Starter homes are hard to come by in Northern Virginia, is it the death of the starter home?
Starter homes are so hard to come by in Northern Virginia. It is truly such a bummer that the starter home is not what it once was. There is no real definition of a starter home but typically it is a single-family home with less than 1900 square feet and due to its smaller size makes the price point what typically makes for a good starter home for most.
The main reason for the shortage is that starter homes are in low supply. Other reasons are that the large supply of these already built sized homes are rapidly being turned into rental properties. Many smaller homes are being torn down and replaced with a much larger home. Home builders are building a very small number of smaller homes as well. Builders have too many barriers to build smaller homes, such things as higher land prices, higher labor costs and higher material costs make it harder and less profitable for the builder.
Case and point: just this week, I had a first-time homebuyer reach out to me wanting to buy a new construction home. They want a smaller sized home in an average median price range that most first-time homebuyers need and want. I had to disappoint them (which breaks my heart) and tell them that the supply of new construction homes under 2000 square feet and priced under $400K are just not out there (at least in our Northern Virginia area).
For now, the best choice for a first-time homebuyer looking for a smaller starter home, priced in the median price range in Northern Virginia is a much older single-family home or a townhome.
Is this the death of the starter home?
All the best to you, Lisa Joy