Smaller Homes: The New Trend in Home Buying

photo credit: eltpics

More Americans in the past few years have been "downsizing" to a smaller home than ever before. But downsizing doesnt mean they are interested in moving down in lifestyle. Right-sizing is the new term "to indicate moving downward in square footage but upward in lifestyle," writes Inman News columnist, Tara-Nicholle Nelson while reviewing a new book aimed at homeowners, "Right-Sizing Your Home: How to Make Your House Fit Your Lifestyle" by author Gale C. Steves.

The recession has hit the home buying market hard, therefore, buyers are looking for a home to fit their lifestyle and needs and an oversized home is not in their plans or budget. They are looking for homes with efficient indoor space and room for outdoor living spaces. "Nearly two-thirds of architects are seeing increased demand for things like outdoor kitchens and fireplaces, according to a survey by the American Institute of Architects (AIA). "There are no longer these hard divides between how folks are living inside and outside," says Kermit Baker, AIA's chief economist and a senior research fellow at Harvard University's Joint Center for Housing Studies."

Another trend for housing is multi-generational friendly with more than one master bedroom suite to house aging parents or unemployed college grads that need to move back in for awhile. Time Magazine reports that new homebuilders are offering twice as many single-story layouts to appeal to the baby boomers who want small, one-story homes that are easier to get around. "The housing that has been built doesn't fit the market any longer," says Barry Berkus, president of B3 Architects. "Which is part of the reason that, even with so many existing homes sitting unsold, we keep building."

Read the full story at Inman News.

Posted on December 22, 2010 12:45:43 by Blog Author