My Favorites
Less Is More
While the old saying, "less is more" has been heard for quite a while, it has taken a new meaning in today's housing market. With the struggles and downfall of an economy plagued by high unemployment rates and lowered income, Americans are turning towards smaller homes when it comes to purchasing a property.
Much of this idea can be attributed to buyers not wanting to take on more than they can pay for, but some economists feel that buyers naturally focus on paring down their lives and habits accordingly when the economy feels the crunch.
Recent data released by the Census Bureau indicates that another factor to be considered in this trend is that a large majority of smaller home purchases are being sold to first-time homebuyers. As a general rule, first-time homebuyers tend to lean towards smaller homes, or townhouses, in order to accomodate their budget or space requirements.
Home builders have responded to the "less is more" ideal by building smaller properties and units for future buyers. In a poll conducted by the National Association of Home Builders, 9 out of 10 builders either had plans, or had already begun to build smaller homes. With this in mind, it looks like residential real estate will be focusing less on square footage and more on peace of mind.
As always, please feel free to call me at 239-357-9558 with any of your Real Estate questions or needs. Take care until next time!
