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Schaumburg Homes - Size does matter! Real Estate Market Trends

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Real Estate Agent

The size of new homes is shrinking for the first time in at least a decade, says USA TODAY.  Nearly 9 out of 10 builders are saying they are building or planning smaller homes than in the past.  The average size of new homes started in the 3rd quarter of 2008 was 2,438 square feet, down from 2,629 in the 2nd quarter.

How about affordability?  These builders are just not getting the fact that nobody can afford these new homes!  It is common knowledge in my industry that new construction is always the most expensive but people gravitate toward all the new features that only new construction can offer!  No need to rehab the kitchen with new construction.

How about the fact that the new construction is way, way out from all the hub employment centers.  Not to mention the sting of $4.00 a gallon of gas is still fresh in most buyers minds.  They don't understand why people might not want to drive 30 miles to work each way twice a day - DUH!

Also in another new survey out of Las Vegas they recently did a consumer preference survey from the new Realtor Blog.  No mention by the way of how the statistics were compiled on this - so this is probably just a published 'guess'.  But here's the meat & potatoes of the report that says the following features are falling out of favor (fad) with buyers:

Fireplaces:  a reduced request from the 90's down to 51% in 2007.  I don't know of anyone that has ever passed up a fireplace except in rare occurances.  There have been a few times where the placement or shape was not the best, but most buyers here in the Midwest love them.

Carpet:  a declining request with most people now preferring hardwood floors.  My opinion is that carpet is still popular in bedrooms here in the Midwest.  I will agree that hardwood has had an upturn in popularity.  NOT LAMINATE.

Livingroom:  34% of participants said they would be willing to buy a home without a Livingroom.  Well they have been trying to get rid of that 'useless room' for the last 25 years and have yet to do it.  Buy a home without a Livingroom and upon trying to resell it what will your feedback be?  Wish it had a 'Livingroom'.

Desks in the Kitchen:  They are 'clutter' areas.  You won't get any disagreement from me there!  But there are desks and then there are 'media center desks' in Kitchens!  There are some people installing plasma TV centers that monitor everything in the house from heating to surveillance.  Throw in a cappuccino maker and I give it a thumbs up!

Skylites:  Only 10% of new homes will include them this year, so it's been a downward spiral for the poor skylite.  The 'old fart' conservative types always say that they 'leak' even though they've never lived in a house with skylites.  I can't ever remember a skylite screwing up the resale or presentation of a house.

Upscale Kitchen finishes:  granite counter tops are now becoming less desirable to buyers who are now moving toward more affordable, low maintenance laminate counter tops.  NAWWW Don't Think So!  Buyers are just not dumb enough to buy the granite counters from the builder!  They'll have them installed later at a better price.  That's what I think is happening and I can't think of a buyer that would turn down granite over regular laminate counters.  It just shows more 'richly' and more upscale no matter what the size of the house.

These are just a couple of examples I've found of 'current or upcoming' trends in the real estate market.  What are some of your favorite features?

real estate market trends

 

Lyn Sims at RE/MAX Suburban (847)230-7324

 

 

Northwest Suburbs of Chicago - Schaumburg, Hoffman Estates, Palatine, Elk Grove Village, Itasca, Medinah, Bartlett, Bloomingdale, Carol Stream, Hanover Park, Roselle, Streamwood, Elgin, South Elgin, St. Charles. 

Email her:   LynSims@remax.net

 

Sources:  The Week Mag 1/23/2009, Realtor Styled, Staged, Sold Blog Post

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Size does matter! - 2009 Lyn Sims - RealEstateConsumerInfo.com

 

 

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  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)962-7104
 
 
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