Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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New Home Buyers Downsizing and Going Green in Recession

February 2nd, 2010 · No Comments · Economy, Taxes

For the first time since 1982, the square footage of completed new homes fell from an average 2,520 square feet to 2,480 square feet in 2009, according to the National Association of Home Builders.

Smaller homes have been a trend for many years (fewer bedrooms and bathrooms) but the recession has accelerated that trend. And with rising energy costs, many prospective home buyers will be looking for smaller homes with greener alternatives such as energy efficient windows and appliances and programmable thermostats. Builders are likely to include those as standard features in their new homes.

Adding to the smaller home size trend are the new home buyers taking advantage of the $8,000 tax credit and those over 55 who will be looking to compromise size for a lower mortgage. The tax credit has been extended until April 30th and was expanded to include a tax credit for existing home owners.

Tags: downsizing·Economy·first time homebuyers·first time homebuyers tax credit·going green·recession·smaller home sizes·Tax credit

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