Real Estate Market Shifts: Buyers Seek Smaller Houses
| March 15, 2011 | Posted by Sandie under Real Estate |
A recent study from the National Association of Home Builders (NAHB) shed light on the current state of the real estate market and gave projections for the future. What the study found is that as a result of the recent housing slump, people are looking for smaller houses.
According to the NAHB report, builders “surveyed expect homes to average 2,152 square feet in 2015, 10 percent smaller than the average size of single-family homes started in the first three quarters of 2010. To save on square footage, the living room is high on the endangered list – 52 percent of builders expect it to be merged with other spaces in the home by 2015 and 30 percent said it will vanish entirely.”
The report notes the increasing importance of green and eco-friendly homes. “In addition to floor plan changes, 68 percent of builders surveyed say that homes in 2015 will also include more green features and technology, including low-E windows; engineered wood beams, joists or tresses; water-efficient features such as dual-flush toilets or low-flow faucets; and an Energy Star rating for the whole house.”
According to the U.S. Department of Housing and Urban Development, home sales have been increasing due to the affordability of existing homes. Despite this good news, the report also noted that the “housing market remains fragile as data through January paint a mixed picture of recovery. Existing home sales ticked upward in January, but remained below levels seen in the first half of 2010. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak.”
If you want to learn more about the results of the NAHB survey, read more from Realty Times.
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