New Trend in Homes Goes to Less is More

Will we ever see homes of this size become the standard again?

Do buyers still want that 2600sq.ft. home with the large yard?  There’s a new trend  in real estate and it’s going in the direction of smaller.  From young buyers to middle age to seniors.  The days of the McMansions are over and people are trying to do more with less. The first obvious reason for this is of course price. Consumers are trying to save money wherever they can and this is a great way to do just that. A home is usually one’s largest expense and any saving here can be huge.

Younger buyers for one can’t afford large home from the onset so they’re naturally looking for small urban dwellings that can save them money on gas and such by being able to walk to most anything they need.  Newer construction, at least here in San Diego, had been designed with functionality in mind. Most condo towers downtown have retail on ground floor offering everything from coffee, dry cleaning, pet care and much more.

Seniors downsizing from their full size homes are the other large demographic in this trend. No longer having to raise kids and not being able to provide maintenance to a large home they’re also looking for smaller homes. Though this has always been a natural process the number of people doing so is fast increasing.  People are no longer staying in their large homes for the durations of their life spans.  A case example is residents from say Mission Hills, a community just north of the downtown San Diego area comprised of mostly large homes, are now migrating to the downtown area in part for the convenience of having most goods and services so close by.

 This has also trickled down to businesses that produce products that maximize storage and space usage. Storage units, interior decorating, closet and in home storage solutions, people that offer to help declutter are just a few examples of other services and  industries benefiting from this home size decrease.

Only time will tell if this trend will become the norm but even most builders are concentrating on building homes in this fashion. They’re listening to what consumers are saying and they’re saying smaller is better.  What’s your opinion?