Tuesday, July 1, 2014

Smaller Homes Have Their Pulses

As family sizes continue to shrink and baby boomers look to downsize, smaller homes are offering a competitive edge to their larger counterparts. Check out this article from the Democratic & Chronicle. 

Chris and Jackie Guck, along with their 2-year-old daughter Abigail, live in a 1,000-square-foot house in the Maplewood section of the city. With a second child on the way, the couple decided it was a good time to move to a larger home.
They did not know what to expect when they listed their two-bedroom, ranch-style home for $79,900 with agent Sandra Maluta of Nothnagle Realtors this spring. But the home sold in just a few days.
"Small homes are in vogue in today's real estate market. Peruse home magazines or turn on any home improvement show and you'll find many smaller living spaces being featured. The day of the McMansion has passed. The average size of a new-build home is down locally and nationally", says Rick Herman of the Rochester Home Builders Association. Less is more in this new era of austerity.
There are several reason why smaller homes may be popular, Maluta says. While baby boomers are looking to downsize, a first-time home buyer is looking for something affordable. In the aftermath of the Great Recession, home buyers are being more careful with their money and are less likely to make a stretch financially, leaving them house-poor.
Click here for the rest of the article.