In an industry where this week can be a complete 180-degree turn from last, and where trends are only as “trendy” as today’s metrics, I am never surprised by anything new that comes out. I was swiping through my personally catered News on my iPhone (what an easy way to stay informed!) and I came across a new trend that intrigued me. According to Steve Brown, Real Estate Editor for the Dallas Morning News, in 2016, the average home size shrunk (only slightly) for the first time since 2009.
Brown cites the National Association of Home Builders who states that while the size drop is only a small amount, this may be the start of a growing trend to smaller houses, and that the appeal of the 4,000+ square foot center-hall colonials may be fading. For me, I find this to make tons of sense. There is a growing trend overall for better use of space rather than just large, unencumbered swaths of empty space.
I’m seeing this trend across home values as well, from the mid-level home in a quaint, tree-lined subdivision, to the luxury property set atop a hill with cliff side views. If your house uses its available space efficiently, then a smaller space is more desirable! It’s just like the property I’ve featured at 1512 Barton Creek Blvd; these sellers know how to maximize their available space and have certainly done so – check it out here.
The highest-ranked must-haves in 2016? Well according to Steve Brown and the National Association of Home Builders, these are:
- Walk-in closet(s) in the master bedroom
- Energy Efficient/Low Energy Loss Windows
- 4 bedrooms or fewer *the share of 4-bed homes fell to 36%, the lowest it’s been in a while
Consistently, buyers are concerned less with how big the home is but with how many amenities and is it the right price! When asked what was the number one determining factor when purchasing, overwhelmingly the answer was price. In the end, the question you have to ask yourself, “Does my home match the changing trends?”
To read Steve Brown’s full article, click here.