[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2go1dind2c4n8":3,"$ffeh0925h8cuz":39,"$fbwk2pqjjqsc7":43},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},15498,"get-ready-for-smaller-more-affordable-homes","Get Ready for Smaller, More Affordable Homes","\u003Cp>Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options?\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230905\u002F20230907-Get-Ready-for-Smaller-More-Affordable-Homes.jpg","\u003Cp>Have you been trying to \u003Ca href=\"\u002F2023\u002F08\u002F02\u002Fhow-to-know-if-youre-ready-to-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home\u003C\u002Fa>, but higher \u003Ca href=\"\u002F2023\u002F08\u002F03\u002Fhow-inflation-affects-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa> and \u003Ca href=\"\u002F2023\u002F08\u002F11\u002Fhome-prices-are-back-on-the-rise-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> are limiting your options? If so, here’s some good news – based on what Ali Wolf, Chief Economist at \u003Cem>Zonda\u003C\u002Fem>, has to \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fnews\u002Ftrends\u002Ffirst-time-buyers-rejoice-builders-are-finally-putting-up-more-affordably-priced-starter-homes\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">say\u003C\u002Fa> – smaller, more affordable homes are on the way:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Buyers should expect that over the next 12 to 24 months \u003C\u002Fem>\u003Cstrong>\u003Cem>there will be a notable increase in the number of entry-level homes available\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>In some ways, \u003Ca href=\"\u002F2023\u002F08\u002F17\u002Fpeople-want-less-expensive-homes-and-builders-are-responding\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">smaller homes\u003C\u002Fa> are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school, exercise, and more. Those who had that space were more likely to keep it. And those that didn’t were in a position where they were trying to sell their smaller house to move up to a larger one. That meant the homes coming to the market during the pandemic were smaller than those on the market before the pandemic – and that trend continues today (\u003Cem>see graph below\u003C\u002Fem>):\u003Ca href=\"\u002Fcontent\u002Fimages\u002F20230905\u002F20230907-Home-Size-Smaller-than-Pre-Pandemic.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230905\u002F20230907-Home-Size-Smaller-than-Pre-Pandemic.png\">\u003C\u002Fa>This graph also \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fdata\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">shows\u003C\u002Fa> how the size of homes on the market changes seasonally. Larger homes tend to come on the market during the summer months when households with children who are out of school are looking to move.\u003C\u002Fp>\u003Cp>That seasonality means, based on historical trends and the fact that fall is now approaching, we can expect smaller, more affordable homes to come to the market throughout the rest of the year.\u003C\u002Fp>\u003Cp>That’s great news because, as Robert Dietz, Chief Economist at the \u003Cem>National Association of Home Builders\u003C\u002Fem> (NAHB), \u003Ca href=\"https:\u002F\u002Feyeonhousing.org\u002F2023\u002F08\u002Fsingle-family-home-size-moves-lower-to-more-than-a-decade-low\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">states\u003C\u002Fa>, the need for these types of homes has gone up recently:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“. . . as interest rates increased in 2022, and housing affordability worsened, \u003C\u002Fem>\u003Cstrong>\u003Cem>the demand for home size has trended lower\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>What Does This Mean for You?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>The seasonal trend of smaller homes coming to the market in the later months of the year, coupled with builders \u003Ca href=\"\u002F2023\u002F08\u002F17\u002Fpeople-want-less-expensive-homes-and-builders-are-responding\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">bringing\u003C\u002Fa> smaller, more affordable newly built homes to the market right now, is good news – especially if you’re finding it difficult to afford a home. Mikaela Arroyo, Director of the \u003Cem>New Home Trends Institute\u003C\u002Fem> at \u003Cem>John Burns Real Estate Consulting\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.marketwatch.com\u002Fstory\u002Fthe-shrinking-american-home-as-demand-rises-builders-go-smaller-ed2a327c\" rel=\"noopener noreferrer\" target=\"_blank\">says\u003C\u002Fa> this about a potential increase in the availability of smaller homes:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“It’s not solving the affordability crisis, but \u003C\u002Fem>\u003Cstrong>\u003Cem>it is creating opportunities for people to be able to afford an entry-level home\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> in an area.”\u003C\u002Fem>\u003C\u002Fblockquote>","\u003Cp>If a smaller, more affordable home sounds appealing to you, good news – they’re coming. To keep up with what’s available in our area, let’s \u003Ca href=\"\u002F2023\u002F08\u002F23\u002Fwhy-you-need-a-true-expert-in-todays-housing-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">connect\u003C\u002Fa>.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230905\u002F20230907-Home-Size-Smaller-than-Pre-Pandemic.png",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers","2023-09-07T10:30:00Z","2023-09-07T10:30:58Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},15497,"mortgage-rates-past-present-and-possible-future","Mortgage Rates: Past, Present, and Possible Future","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231010\u002F20230906-Mortgage-Rates-Past-Present-and-Possible-Future.png","2023-09-06T10:30:00Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},15505,"home-price-forecasts-revised-for-2023-infographic","Home Price Forecasts Revised for 2023 [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230907\u002FHome-Price-Forecasts-Revised-for-2023-KCM-Share.png","2023-09-08T10:30:00Z",{"cover":40,"open":41,"shareSpread":42},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[44,48,49,53,57,61,65,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":45,"name":46,"slug":47},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":50,"name":51,"slug":52},6,"For Sellers","sellers",{"id":54,"name":55,"slug":56},7,"Foreclosures","foreclosures",{"id":58,"name":59,"slug":60},8,"Infographics","infographics",{"id":62,"name":63,"slug":64},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":67,"name":68,"slug":69},34,"Senior Market","senior-market",{"id":71,"name":72,"slug":73},35,"Mortgage Rates","mortgage-rates",{"id":75,"name":76,"slug":77},38,"Move-Up","move-up",{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]