Smaller Houses

Smaller homes making a comeback

Since the 1950’s the size of the average American home has doubled. According to the National Association of Home Builders, the size of the average home has gone from 1500 square feet to 2450 square feet in the last 30 years. Even with the average home being built today at over 2400 square feet, seeing a 4000 square foot or larger home isn’t out of the ordinary either. With these larger homes come larger utility bills and maintenance and upkeep expenses. In many cases these homeowners are only actually utilizing a small percentage of space, with many rooms going unused and unoccupied much of the time.

It’s no wonder another trend is emerging today with the preference of many homebuyers now being to find a smaller home. According to a poll of 8,000 homeowners conducted by the website www.angieslist.com, one in five homeowners want a smaller home. Reasons that the homeowners cited include:

Although smaller floor plans are becoming more popular, homebuyers are still looking for many of the amenities that the larger homes offer. Upgraded kitchens and baths are still in demand as well as making good use of available space with built-in features like desks, cabinets and shelving. Buyers are willing to trade off size, preferring less square footage for location and high quality features. For many, downsizing their space also means downsizing their "stuff". Some tips for your buyers who are bringing it with them include:

• Consider kitchen cabinets that go all the way to the ceiling
• Utilize extra spaces by adding drawers or shelves for storage
• If you don’t really need it…..don’t bring it with you!

Homebuyers looking to purchase a new, scaled down home don’t always have an easy time finding the type of property they’re looking for. While it’s not usually too difficult to find a condo or townhouse that fits their size preferences, many want a single home. With the high costs of construction and land, builders have found the most profit in larger, 2000+ square foot homes.

Regardless of the size of the home your buyers are looking for, the one thing that most will have in common is home financing. I’d be happy to discuss the variety of options from GMAC Mortgage that may be available to them. Please don’t hesitate to contact me with any questions.