With the economy seemingly in a steady recovery state, people across the board are giving the real estate market a chance that they were not confident enough to give it at the end of 2013.
With certain trends that are advantageous to the first time homebuyer, it is definitely worth your time to understand what is going on behind the scenes. Below are a few of the home building trends that you can expect throughout the year of 2014.
1. Houses will be smaller and more compact
Although the economy is in a recovery state, people are still wary of making the big purchases that they were making in the 1990s and the 2000s. As a result, homebuilders are creating housing that is much smaller than before. These houses are great for first time homebuyers as they are less expensive without giving up any of the necessities of home.
2. Housing in developments is increasing
Because of the shortage of luxury homebuyers in 2014, developers are developing land in neighborhood-sized plots. This is another advantage to the first time homebuyer, as it will give him a chance to develop real estate skills under the auspices of an HOA rather than having to learn about it completely on his own.
Neighborhood plots also have a great deal of help available for individuals who are looking to further develop a piece of real estate property.
3. New land is being developed
The rate of first time homebuyers is up as of the end of 2013. This means that developers are stretching out farther into the countryside to build new plots. This gives the first time homebuyer a chance to get in on a great deal before the land around the real estate development is fully rendered.
The more commercial a neighborhood gets after a person has moved in, the higher the value of that house. First time homebuyers as well as single plot investors have a real chance to get in on some housing deals that can pay off big in the future.
4. Housing in big cities will come fully furnished
In order to provide more value to homeowners, real estate developers will fully furnish housing that is in high value areas such as highly dense big city environments. The expense of furnishing a house after the purchase is something that many first time homebuyers do not take into account; however, having a house fully furnished will take some of the load off of the first time homebuyer.
Just make sure that you like the decor that the real estate developer has chosen for the house, and make sure that you are not paying too large of a premium for it!