Big Demand for Small Homes
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?
As noted in the article, there are a few main reasons for this demand:
- “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.”
- “Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less 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’re 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.
Bottom Line
The demand for smaller houses will continue to rise throughout 2020. Let’s get together to discuss what the housing inventory looks like in your neighborhood. It might be time for you to take advantage of this trend!
Happy Mother’s Day
Mother's Day is a celebration honoring the mother of the family or individual, as well as motherhood, maternal bonds, and the influence of mothers in society. The origins of commemorating motherhood dates back to the Ancient Greeks, where in spring festival, they...
What 2025 Housing Trends Keep Foreclosure Rates Low?
2025 home prices will rise slowly, with an average price of $510,300 and median at $419,200. In 2025, home prices will stabilize; expect to pay close to asking price, especially in tight markets.
Tax Cuts for All Utahns at Every Stage of Life
Utah's Legislature is set to provide $127 million in tax relief, aimed at supporting retirees, young families, and individuals. Key measures include reducing the income tax rate to 4.5%, eliminating social security tax for those earning up to $90,000, and...
Over 31% of Income Goes to Housing in Utah
Utah ranked No. 10 in a national study of states with the highest housing costs. Housing expenses in Utah take up 31.71% of the median monthly income. This may surprise residents, as home prices have surged since the COVID-19 pandemic began. Many prospective...
Tips for Selling Your Home After the Holidays
Post-holiday market activity shrinks inventory and boosts buyer interest—price competitively to maximize offers. Declutter, depersonalize, and keep your home clean inside and out to make a great first impression
Why Renters Insurance Is a Must-Have in 2025
Renters insurance is crucial in 2025, offering essential protection for tenants' assets and liabilities. It covers personal belongings against theft, fire, and natural disasters.
Social Security tax to be cut for Utahns making $90K or less
Utah lawmakers are proposing tax reductions for the fifth consecutive year, including eliminating the Social Security tax for older residents earning $90,000 or less and reducing the income tax rate from 4.55% to 4.5%. They aim to provide $127 million in tax relief,...
5 Ways to Pay Less in Taxes on Real Estate Investments
Keep detailed records of all property expenses, including rent, maintenance, and insurance, to support tax deductions.Use the 1031 exchange strategy to defer 100% of taxes by reinvesting in like-kind properties legally.
Utah’s 2024 economy broke records, but can 2025 growth keep up?
In 2024, Utah's home prices reached near-record highs despite a slight drop in 2023, while high mortgage rates hindered new buyers. The state's economy grew, with a population increase of 1.5% and job growth at 1.7%. However, unemployment rose to 3.1%. Over...
Staged Property: The Hidden Risks
Staged Property: The Hidden Risks - Buyer Beware In the dynamic realm of real estate, the allure of staged properties often captivates potential buyers, presenting spaces in their most attractive light and promising a dreamlike living scenario. However, beneath the...