After 30-40 years on rise, home sizes are the decrease now.
In the 1960’s and 1970’s, homebuilders constructed entire communities of 3 or 4 bedroom, 2 bath 1,200 square foot homes with a two car attached garages. Those homes housed happy families for decades and had great resale value. Better yet, with a base price of around $15,000 – $20,000, almost anyone could afford a home of their own. How times and prices have changed! The 1990’s building boom brought average homes closer to the 3,000 square foot range and prices in the Triangle area (Raleigh-Cary-Wake Forest) soon soared out of reach.
Is all that space really necessary to in order to live happily and raise a family? With the economy down and the cost to build up, more people are saying “no.” The homebuilding industry here in the Triangle area has been examining this issue and is listening to what consumers are really need. It appears that better designed versions of the smaller homes of the past are the way of the future. What is old has become new again!
This spring selling season is the first since the housing market crashed in which a substantial number of homebuilders will be offering a new, affordable option to prospective Triangle buyers. Builders are using such words as functional and affordable to describe their new offerings. “Just buy what it is you need and can afford today,” said Jeff Logsdon, executive vice president of KB Home Raleigh.
KB is offering new models this spring at subdivisions in Clayton, Durham, and Cary. By removing nonessential hallways and rethinking formal spaces, the company has found it can reduce a home’s size by 200 to 300 square feet without losing functionality.
“A formal living room now has become a flex room,” Logsdon said. “It can be a den, it can be an office or it can not be there.” Logsdon noted that KB conducted market surveys in the Triangle to identify buyers’ needs as opposed to their desires.
It’s no surprise that builders are now touting the practicality of their new smaller sized homes. With fewer large homes selling, the ones that are selling are aimed at market savvy first-time homebuyers who are taking advantage of federal tax credits. New homes today must compete with foreclosed homes and other larger houses built during the bubble that have languished on the market and are now selling for a discount.
We are excited about this new trend in homeownership and we are ready to help you find that unique smaller new home you have been waiting for! For a look at some beautiful homes of all sizes in Raleigh, Cary, Wake Forest, and the surrounding area, check out my Triangle website and meet the Marti Hampton Team. What’s even better news is that you might be able to qualify for the Home Buyer’s Tax Credit until April 30, 2010.