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.”
Bottom LineThe 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!
Please consider The Myers Team your resource for all things real estate. We have over 30 years of real estate experience, specializing in the Montgomery County area. If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at email@example.com.