Movies, TV shows and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different. Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year.“ We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.”
Why are smaller homes trending now? There are a few main reasons for smaller homes.
- “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walk-able to shared amenities.”
- “Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: fewer stairs) homes as they age and move into newer homes.”
With these two demographic groups surging through the market, the demand for this type of home is rising. If you are a homeowner with a smaller-scale house, now may be a great time to sell, as the demand for this end of the market is surely on the rise.
The demand for smaller houses will continue to rise throughout 2020. It might be time for you to take advantage of this trend!