Buyers : IN TODAY’S MARKET, A SMALL HOME CAN BE A GOOD FIT: Strongsville Real Estate

By:
CJ Harrington
Keller Williams Realty
www.cjharrington.com
cjharrington.crs@gmail.com
440.336.0612

Date:
10-18-08

Today, the average homeowner is frustrated by the size of their home. The reasons extend from inability to finance up all the way to difficulty in maintenance. Yet, instead of feeling cramped, a growing number of Americans are finding they have more home than they want or need. The reasons are numerous.
Baby boomers, 77 million strong, are looking to downsize in retirement. Young homebuyers are finding it increasingly difficult to afford or maintain larger homes. Urban land is at a premium. Plus, smaller homes in desirable neighborhoods are scarce or outlawed by covenant. Still, that doesn't necessarily mean that smaller times are ahead for everyone.
For growing families, some investors, the wealthy or homeowners who just want the bigger home, the market will most likely begin to look up. Although, for homeowners who no longer wish to pay taxes, utilities and insurance on rooms they never use, or who simply find a smaller home more comfortable and aesthetically pleasing, the small-house movement is quietly reinventing the U.S. scale of living.
Since, Americans quickly came to believe that more square footage paid for itself in resale, especially during the run-up of housing prices in the last decade. Since 1970, the average American home has grown from 1,500 square feet to the current average of 2,450 square feet, according to the National Association of Home Builders. Still, we see this has become a large problem especially in Ohio where foreclosure rates are averaging around 20 percent. So, what is the average buyer supposed think?
Well, if it has not set in yet, I will tell you. Think smaller at least when it comes to you next purchase. Even though the market of 2007 has been a poor sight, it should be looked upon as somewhat of a gift. A market like this not only helps buyers reevaluate their expenses, but also gives the average buyer the ability to invest in some great buys that if bought right will not only save the average person money, but will hopefully make them money too. So with this in mind, what values does a small home really offer?
Firstly, small home tend to rank high when it comes to energy efficiency. Saving money here is often a great opportunity to not only buy more of what you want and need, but also an opportunity to put money in the bank for better days. Secondly, expandability comes to mind. Buying a smaller home enables the average buyer to have the money to invest in that extra addition to add value to their purchase physically as well as personally. Now is the time to invest in additions that give your home value according to you. The main emphasis to today's buyer is to look at "quality over quantity", and don't always look at bad times negatively, because it could just be a gift in disguise.

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