The come back to larger homes comes after housing hanoi sizes bottomed in 2009.
The NAHB says builders are meeting the requirements in their customers, with a significantly higher credit rating and a higher median income when compared to 2007. The normal new-home sale price rose to $318,000 in 2013 from $248,000 in 2009.
Nowadays, the conventional new residence is about 50% bigger than its 1973 counterpart, in line with the Census Bureau, which began tracking this type of data within the mid-1970s.
As size has grown, so has the amount of bedrooms. Of all the new homes built, 48% had at least four bedrooms in 2013, when compared with 34% just last year. If this type of trend holds, it could possibly bring another key transfer of the housing demographic: A few-bedroom home, that has been the model of the housing industry since 1973, may very well be traded up to get a bigger size.
Also, 35% of recent homes built in 2013 had no less than three full bathrooms, up from 23% in 2010. Similarly, the share of homes with garages for three or higher cars rose to 22% in 2013 from 16% truly.
As outlined by a recently available NAHB study around the Characteristics of House for rent in Hanoi, first-time homebuyers purchase less expensive and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% from the market, are already steadily eliminated through the market as credit rules have tightened and mortgage rates have increased, according to the NAHB report, which will also explain the increase in average home size.
From Vinahouselink
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