Ever tried on a “one size fits all” item and discovered it may indeed fit, but not correctly, not perfectly, and certainly not comfortably! Personally, I’ve never really liked the concept of one size for all or one style for all. I’ve always been a fan of special, unique, one of a kind, personalized. I feel the same about my home. I don’t follow the trends because the trends don’t always fit my needs.
For many years now, the average size of a newly built home has been going up. In fact, by 2015, the typical new home was 2,689 square feet – by comparison, the average was 1,660 square feet in 1974. That longtime trend took a step back last year, however. In 2016, the average new home fell 55 square feet. And, though that doesn't sound like much, it is the first time in eight years new homes were smaller than the year before, according to Rose Quint, the National Association of Home Builders assistant vice president for survey research. “The data on new home characteristics show a pattern,” Quint said.
Tastes and lifestyles are changing, and the new home market has to change to stay current with buyer demands. Renovations and remodels of existing homes are an excellent snapshot of where trends are heading, as home owners remake their abodes to better suit their needs.
One trend Quint makes note of is that a majority of home buyers are choosing amenities and special features over square footage. “More than two-thirds are willing to trade size for high quality products and features,” Quint said. Among the most coveted home features are:
· Separate laundry room
· Energy efficient windows
· Energy efficient appliances
· Specifically designed outdoor living space
· Exterior lighting
· For multiple level homes a full bath on the main floor ranks high
While most of us may agree that our current home is smaller than the one we hope to move to one day, the survey also shows that not everyone believes bigger is better. Single woman, who make up a large portion of today’s home buyers, indicate in the survey that there is a certain point when a house may have more square footage than is really necessary. Regardless of age or gender, though new homes may keep getting bigger, whether or not you want one probably has more to do with the size of your family, your financial situation, and future life goals.
Keeping the cycle of inventory in real estate growing is helped along by seniors, who, having raised their families, are now seeking to downsize according to the same survey. Upsizing or downsizing, finding your perfect fit is the goal and your local RE/MAX Alliance Associate is ready to help you do just that!