Big Demand for Small Homes

Dated: 01/08/2020

Views: 47

Big Demand for Small Homes

Big Demand for Small Homes | MyKCM

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.”

With these two demographic groups surging through the market, the demand for this type of home is rising. If you’re a homeowner with a smaller-scale house, now may be a great time to sell, as the demand for this end of the market is surely on the rise.

Bottom Line

The 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!

Latest Blog Posts

4 Tips to Determine How Much Mortgage You Can Afford

4 Tips to Determine How Much Mortgage You Can Afford#1 Prepare a Detailed BudgetThe oldest rule of thumb says you can typically afford a home priced two to three times your gross income. So, if you

Read More

4 Easy Ways to Introduce Smart Lighting into Your Home

4 Easy Ways to Introduce Smart Lighting into Your HomeArticle from Better Homes and GardensBy Jessica Bennett November 19, 2019If a state-of-the-art whole-house automation makeover

Read More

What is the Best Time to Buy a House in Macomb, MI

What Is the Best Time to Buy a House in Macomb, MI ?Sure, you can consider market conditions. But when to buy a house is really all about you.Timing determines so much when you're buying a house.

Read More

A Must-Read Guide On How To Sell Your House in Macomb Township

 How To Sell Your House in Macomb TownshipSelling your house is a big deal. Learn how to sell a house and navigate the process, from setting a price to closing the deal.Selling your house can

Read More