What Home Qualities
are Buyers Looking for Today?Answer: more energy efficient and smaller homes.
In 2010, 2,377 sq. ft. was the average new home size, smaller than the 2,438 sq. ft of 2009 and less than the 2,520 sq. ft. peak in 2007- 2008, according to data released by the U.S. Census Bureau on Jan. 13.
This trend is going to continue, with an average of 2,150 sq. ft., less baths and smaller garages. predicted for 2015
It’s impossible to predict if new home sizes will shrink to the 1970 levels of 1,500 sq. ft. But smaller dimension are here for some time based upon demographics.
In April 2010. the U.S. population had grown to 310 million and expected to increase to 322 million by 2015 and persist to rising up to 422 million in 2050. The population also is becoming more diverse and older. There were 25 percent more people above the age of 55, in 2010, and is expected to increase to 31 percent by the year 3050.
This increasing segment of aging home owners have no desire take care for big spaces, Now there's Gen Y purchasers who are extremely energy conscious. they have realized, they should buy what they need.
The Census Bureau figures are in agreement with NAHB’s numbers and builders expect to construct smaller living units with more energy features over the next five years. Water efficient features, ,low energy windows, energy star ratings, engineered wood joints, beams and trusses, and are predicted to become more revenant.
Developers also expect living room sizes to increase along with more thought for universal design element with homes becoming more adaptable for improvements down the road,
And according to a recent Better Homes and Gardens consumer preferences survey, the top three enhancement priorities are laundry rooms, more storage room, plus a home office. Correlation to outdoor living areas is also very important, Other trends include room for flat screen TVs built-ins, media and gaming systems, with homes being pre-wired for technology. Homebuyers also desire combined open space kitchen, family rooms, and living room combinations.
Article by Gene Wright, Wright Realtors
Jan 15, 2011
Buying Real Estate
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