Finding the perfect home can be a journey—especially in today’s market where prices still feel like they’re sky-high. But here’s something to smile about: builders are now shifting their focus to creating smaller, less expensive homes. If you’ve been worried about stretching your budget to the breaking point, this trend might be exactly what you need to help you find the right home at the right price.
Why Builders Are Focused on Smaller Homes
During the pandemic, bigger homes were all the rage. Remember when everyone was suddenly working from home, setting up virtual classrooms, and turning basements into home gyms? Yeah, that moment led to a serious demand for extra space, and builders rushed to meet it. However, fast-forward to today, and the market has changed. The focus is now all about affordability—because let’s face it, no one wants to be house-poor!
Builders are now responding to the new reality by constructing smaller single-family homes. In fact, data from the U.S. Census reveals just how significant this shift has been over the past few years. So, why are builders making the move toward compact homes? It’s simple: they’re building what buyers need. And right now, what most homebuyers need are homes that don’t break the bank.
According to a recent report home buyers are looking for homes around 2,070 square feet, compared to 2,260 twenty years ago. That’s a noticeable drop in size, reflecting just how serious buyers are about saving on costs. Confirmed by a senior economist at Zillow, developers are changing what type and size of home they’re producing to try and meet that need. When affordability is a priority, builders know it’s time to get creative with square footage!
What This Means for You as a Buyer
If you’ve been struggling to find a home that fits your budget, this trend could open up some new doors—literally. Smaller homes mean smaller price tags, which can make all the difference when you’re trying to stay within a set budget. Plus, many builders are offering additional perks to sweeten the deal, making now a great time to consider new construction.
More than half of builders are offering special incentives, according to recent data from Zonda. These could include anything from price reductions to mortgage rate buydowns—essentially lowering your monthly payments and making homeownership that much more affordable.
Perks of Buying a Brand-New Home
Here’s another bonus: when you buy a new home, you get all the latest features without worrying about immediate repairs or upgrades. Everything is fresh—no leaky roofs or broken-down appliances waiting for you. Plus, newer homes often come with energy-efficient systems and modern designs, which could save you money in the long run.
With fewer maintenance concerns, and sometimes better energy efficiency, a new build could check all the boxes on your list of “must-haves.” And let’s be honest: who wouldn’t love the smell of a brand-new home with sparkling appliances and top-tier finishes?
What’s Next?
If you’re ready to explore the possibilities of a smaller, more affordable home, let’s chat. There are plenty of options out there that might just fit your lifestyle and your wallet. With builders responding to the need for affordable housing, you might find that your dream of owning a home is closer than you think.
Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.
