Homebuyers Go Smaller But More High-End

Home buyers are looking to downsize their living space; but they still want the latest high-end technology, accessories and finishes, according to real estate agents and home builders. The national trend is expected to continue because luxury consumers are able to build at a higher cost per square foot, families are getting smaller, and the population is aging. “A new housing market is emerging, and even with the recession in the rearview mirror, we expect the popularity of smaller homes to persist,” says Bob Jones, chairman of the National Association of Home Builders. Jim Leonard of Greensboro Homes says one of the biggest changes he is seeing is the trend of customers seeking a wider range of uses for rooms. “We are not seeing the formal living room and the media room as much as before, because I think people are wanting to use the rooms for more than one purpose, which is one way of having a smaller footprint and saving money,” he says. Often a guest bedroom will double as an office, or there will be one large, open space that has flexible use instead of a formal game room and a separate family room. Homeowners no longer see the home purchase as an investment to make a profit when they sell, and they plan to stay in their homes longer and get the most out of their living space, adds Leonard. | Read More