Builders Downsize the Dream Home

blueprintsAs builders draw up blueprints for the house of the post-recession future, builders are struggling to distinguish among what home buyers need, what they want and what they can live without!

Most builders say the post-crash buyers of new homes want smaller and simpler.  I'm seeing they are attracted to quality not quantity.  Some of the things the home buyer appears not willing to give up is 4 bedrooms, a powder room down, at least a 2 car garage, a master bedroom with its own bath (with separate shower and tub) and granite countertops! 

For the first time in almost four decades in the luxury-home market executives of many builders are thinking the unthinkable: Maybe houses don't need 4,700 square feet of living area, or fireplaces or private theaters with 100-inch screens or supersized foyers! 

The American housing market continues to drag, with the Mortgage Bankers Association reporting last week that applications for home-purchase loans have hit a nine-year low.  U.S. home sales of newly built homes have fallen sharply as well, from 1.3 million in 2005 to 485,000 in 2008.  But, people will always need to move...some to new jobs across the country, some into smaller homes now that the kids are off to college and some to larger homes with expanding family.collage

The main ingredient changed in the buying decision is the "impression factor".  We had an ego-driven market where "bigger" was considered better and now "conservative" translates to "smarter". Resale has just become the "key" in home sales. Sometimes less is more. 

icon    icon     icon     icon    twitter   icon     icon                                            icon

           

Dorie in   bluebonnetAustin

_____________________________________________________________________

Let me help you find your next home!
Start looking right now: http://www.cthomesforsale.info/
Download my mobile app: http://app.kw.com/KW2KGGT1D
Mobile Homes For Sale Search

 

Please be green and recycle.  When you are done reading this post, please recycle it by forwarding it to someone you think who will enjoy reading it as well. Thank you!

 

As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"

 

FHA Mortgage

Connecticut Rehab Loan

0 Down Plate

 

site stats
Comment balloon 3 commentsJon Sigler • November 18 2009 08:32AM

Comments

Less is looking a lot more attractive to MORE these days... downsizing I think will be a constant theme...

Posted by Kathy Knight, BROKER, ABR, CRS, GRI, SFR, SRES (Intracoastal Realty Corp) almost 10 years ago

We've noticed in Arizona that the builders that are still in business are taking some of the included features and making them "upgrades" for a price now.  So the home may be the same, but now it costs more to get tile flooring or 6-panel doors, etc.

Posted by Joyce Thomas, Your Home Sold Guaranteed! (The Thomas Group Brokered by eXp Realty) almost 10 years ago

Builders are a very smart bunch.  Buyers defined success with excess for quiet some time, now it is "cool" to respect the enviroment, to minimize energy use.  Builders have picked up on that.  They also know that times are tight and have found ways to reduce costs, but making options out of what used to be standard.

Posted by Jon Sigler, South Windsor Homes for Sale 860-306-8029 (Keller Williams - Greater Hartford) almost 10 years ago

This blog does not allow anonymous comments