Average Sizes of Homes for Sale in Southeast are Shrinking
Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on February 25th, 2010 You probably will not be surprised to hear that in 2009, on the average, new buyers of homes for sale in Southeast Michigan purchased smaller homes.
To be exact, the National Association of Home Builders (NAHB) released information showing that the average size of a new home decreased by 40 square feet, from 2,520 square feet in 2008 to 2,480 square feet in 2009. While 40 square feet may not sound like a lot, it is significant because it’s been 27 years since the average home size fell by that much.
Are You Missing a Bathroom?
This decline in square footage is also noteworthy because 40 square feet is about the size of an average bathroom. Interestingly, NAHB’s statistics revealed that the number of homes with 3 or more bathrooms fell in 2009, for the first time since 1992.
What’s Fueling this Shrinkage?
There are 4 primary reasons the sizes of new homes are declining:
1. The recession. People are reconsidering how much home they really need and are looking for ways to save money. Results of a 2009 survey by Better Homes and Gardens magazine, showed that downsizing is a bigger priority. Thirty-six percent of homeowners surveyed said they expected their next home to be “somewhat smaller” or “much smaller” than their current home.
2. The small-house movement. This movement has been gaining steam in the United States for a number of years. The recession accelerated it and home builders responded by building smaller homes.
3. The prominence of first-time buyers in the housing market. This is being stimulated by the $8,000 first-time homebuyer tax credit.
4. The increasing number of households with members 55 and older who are buying homes. Folks over 55 prefer to purchase single-story homes, which tend to be smaller than two-story homes.
Looking for smaller homes for sale in Southeast Michigan?
If you’re thinking of downsizing, I can help. Call me now at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.
Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
