Recent studies are showing a shift in home buying decisions. It appears new trends are showing home buyers being more conservative on their house size. Instead of looking to buy a mansion or something well-above their means, buyers are changing their approach and considering homes that are more practical for their family size.
MSN Real Estate provides some statistics on this trend.
“The average size of homes started in the third quarter of 2008 was 2,438 square feet, down from 2,629 square feet in the second quarter, according to the U.S. Census Bureau. Similarly, the median size of homes started in the third quarter was 2,090 square feet, down from 2,291. The statistics confirm what the housing industry has suspected for a while.”
Source: At annual builders’ show, small is in - By MarketWatch, MSN Real Estate
The trend obviously has a lot to do with the current economic environment were going through. Foreclosures are in abundance and lenders are clamping down on stricter financing options for home loans, making potential home buyers rethink their options.
In the coming Spring, real estate agents may see a shift down in the average sales price of purchased homes. Showings of mansions and extravagent estates could dramatically decrease as well. Sellers of larger homes could face similiar difficulties. Selling real estate in this market is already tall order, but to have even less buyers be looking your direction could make for tougher times ahead.
My selling advice, find a real estate agent who is experienced in selling larger-sized homes. DoorFly.com provides a online agent directory containing qualified agents to help you in the searching process. In exchange for having you as a client, each agent on DoorFly has the ability to offer a rebate back to you at closing. Go to DoorFly.com to learn more!
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