Most of my clients are aware that home sizes have been getting smaller to address affordability issues. That’s the case in our markets in the Carolinas and nationwide. In a recent article by e2value, “new home sizes decreased for the fourth year in a row in 2018. From 2015 to 2018, the median size of new housing decreased from 2,466 sq. ft to 2,354 sq. ft, according to the Census Bureau. This follows the shift from post-recession where
high value homes comprised a greater share of new construction to the current market where more first-time buyers are entering it. While the median and average home sizes are still larger than pre-recession, the decline has been steady over the last four years. Affordability is an important factor.”
As houses decline in size, the number of bedrooms and storage offered is impacted. A fact recently highlighted in a Houzz study, on living in a small home (< 1,000 sq. ft.) “On the plus side, there are many things people like about a house that’s 1,000 square feet or less. Fifty-eight percent of owners said it was easy to relax in their homes. And 42 percent said they found it easy to keep spaces clean. On the minus side, 55 percent of respondents reported finding it difficult to host visitors, while 60 percent found it difficult to store things. Forty-seven percent of respondents reported difficulty finding space for craft or cooking projects.”
Even in larger homes, it seems how space is configured is the trend most homeowners are interested in. According to NAHB’s recently released report, What Home Buyers Really Want when it comes to what bathroom feature consumers desire the most, nearly four out of five home buyers — 78% — believe that a linen closet in the master bathroom is an “essential/must have” or “desirable” bathroom feature, putting it as the No. 1 most wanted bathroom feature.
Two other features were rated as essential/must have or desirable by at least 70% of home buyers:
A shower stall and tub in the master bath (73%)
A double vanity (71%)
And in an article on kitchen trends, Kay Green noted when it comes to cabinetry, less is more. “A quiet movement that’s been rapidly gaining speed is the “no upper cabinet” kitchen trend. As the modern, minimalist movement takes shape, homeowners want their spaces to appear as clean as possible. One way we achieve this is to eliminate upper cabinets altogether, and instead integrate floating shelves, sills or nothing at all. We’re even seeing this trend incorporated into more traditional-style homes.”
And it’s not just baths and kitchens where consumers are taking notice of space utilization. A recent Zillow report found “about half (51%) of new construction buyers with paid jobs work remotely at least part of the time. Among those remote workers, half say working from home played a role in their decision to either switch homes, relocate or renovate. Millennial buyers of newly built homes are more likely than other generations to work from home: 45% say they work from home from one to four days a week, and 16% work from home five or more days a week. Nearly a third of buyers who work remotely (31%) say their remote work situations prompted a move to a different home, and 21% say working remotely contributed to the decision to relocate. So having flex rooms that can double as an office or guest room can be the difference you’re looking for to help you stand out from competition.
As a homebuilder, staying close to consumer trends in housing can help you to become more efficient in your offerings and win sales in highly competitive markets.
If you need help understanding how your customers prioritize spaces in their homes, connect with us here!