When to buy your Dream home

“When people are buying in their 20s and 30s, there’s a dream house that they’d like, but they can’t afford it, In their 40s and 50s, they’ve got the money, and they say, ‘Let’s go buy that nice house.’“

Better, Newer, Smaller

That said, Priscilla Schumacher, director of sales and marketing at Edward R. James Cos, a homebuilder headquartered in Glenview, Ill., cautions against the idea of a “dream home” because it’s not always what people assume it is.

She says some buyers move out of a very costly or large residence into a dream home that better fits their needs in terms of design, finishes and amenities. The new home might offer an updated kitchen, open living room, main-level master bedroom, new flooring, carpets and counters and community services like landscape maintenance and snow removal.

They’re looking for the home to be their way, (even though) they definitely still have the kids in mind for when they come to visit, “Instead of a garage filled with bikes and hockey equipment, it’s just enough room for two very nice vehicles.”

The trend is evident in the data. According to the U.S. Census Bureau, newly built houses grew steadily in size from 1,660 square feet, on average, in 1973 to an average 2,521 square feet in 2007. The trend line then flattened out even after the U.S. economic recovery began. The average new home size of 2,687 square feet, recorded in 2015, could be a sweet spot for many of today’s buyers.