By Melissa Dittmann Tracey
Have the days of the 4,000-square-foot McMansion come to an end?
Maybe, according to a recent article in The Los Angeles Times by Nicholas Riccardi (see Home Sizes Change With the Times)
The size of the average America home shrunk by 11 percent last year, a faster rate than any time since the 1970s, according to the article.
In fact, the National Association of Home Builders is reporting that 90 percent of its builder members are opting to build small now due to increased energy consciousness, downsizing empty-nest baby boomers, and, not surprisingly, the softening economy. Builders are also going smaller with less-expensive models in trying to compete with the large inventory of discounted foreclosures dominating the market. (See KB Home Tries Tiny Homes to Attract Buyers)
“Families and lifestyles are changing,” Bobbie Cooper, director of sales for The Development Group, told The Los Angeles Times. “In 2005 you couldn’t build it big enough. Now it’s all about getting back to the basics.”
What have you noticed with your listings? Do the smaller homes seem to be selling faster than the larger homes in your market? Comment here or send an e-mail to email@example.com with your thoughts for a possible article on this topic for REALTOR® Magazine.