There’s trend toward smaller and greener homes. Real estate search tool helps agents adapt
Research shows a trend toward smaller and greener houses. Here’s a real estate data search tool that can help agents adapt to changes in the marketplace
Just as the concept of yin and yang seem to apply to nearly everything, it’s also applies to new home construction and what today’s buyers want in a home.
At one time, it was all about the McMansions. Home buyers strove to take out the biggest mortgage they could for the biggest home they could buy. You can see that mentality on every housewife reality show. There isn’t anyone on New Jersey Housewives who doesn’t own a home the size of a small gymnasium.
But that trend is going away. Today’s home buyer wants a smaller home. And there’s a real estate search and data tool that can help you pivot in your marketing strategies and take advantage of this new trend for smaller homes and more green amenities.
According to a recent study by Survey Research, the average new single-family home will be smaller and greener. Less square footage may also mean smaller home prices.
The study reports one way this will be achieved is by making the living room disappear. Or include it with other spaces in the home, say the kitchen or dining room.
The report was based on nearly 250 replies from a survey of single-family builders, architects, designers, manufacturers and other building industry professionals.
Nearly 65% of respondents expect new homes to be between 2,000 sq. ft. and 2399 sq. ft., 22% expect to be between 2,400 sq. ft. and 2,999 sq. ft. and 13% expect it to be smaller, 1,600 to 1,999 sq. ft.
According to the Census Data, the average size of single-family homes were highest in 2007 at 2,521 sq. ft. That amount dropped to 2,377 sq. ft. in 2010 and as the survey shows, it is expected to decline even further.
Another major reason for this is that home buyers are getting older and don’t need larger homes. The baby boomer bubble is moving into retirement, requiring less space.
The other trend is that consumers prefer more greener attributes in a home. Ways to lower heating and air conditioning costs, energy-efficient appliances and other eco-friendly amenities.
With the SpatialMatch real estate search and data tool, a real estate professional can address these demands. First, SpatialMatch is integrated into a hyper-local database combined with MLS listings. So, and agent can pull up homes with a smaller footprint onto a map.
From there, they can pump up the geographic benefits of those homes. For example, Property A could be located near a downtown area with great restaurants. So while the home may be small and unexciting, the location can be a big win for a home buyer.
Conversely, with the greener consumer in mind, an agent can also use this geographic data to show how close the property is to a grocery store, school or highway. So driving distances for major destinations will be less, thereby saving gas and car use.
In addition, an agent can show all the actual green amenities in terms of parks, golf courses and open spaces. Even if Mr. and Mrs. Home Buyer are purchasing a small house with virtually no backyard, they will be thrilled to know there is a 200-acrea park within one block of their property.
Markets change. One day everybody is driving Hummers and living in huge houses. The next day, people want to live in tiny houses and drive electric cars.
Having a real estate search and data tool that helps you address these changing trends allows you to be flexible in meeting the specific needs of consumers.
Heck, you never, know, maybe somebody will also appear who drives a Hummer and wants a McMansion located near the best golf course in town. You can still find it for them on SpatialMatch as well.
To read the study on new trends for new housing, click here.
