Bigger isn’t always better. As we head into 2018, starter homes, first-time homebuyers, and smaller homes are actually making a comeback and will be probably the most popular properties purchased over the next year.
Many homeowners think that buyers are looking for something bigger and better, but that trend has really shifted over the last few years. Smaller homes are selling faster than many of their larger competitors. People are looking for good starter homes, millennials are moving out and entering the real estate market, and many baby boomers are downsizing to a more manageable home. If you have a smaller home here are three main reasons white your type of house might sell faster than the larger home in the neighborhood.
The Area over square footage
It’s not necessarily about square footage but the area in which you live. Buyers are targeting new areas, so if you live close to a Trader Joe’s, Starbucks, great school district, or within walking distance to the local market, your home, regardless of size, may be more attractive to homebuyers.
A bigger home means more costs
People are more conscious about energy costs these days and bigger home means more electricity, gas, or utility bills in general. Many homebuyers are considering the maintenance costs involved with a larger property. Smaller homes with single-story floor plans are becoming more popular because of their low energy costs. This, in turn, allows homeowners with a smaller home to have a competitive edge over more square footage.
Minimalism is in
Millennials and baby boomers alike are both looking for that minimalistic style. In both for different reasons. Millennials are looking to keep things simple, clean, and really only have what they need. Baby boomers are downsizing, getting rid of things they’ve collected over the last few decades, and making a simpler life for themselves. All of this means a smaller home will fit the bill. There’s no point to have 4000 ft.² when everything you own can easily fit into 1800 ft.². The funny thing is, these baby boomer buyers paid top dollar for a larger space 10 to 20 years ago are now following current trends in looking for a more minimalistic lifestyle.
Read More: Valuable Tips for Sellers
Don’t disregard your home because it’s not 3000 ft.² or more. Some of these larger homes are actually becoming difficult to sell because people are looking for a home between 1500 ft.² and 2100 ft.². This seems to be about the right size to accommodate the majority of homebuyers out there.
If you’re interested in learning how much your home is worth give me a call. You might be surprised to learn how much homes have increased in value over the last 3 to 4 years. Many homeowners are no longer underwater and their homes are gaining value in an average of 4% to 6% each year.
Call me today for information on Collin County Real Estate.