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New home buyers not looking to downsize

dennis-norman-realtorEven though we have been in one of the worst real estate recessions since the great depression and the economy is still struggling, homebuyers are not willing to cut back on their next new home, not at least in terms of size, according to survey results recently released by national home builder, PulteGroup.  According to the survey results, 84 percent of homeowners between the ages of 18 and 59 said they do not have plans to downsize their next home.  Recent data from the U.S. Census Bureau supports this notion as well, with the average size of a new home increasing to 2,480 square feet in 2011, an increase of 3.7 percent from the year before.Other highlights from the survey:

  • More than half homeowners between the ages of 18-34 would like their next home to be larger than their current home.
  • Nearly 40 percent of homeowners between the ages of 35-54 want a larger home.
  • 21 percent of homeowners ages 18-59 rarely use their formal dining room while 17 percent said they rarely use their formal living room.
  • Almost half of the respondents (48 percent) when asked to rank the most important feature in their next home, said they want larger, open spaces, including master bedrooms, larger rooms and open floor concepts.
  • When asked to rank their top five “must haves” in their next home, respondents indicated they want:
    • Larger rooms
    • Master bedrooms suites
    • More storage space
    • Patio/outdoor living space
    • Energy efficiency
  • When asked what homeowners 18-59 would be willing to give up for the “must haves” in their next home:
    • 52 percent cited being close to public transportation
    • 35 percent said they’re willing to give up being close to entertainment and shopping
    • 28 percent said they would give up being near parks and better schools.