We went through a phase when everyone wanted a big, open, spacious house with lots of lawn and rooms we didn’t need, but having mowed, trimmed, vacuumed, cleaned and dusted them for years, we’re over it.
We’re downsizing.
Boomers, surprisingly, aren’t leading the trend, as retirees stereo-typically often do when it comes to downsizing. Homeowners of all ages are finding they don’t need that much space.
“Big houses take more money to furnish, maintain, heat and cool, and cover property taxes and mortgages,” says Christine Truong, a loan originator with Motto Mortgage Plus.That pretty much says it all. “I’m seeing when that even when their pre-qualified for the maximum sales price buyers are tending to be more conservative and choosing homes well below what they can afford,” she adds.
The National Association of Home Builders reports the average size of new homes dropped for a third straight year in 2018, a trend that’s not abating.Median square footage peaked in 2015 at more than 2,500 square feet, now down to 2,320.