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!
First-Time Homebuyer: Do You Qualify?
A first-time home buyer hasn’t owned a primary residence in the past three years. Renters, even those with no prior homeownership, qualify for first-time buyer assistance programs.
Happy Women’s Day
International Women's Day, also known as IWD for short, grew out of the labour movement to become a recognized annual event by the UN.It all started in 1908 when 15K women marched through NYC demanding shorter working hours, better pay and the right to vote....
10 Best States to Buy a House in 2025
As 2025 approaches, many are exploring the best states for homeownership in the U.S. Key contenders include Iowa, known for its low cost of living and stable housing market; Indiana, offering affordability and a blend of urban and rural living; and Utah, with a strong...
What Is Final Expense Life Insurance?
Purpose: A whole life insurance policy providing $2,000–$35,000 in coverage to cover funeral and end-of-life costs. Eligibility: Requires no medical exams; approval based on answering basic health questions, making it accessible for most individuals.
Trump’s Economic Policies Impacting Housing
Mortgage rates may stay elevated at 6-7% due to inflation and monetary policy. Proposed tax changes could boost homeownership through mortgage deductions and capital gains adjustments.
Utah legislators reject ‘preemption,’ stop two housing bills intended to permit smaller homes
Utah lawmakers are struggling to tackle the state's housing affordability crisis, as recent bills promoting smaller housing types have stalled. HB88 and HB90, which proposed mandatory accessory dwelling units and smaller lot sizes, faced local government...
Happy Mardi Gras
Utah House Committee Votes Against Bills That Make Housing More Affordable
A Utah House committee did not vote on two housing bills, HB 88 and HB 90, aimed at addressing the state's housing shortage, despite support from the governor's office. HB 88 would allow detached accessory dwelling units in urban residential zones, while HB...
Ready to Buy a Home in 2025? Get the Inside Scoop
Start preparing finances early: Ensure credit is good, calculate affordability, and get ready to make a competitive offer.Current market improvements: 2025 offers better opportunities for buyers after high prices and limited options in 2024.
Cut Your Insurance Premiums: Simple Savings Tips
Maintain a Good Credit Rating: Strong credit scores often lead to lower premiums for auto and homeowner insurance.Drive Safely: A clean driving record and good grades for students can significantly reduce insurance costs.