“Since 2015, the square footage of newly built houses has been shrinking.”
Movies, tv shows, and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different.
Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year.
“We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.”
Why are smaller homes trending now?
As noted in the article, there are a few main reasons for this demand:
- “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.”
- “Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less stairs) homes as they age and move into newer homes.”
With these two demographic groups surging through the market, the demand for this type of home is rising. If you’re a homeowner with a smaller-scale house, now may be a great time to sell, as the demand for this end of the market is surely on the rise.
Bottom Line
The demand for smaller houses will continue to rise throughout 2020. Let’s get together to discuss what the housing inventory looks like in your neighborhood. It might be time for you to take advantage of this trend!
To view original article, visit Keeping Current Matters.
How Mortgage Rate Changes Impact Your Homebuying Power
Real estate agents have the expertise to help you understand what’s happening and what it means for you.
What Credit Score Do You Really Need to Buy a House?
While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy.
Is Affordability Starting to Improve?
While affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Here’s a look at the latest data.
Are There More Homes for Sale Where You Live?
Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.
Where Will You Go After You Sell?
Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs.
Helpful Negotiation Tactics for Today’s Housing Market
One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process.