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Shrinking Homes

I question how much of this particular trend will flow into the Oklahoma City real estate market, but with last week's fall of a few of Edmond's larger home builders, we're definitely seeing a more conservative approach on both the building and buying sides. I guess the key here comes from the money quote in an article about shrinking homes:

“We're getting back to more the way things were historically, kind of undoing the excesses..."

ORIGINALLY POSTED ON MY EDMOND REAL ESTATE BLOG

Posted by Ryan Hukill - Edmond Realtor® on 10/22/2008 04:27 PM

Comments (3)

Trends in the Regional (Localism) Channel

real estate trends

This post has been included in Oklahoma Information Oklahoma County, OK Information Edmond, OK Information

3 Comments on Shrinking Homes

DEC

2008

Homes started shrinking here simply because people could not afford a million-dollar 4 br/3 ba home, so builders started building million dollar 3 br/2 ba homes. LOL

FEB

Ryan, I'm with Russel on this one. I think homes are shrinking simply because people are realizing that they can't afford what they though they could afford before. One of the largest builders in Arizona has a project here in Chandler that they now want to downsize the new homes they are building for what's left of the project. They realize they are not going to sell million dollar homes anymore, so they want to build more affordable homes instead. They understand they need to build homes that are going to sell, not sit.

I think you're both right, although it does vary in smaller markets. Our median-priced homes are much lower than yours, I'm sure, so the overall price doesn't affect the buyers quite as much. We are beginning to see a trend toward smaller, more fiscally-conservative purchases these days. Here, I believe it's tied more to people trying to save more, versus out of necessity to downsize due to not being able to afford the larger homes. Thanks for your input!

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