It’s almost official: Des Moines is becoming a Seller’s market again with the Des Moines Area Association of Realtors reporting double digit growth in pending sales in March. Wells Fargo is so bullish on the housing market that it recently broke ground on a $100 million campus in West Des Moines to house its mortgage subsidiary business, according to a recent report in the Des Moines Register.
Throughout Des Moines, homeowners are taking advantage of the strengthening market and historically low interest rates to sell their existing home and buy an Iowa new home to upsize, downsize, or right size.
But there’s another trend among Des Moines homeowners that is gaining momentum: lateral moves. Homeowners are selling their existing home to purchase a new home of a similar size.
What are the benefits of a lateral move in today’s real estate market? Here are a few advantages to consider:
A 3,000 square foot home that was built 25 years ago may no longer fit the needs of today’s family. Fewer homeowners are looking for rarely used formal living and dining areas, opting instead for a flexible Great Room area with open concept kitchen. Technology has changed modern home design as well, with more members of the family requiring a home office, den/library, or built in technology center than ever before.
Energy efficiency standards are continually improving, and that translates to lower maintenance homes that often includes a lower cost of ownership. Utility costs for a new home over 2,000 square feet can be hundreds of dollars less each month than costs for a similarly sized home built 25 years ago.
Overwhelmingly, the most common reason for a lateral move in today’s housing market is the need for convenient single level living and Age in Place design. Many families do not want to give up the spaciousness of an executive home, but prefer sprawling main level living to accommodate eldercare or simply forward planning for retirement.
Maybe it’s a shorter commute, better schools, closer to family, or a desire for the privacy of acreage. Whatever the reason, many families are looking to upgrade their location. Building a custom home means that you can build your home almost anywhere, but it also means that your home can be situated on your lot to maximize views, light, and privacy.
Whatever your reasons are for making a move, we can help. Building a custom home means that you can build your home, your way, in the location of your choice. In fact, many homeowners are surprised to find that the costs of building a custom home are very similar to a new or resale home.
Find out more. Contact us today to tour one of our recently completed homes and discover what’s possible for your own dream home.