Are McMansions Returning to the Housing Market?
Prior to the housing boom we were experiencing a definite upsurge in the size and stateliness of homes in the U. S. The modest ranch, split level and even capes were being outpaced by larger homes with significantly more square footage.
Once the crash hit us in 2009 builders began to pare down home sizes. During that eventful year, the median home size dropped to 2,135 square feet bringing it close to the levels of 2003. When that occurred, many thought that the days of the McMansion were at an end.
Are MacMansions back?
According to a recent article on Bankrate.com house sizes are once again on the upswing. Reports are that in 2010 the size of the average home started to increase once again and by 2012 the median home had reached a record high of 2,306 square feet.
Of course, here in New England where colonial styled homes are king, those numbers are probably be even higher. It clearly makes sense that when buyers sell their starter home and move up to their dream colonial, they are going to want more space.
Telecommuting may also have had an impact on home sizes. Now that more people are able to work from home the in-home office has become crucial. For most people, working from the kitchen table is not an option. Plus, with family in tow, a separate, preferably first-floor room with a door that closes is a priority.
Building Costs have an impact.
From the builders’ point of view, the issue is also one of land cost. When a developer has put down the funds to purchase and expensive plot – and land is still at a premium here, it makes good sense to maximize his return on investment by building a home that will sell for more money. And that more expensive home is naturally going to be a larger one with more amenities.
Is Bigger Better?
When the boom was in full swing, the move up home buyer was clearly intent on acquiring space, often as much as possible. That trend not only lent itself to niceties such as exercise rooms, home theatres and impressive master suites but a grander sized home was also a symbol of status.
With consumers feeling better about the economy as well as their own job situation, the Mcmansion trend may be making a return.
It certainly appears that way.
Copyright 2013 "Are McMansions Returning to the Housing Market?"
This post was written by
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
An Exclusive Buyer Brokerage serving the Greater Metrowest area