 years vs.92 percent for a new house.
I recently saw a cute ad which read, “When life hands you salt, make margaritas.”
And here we are in winter, but it’s going to come to an end shortly and we are in the throws of our spring housing market. We had 100 fewer homes sell last year and I am constantly watching the numbers for this year. Pricing competitively is the key. Inventory is taking longer to sell this year.
On another note, there is a new senior housing opportunity that seems to be very exciting. If any one is interested in age restricted new housing, please give me a call.
