Young would-be homebuyers are still sitting on the sidelines of America’s housing market, with first-time homebuyers representing a decades-low share. Student loans, high prices and low credit scores have all been blamed for this, but Bank of America recently proposed a different explanation.
Perhaps they’re just being patient.
Young adults don’t want starter homes, the bank said when explaining the results of a recent survey. They want to wait until they can buy their dream home and, perhaps, the home they’ll grow old in.
“Seventy-five percent of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs, even if that means waiting to save more,” the bank says. “Thirty-five percent want to retire there.”
These young adults include Millennials, who were born between 1980 and 2000. This important buying group is expected to have a huge impact on the continuing recovery of the housing market as more in their generation have children.
Ninety-two percent of Millennials who don’t own a home say they plan to buy in the next four years, and Millennials are seen as more likely to cohabitate and get a home mortgage loan than members of Generation X, who were born between the early 1960s and 1980s.
Here’s what’s new in new homes:
McKelvey Homes celebrates 118th birthday
It’s McKelvey Homes’ 118th birthday and their birthday wish for you is to save big on a brand new McKelvey home. In the month of September, buyers of to-be-built homes can choose from three “Premier Feature Packages.” These three distinct collections include a hardwood and ceramic tile flooring package, a gourmet kitchen package and an outdoor living package – all valued at $11,800 to reflect the 118th birthday.
Founded in 1898, McKelvey Homes is Missouri’s oldest and most enduring home-building company. To help put that date in perspective, William McKinley was President and Kellogg’s Corn Flakes were just invented. Fast forward to 2016 and McKelvey’s longstanding tradition of excellence is evident in neighborhoods throughout the metro area, and in the birthday sale featured during this month’s event.
At Wyndemere Estates in Lake Saint Louis, buyers in a hurry have two purchase opportunities and a wide range of home style choices. Situated two miles from I-64 off Hwy. N, this scenic community features homesites of up to a half-acre and sales are now under way in the recently opened second phase. Three of Wyndemere Estates’ market homes are owner-ready, including a four-bedroom Mandalay two-story sale priced at $444,617 and a sophisticated, three-bedroom Bennington ranch sale priced at $445,278.
In The Villages of Willowbrooke, near the intersection of Lindbergh/Schuetz roads in Creve Coeur, McKelvey is showcasing two market homes. Under construction in the builder’s private cul-de-sac enclave are a 1.5-story Provence with four bedrooms [sale price $575,221] and a completed three-bedroom Sterling ranch [sale price $502,029]. It is the final opportunity to build in this neighborhood, with only six homesites remaining.
In the city of St. Charles, the newly opened Villages of Provence is already a hit with homebuyers and McKelvey has two four-bedroom 1.5-story plans – a Covington [sale price $466,707] and a Muirfield [sale price $483,385] – ready for occupancy.
The Villages at Montrachet just celebrated the grand opening of its second phase, The Reserve, and has two 1.-story market homes nearly completed: the top-selling Muirfield [sale price $481,651] and a newly designed four-bedroom 1.5-story Provence, [sale price $469,935].
New in O’Fallon, Muirfield Manor, is an enclave of 33 homesites centered on two cul-de-sacs. Construction on a new display has begun and buyers have the opportunity to be the first to build and save in this sought-after location.
For more details and complete descriptions of these communities, visit www.mckelveyhomes.com.
Save thousands with Fischer & Frichtel on “Quick Move-In” and to-be-built homes
Homebuyers can save thousands on Quick Move-In homes in Fischer & Frichtel neighborhoods throughout St. Charles County. Through Sept. 30, the respected homebuilder is also offering purchasers of to-be-built homes in select communities the chance to “Load It Up” with $10,000 to $30,000 in options – absolutely free. Savings vary depending on the community and design collection, but the choice of options is totally up to the homebuyer.
Both offers are in effect at Miralago, Fischer’s scenic multi-product community at the intersection of Mid Rivers Mall and Ohmes roads in Cottleville. Featured in the newest phase of Miralago Manors is a move-in-ready Brookmont ranch on a landscaped and fully-sodded corner homesite. Reduced by nearly $15,000 to $334,900, this sophisticated three-bedroom home has a three-car garage, 9-foot vaulted ceilings, wood flooring, a custom island kitchen, luxury master bath and a host of other deluxe amenities.
There’s plenty to excite buyers planning to build in Miralago Manors as well – all-new homesites, new displays, seven home designs [starting from the $250’s to $310’s] and, of course, the opportunity to “Load It Up” with free options.
In Miralago Estates, Fischer’s Classic designs start from $335,900 and all include a three-car garage. Two showcase ranches are available as well. At a sale price of $474,900, the sophisticated Arlington II is set in a cul-de-sac and has great curb appeal, four bedrooms and dozens of luxury designer features. Nearing completion, a three-bedroom Durham II is similarly lavish and sale-priced at $447,900.
Other Fischer & Frichtel neighborhoods offering both of these opportunities to save include:
Wilmer Valley in Wentzville, starting from $284,900 and soon to be completed, a Durham II ranch is available for $359,900.
Wyndgate Oaks in O’Fallon, with Heritage plans from $399,900 and two owner-ready homes, both sale-priced at $625,000. Three homesites are available in the Reserve, offering estate designs from $599,900.
Homebuyers can also “Load It Up” in two Weldon Spring locations: Ehlmann Farms, now open for pre-sales from $479,900, and Whitmoor, where only one site remains and designs start from $579,900. [Sales for these two communities are being conducted from Wyndgate Oaks.]
For complete descriptions, photos and contact information, visit www.fandfhomes.com.
Final opportunities to build a new luxury villa at Ohmes Farm
Luxury villa homebuilder Bridgewater has announced that only two opportunities are left to build at The Villas at Ohmes Farm community in St. Peters. Remaining opportunities are for free-standing villa homes and feature elegant stone and brick elevations in three popular floor plans.
Bridgewater‘s signature Turret Bay is a luxurious option adding not only interior square footage to the study or second bedroom, but also a rich, elegant European feel to the exterior as well. Wide-open spaces, upscale finishes and impressive quality greet you and illustrate the Bridgewater difference. Priced from the $230’s, the villa lifestyle frees your time to do what you love to do. Lawn maintenance, watering and snow removal are taken care of.
If you do not want to build, Bridgewater’s display at Ohmes Farm [Homesite 63B] is now offered with a delayed closing. Winner of the Home Builder’s Association’s 2015 Display of the Year award, this expanded Warson floor plan adds additional square footage, offering 1,968 square feet of main floor living space and 1,050-plus square feet in the finished lower level. Elegant finishes, outstanding spaces and areas for luxury living and entertaining abound in this villa.
For information on remaining opportunities for the luxury Villa lifestyle at Ohmes Farm, contact Mark Murphy at (636) 489-9669.