The average home size is shrinking according to third quarter 2008 statistics, from the U.S. Census Bureau. The second quarter had an average home size of 2629 sq. ft. vs. 2438 for the third quarter. That is a whopping 7.3% decrease in three months, say good bye to McMansions eventually.
There are other statistics to back up this fact. Fewer luxury items are being consumed. For instance 62% of new homes had fireplaces in them in 1991, now only 51% have them in 2007.
I know personally we have a high ceiling or Great Room in our home and we have looked into the cost of making the upstairs a bonus/6th bedroom. Not to save on heating or AC costs, really just to find a place for all the kids toys! Also Granite is on the decline.
What I find real interesting is not the fact that all appliances are feeling the effects of consumer spending being way down, but that the only appliance to spike is the Freezer! I would imagine this is because more and more households are turning to the way alot of us grew up. Buying goods in mass from butcher (or Costco, now), and freezing it for the long haul.
Keith is a Realtor with Wilkinson & Associates in the South Charlotte area. He is a member of the National, North Carolina, and Charlotte Association of Realtors. I used to belong to the Long Island board of realtors, making happy homes for people there. Now, I have finally convinced my wife to move down to Charlotte from Long Island, NY. So if you're ready to move into a fine area or you're ready to move on out, then give me a call at 704-607-4729. I want what's best for...
...our Neighbors, our Friends, our Families!