This morning I was watching the Today Show and they were discussing the death of the McMansion. According to their resident real estate expert buyers no longer wanted larger homes. She even indicated that there was a trend towards a tiny home (approximately 70 square feet).
These segments often get on my nerves because they make sweeping generalizations about the market as though they are truths everywhere. Here in Maryland, I work with many first time buyers interested in buying homes under $150,000 and I have yet to find someone who would even consider a 70 square feet home.
In my opionion, buyers are mostly buying smaller homes because that's what they can afford. When I go out with buyers I often hear them complaining about the size of the bedrooms and wishing they were bigger.
What they want is a smaller price tag, a smaller mortgage, but not really a smaller home.
I also hear many of them wanting a formal dining room - though I agree with the segment that indicated that living rooms are not as important if there is a den or family room.
The other reason I see for the trend towards smaller homes is that the buyers driving the market right now are first-time home buyers who are testing the waters of home ownership and may not NEED lots of space. Once they become move-up buyers and/or their families grow they will begin to consider some of the larger homes that are available.
My prediction is that the trend towards larger homes will re-emerge when the economic prosperity returns.
I must admit, that I live in one of those larger homes and I love it. Do I necessarily need all the space? No. But do I like having the space? Absolutely.
Prince George's County, MD has many of these so called McMansion communities and many of them continue to sell well despite the economic down-turn.
When I moved into my new home community in Upper Marlboro in 2008 we were one of only three homes on our street and about six homes in the section. Since then there have been at least 30 homes built and many of the remaining lots have been sold. Clearly the demand for the McMansions is still there in some markets.
I think the amenities available in these large homes including large master bedrooms, kitchen with islands, 2-3 car garages will continue to appeal to the buyer.
In June, Lenn Harley had written a post defending the McMansion and the owners who love them.
Prices for many of these so called McMansions have come down tremendously and what was once out of the reach for many buyers is now once again an option.
If you are interested in owning a McMansion give me a call so that we can find one that suits your needs.
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