The American dream of owning your own home is alive and well. According to statistics from The National Association of Homebuilders (NAHB), homeownership in the United States reached a record high of 68 percent last year, representing approximately 2.1 million Americans. Just as surprising is that this group can be fragmented into one of three identifiable categories - first-time homebuyers, those accommodating a growing household, and finally, an aging, yet active population looking to simplify daily life.

The good news is that builders and developers are successfully adapting to meet these very different needs in the marketplace. On the other hand, consumers often struggle with the question of when is the right time to enter the homebuying cycle or, as importantly, when do they need to step up or simplify their needs?

The answers to these questions are, of course, rooted in financial as well as lifestyle factors. And, of course, there is no "one size fits all" solution as to when it's time to make a decision as personal as a new home purchase. There are, however, a few helpful guidelines to consider.

First-time Homebuyers
The homebuying process can be an overwhelming experience for the first-time homebuyer, especially when the time comes to decide whether to buy new or resale. While there are certainly benefits to both, many first-time homebuyers prefer to purchase new homes for the simple reason that they can choose from hundreds of floorplan options and thousands of decorating selections. Additionally, with today's stricter building codes, homebuyers can rest assured that a new home is built stronger, most often with energy efficiency and a family's health and safety taken into account.

New or resale is just one of the many factors you will need to consider when purchasing a home. To simplify the process, David Weekley Homes compiled a checklist of guidelines for the first-time homebuyer.

Before you begin the hunt for your first home, it's important to know how much house you can afford. When calculating mortgage, follow this rule of thumb - your monthly mortgage payment should total no more than your monthly gross income, or your monthly income before taxes and other deductions. In addition to mortgage, another factor to take into consideration is the current loan interest rate. Low interest rates allow you the opportunity to get more home for your money. Also, don't forget to consider out-of-pocket expenses, including down payment, closing costs, moving expenses, property taxes and insurance.

Once you know how much you can spend, decide what features are important to you. Remember, buying a new home affords you the opportunity to make floorplan and décor selections that fit your specific needs. For instance, do you prefer a two-story home with three bedrooms, two-and-a-half bathrooms and a pool or would you be more attracted to a one-story home that includes a great room, study and a patio on a golf course? How imperative is storage space, a fireplace or a three-car garage? Another consideration is the neighborhood. Should it be in close proximity of retail centers or your place of employment?

With your wish list completed, begin the search for a real estate broker. Using the yellow pages, Internet or referrals, find a broker who is respected in the industry and knowledgeable about the types of homes that interest you - new and old - as well as the neighborhoods where you would like to live.

Once your mortgage is approved, wish list is complete and real estate broker is hired, you can begin house hunting. While your broker will find listings for you, it is important that you also are proactively searching. Browse builder Web sites such as www.davidweekleyhomes.com and listings on the Internet and in your hometown newspaper. Pick up real estate flyers and magazines or even explore local neighborhoods.

When you have found a home and made an offer, work closely with your broker during the home inspection and appraisal process. If all goes well, you will be in your new home before you know it.

Time to Move Up
Fast forward eight or 10 years. Your family has grown by two children and a dog. You've purchased two new cars and a boat. What was extra closet space is now overflowing with soccer balls and Barbie dolls. If this sounds familiar, it is time to increase your square footage to accommodate your growing family.

What you may find is that instead of renovating an existing home, it's more practical to purchase a new, larger home. Many families look to move to a new home when they're either about to add to the family, or their children are ready to enter school or move from elementary to middle or high school.

Keep in mind that as your children age, their circle of friends tends to increase. The end result is that most people want a home that is large enough to become a hub for kids and their buddies.

Additionally, while size, storage and available amenities should be taken into account, one of the most important considerations at this stage in the home buying cycle is finding the right neighborhood. Active families with children often consider neighbors as part of their support system. Are you near the schools your children will attend? Are there parks and swimming pools conveniently located near the house? What about grocery shopping and retail outlets? If you are not particular about living in the city and like these extra amenities that often come with planned communities, consider buying in neighborhoods like Cinco Ranch in Katy, The Woodlands or Greatwood in Sugar Land.

Aging in Place
As children get older and begin to leave home, what used to be the comforts of home-big yards that need upkeep, large rooms that are no longer used, daily and overflowing closets - might signal that you have more house than you need. While you're comfortable in your home, you desperately crave state-of-the-art amenities without the headaches of so much responsibility.

You are not alone. Believe it or not, 76 million Americans are entering their empty nesting years. In fact, according to an article written by Greg Currens in Sales + Marketing Ideas magazine, by 2010 nearly 75 percent of U.S. households will have no children living at home.
Homebuilders, closely monitoring the needs of this population, have termed a homebuilding trend, "aging in place," which is based on the belief that healthy people still in their 50s are preparing for a comfortable retirement by designing homes they will be able to live in for the rest of their lives.

David Weekley Homes is catering to the "aging in place" population with patio homes designed to simplify daily life. These smaller homes often consist of a master bedroom, a bathroom suite and a laundry room on the first level, while two guest bedrooms often take up the second floor. And, after two decades of unprecedented economic growth, millions of Baby Boomers are well prepared for retirement, allowing them some added "extras" in their new home. Sunrooms and porches are hot commodities among these buyers.

While the home's amenities are important, location is a key element in a new home purchase during this cycle of life. More and more homebuyers are looking to active adult communities that accommodate community interaction and diverse housing as well as services and amenities within walking distance - a good match for an empty nester or retiree's lifestyle.

Whatever part of the homebuying cycle you find yourself in, there are great finds for anyone's perfect nesting spot. Realizing that homebuyers have different needs, builders today are creating different scales of housing, they're looking at how homes sit on lots to accommodate diverse lifestyles and they are seeking innovative products for their homes to make life easier and more convenient at any stage of the game. With all the choices available, now may be a great time to see if it's time to make your next move.