Changing Demographics Affect All Of Us
A changing society is certain to affect almost everything surrounding it, including real estate. For example, as more divorces occur, more older singles enter the market for a home. Many of these newly single buyers are downsizing, even though they need to accommodate children on a full-time or part-time basis. It’s one of many realities affecting the typical use (and size) of the so-called family home, as well as its market value.
Logically, a general trend of downsizing to affordable accommodation for smaller families will have an impact on demand for smaller homes. This, in turn, will create selling opportunities for owners of townhouses and condos (e.g. two-bedroom, one-bedroom, or even bachelor units with hideaway beds). However, owners of smaller homes wouldn’t necessarily be the only benefactors of this trend. Meeting the needs of divided families will, no doubt, fuel other changes. A significant shift of owners of larger homes to smaller urban units will precipitate an influx in large suburban homes entering the market, some that would be available for immediate occupancy. This could offer unique opportunities to growing and established families ready to move into a larger home at a very attractive price.