Daily Real Estate News |
Friday, December 21, 2012
Home owners are desiring bigger spaces again, following five years of downsizing trends.
Average sizes of newly built homes increased 3.7 percent last year
over 2010, according to U.S. Census Bureau data. That marked the first
increase since 2007. And builders are reporting higher demand for larger
homes this year.Â
A recent survey by PulteGroup showed that 84 percent of home owners
between the ages of 18-59 have no intentions of downsizing, even among
"There appears to be a renewed sense of optimism in housing,â€ says
Deborah Meyer, PulteGroupâ€™s chief marketing officer. â€œHomebuyers,
regardless of their stage of life, still want and need larger homes.
Consistent with our consumer research, the survey results show that
today's buyers are equally focused on more efficient use of the spaces
within their homes."
The need for more space may be coming from the growing number of
people living under one roof, as multi-generations move in together.Â
A recent survey by the American Institute of Architects shows a
higher demand for multi-generational housing. The survey also showed
more home owners upsizing their current homes. Fifty-eight percent of
architects reported higher interest in additions and remodels, which is
up from 35 percent one year ago. Kitchen and baths topped the list.Â
While the desire for larger homes bodes well for home builders, â€œthey
may also add optimism to the upper end of the market, and all those
so-called "McMansions"â€”generally considered in the 3,000- to
5,000-square-foot rangeâ€”many of which lost significant value during the
housing crash,â€ reports CNBCâ€™s Diana Olick.Â
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