It’s no secret that the past several years have taken a hit on the housing market regarding Windsor real estate. With falling home prices, job insecurities and overall financial security at risk, many buyers have postponed looking for a home, let alone their dream home. For others, owning their dream home as proved to be a financial burden, so many are selling at a loss and downsizing.
So what is the trend in real estate in the coming years? With new home construction still slow, many sellers and buyers are looking at homes that no longer need to have all of the bells and whistles, but rather a home that meets their needs.
For example, I hear frequently buyers asking themselves if they really need a home movie theater, or do they want that home office. Also, the size of a home is now coming into play. Is the largest home really a better deal? What about square footage? Keep in mind that every square foot will cost you, from the house price, to furnishing the space and of course, utilities. Many buyers are now considering smaller homes with an open floor plan that always makes a house look bigger.
Here are some other considerations when buyers are choosing to downsize their Windsor real estate needs:
Large Yard: Buying a home with lots of land or large yard is very popular with homebuyers, but for those thinking of their budget, you will be paying a premium price for that extra bit of grass. Many parents think their children require a large lot to play outside. Think again. Most children are busy with after school activities, or they play outside in a neighborhood riding their bikes or skateboards with their friends. It’s true that children don’t really play in the backyard as much as they used to. By buying a home with a smaller yard, you are also saving on maintenance, such as mowing, trimming, planting and the like. No one really enjoys spending an entire weekend committed to yard clean up.
Bedrooms: Many families and young buyers think they must purchase a home that has a guest bedroom or more bedrooms than they need. Chances are, you don’t have many guests visiting you each year, but even if you did, there is nothing wrong with letting them stay in your child’s bedroom. Sometimes extra bedrooms just sit there and collect dust. It is often suggested for buyers to go from four bedrooms to three bedrooms and you will notice a cost savings with the home price.
Location: Buyers often feel that they must be in the prime Windsor real estate location. This can be confusing, especially when you hear, “location, location, location.” But understand, that doesn’t mean there is only one location. Usually focusing your home search a suburb away or town away, you can find a home that fits your needs while not paying a high price. There are plenty of wonderful neighborhoods and schools in any given town. You would be surprised at what buying opportunities are out there if you broaden your search to include neighborhoods that you haven’t considered.
By stepping back and thinking of what you and your family need in a home, as opposed to the wants, you will find that you can save yourself not only money, but also create a lifestyle that can be more enjoyable and less stressful.