Small Homes are Now In – No – Out Again

Today’s new home buyers may surprise all of us, because preferences regarding buying a home is changing. This comes directly from the International Builders Show held in Orlando in February, this year. We all though that home size were going to get smaller, but the experts say different.

New homes are being built with more amenities. More houses built in 2011 had four or more bedrooms, three or more bathrooms, three-car garages, finished basements, patios, and two stories. Maybe we are just getting a clearer picture of what the qualified buyers are looking for. Many people are out of the credit market for awhile due to the last few years of recession and depressed real estate market.  So the answer now is: “Who is able to buy”?

In the much tightened lending environment of the last few years, buyers have had to be  “superstar” qualifiers, with at least 20 percent down, a high credit score, well-documented income, and proof of established employment history.This type of credit situation has left many buyers, especially first time buyers out of the “Home Buying Equation”. The real estate pendulum swung to first time buyers with various tax credits, etc., now its swinging back to the established real estate buyers and they want it all, few downsizing. Builders build homes based on what the market demands. In the last few years many South Bay home buyers said that they may be downsizing, but look forward to either buying a much bigger home or building one soon.