Studies reveal that house hunters are willing to settle for smaller properties as long as they provide certain key amenities.
Home buyers appear willing to make sacrifices in property size in order to afford homeownership, with the average size of newly constructed houses reaching its lowest point since 2005 at 2,479 square feet, according to new research from the National Association of Home Builders. 26% of builders surveyed by NAHB indicate plans to construct even smaller houses by 2024 according to this research.
While buyers may accept smaller homes, they still desire something personalized, noted Donald Ruthroff of Design Story Spaces LLC during a press conference this week at the International Builders’ Show in Las Vegas. Ruthroff noted that buyers seek homes that feel as though it were built just for them while being significantly different than neighbors’ properties; for instance a kitchen island which mimics furniture may help achieve this personalization goal.
Nearly 40% of home buyers agree with the National Association of Home Builders survey called, “What Home Buyers Really Want(link is external).” Respondents most willing to downsize are the home office (53%) and dining room (52%). But they won’t sacrifice spaces like kitchen or closet size, stated Rose Quint of NAHB’s Assistant Vice President of Survey Research at a press conference.
