Report suggests age influences home size preference

How large or small a house is often depends on how old the people who own it are.As many real estate professionals can attest, location is a top priority for today's home buyer, illustrated by the pace at which Houston homes have been snapped up by prospective?property?owners. And as a recent report suggests, the type of house they purchase is largely determined by how old they are.According to a new analysis conducted by the National Association of Home Builders, the median-sized home that today's buyers want is approximately 2,225 square feet. A more in depth analysis of this information, however, reveals that those who would like a larger home tend to be younger. For instance, among buyers younger than 35, they typically wanted a property that was about 2,500 square feet. Older homeowners, meanwhile, preferred a residence that was just over 2,000 square feet.Rose Quint, vice president of survey research, noted that this data will provide home builders with information going forward as they replenish limited supply levels.The Houston real estate scene isn't the only part of the country where inventory is limited. In the latest pending home sales report released by the National Association of Realtors, economist Lawrence Yun attributed the modest decline in purchases to insufficient supply.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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