Big Demand for Small Homes
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!
Why should I use a Realtor® to sell my home
Why should I use a Realtor® to sell my home? By Marty Gale Does selling my home myself save me money? I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...
home price appreciation each month for over a year
Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...
Celebrating a Closing
Yvonne is celebrating the purchase of her lovely rambler home. Congratulations Yvonne!
Utah Buyer Demand Will Be Strong for Years
Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...
Pet-Friendly Homes Are in High Demand
Why Pet-Friendly Homes Are in High Demand One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers, rather than...
Selling Your Family Home is a Type of Loss
Selling Your Family Home is a Type of Loss It’s easy to tell yourself that your house is just a building made of walls and ceilings and light fixtures and flooring, but when it comes time to sell, you may start to feel the sting of grief. After all, you don’t know if...
3 Graphs About Today’s Real Estate Market
3 Graphs that Show What You Need to Know About Today’s Real Estate Market The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates...
Now is the Time to Move-Up
Looking to Upgrade Your Current Home? Now’s the Time to Move-Up! In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the...
Utah Home Prices Top Three In the Country
Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...
what credit score do you need to buy a house in utah
What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...