As reported in News.Yahoo.com, by Zachary Roth, "The median American home size has dropped to 2,100 square feet -- down from 2,300 at the peak of the housing boom in 2007 -- according to a study by Trulia.com, a real estate website. Each year, Builder magazine designs a concept home to reflect the current state of the market. This year, the 'Home for the New Economy' is just 1700 SF.
"In part, the downsizing trend is a product of necessity. During the years of the housing boom, many home expansions were financed through home re-financing deals. Now that home loans have frozen up, people are less likely to be able to afford building that new game-room they'd been wanting. But a broader shift of cultural preferences could also be spurring the shift, experts say. Backyards are also getting smaller, with more homeowners opting for spreads that feature front porches and communal green spaces. Some say that's a sign that Americans are hungering for more of a sense of community in their living environments."
Architects see the shift as going toward being more practical. Builders are erecting smaller homes for economic reasons, cost of construction and slow sales. The demographic shift to walkability and the trend toward energy efficiency to reduce costs are also contributing to the shift into smaller housing units. Buyers are becoming more pragmatic, and cost-conscious, rejecting formal living rooms, extra baths, and sitting rooms in the master bedroom suite.
In my travels and real estate services to buyers and sellers in Hamilton, Mercer County, and surrounding areas, I've found this trend definitely in evidence. Builders especially are attuned to what buyers want. The perfect home for you is waiting. Call or email me today to talk about what size and type of home will fit your neds.
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