Paula’s Blog

You probably will not be surprised to hear that in 2009, on the average, new-home buyers that purchased Metro Jackson MS real estate bought smaller homes. 

To be exact, the National Association of Home Builders (NAHB) released information showing that the average size of a new home decreased by 40 square feet, from 2,520 square feet in 2008 to 2,480 square feet in 2009.  While 40 square feet may not sound like a lot, it is significant because it’s been 27 years since the average home size fell by that much.

Are You Missing a Bathroom?
This decline in square footage is also noteworthy because 40 square feet is about the size of an average bathroom.  Interestingly, NAHB’s statistics revealed that the number of homes with 3 or more bathrooms fell in 2009, for the first time since 1992.

What’s Fueling this Shrinkage?
There are 4 primary reasons Metro Jackson MS real estate buyers are purchasing smaller new homes:

1. The recession.  People are reconsidering how much home they really need and are looking for ways to save money.  Results of a 2009 survey by Better Homes and Gardens magazine, showed that downsizing is a bigger priority.  Thirty-six percent of homeowners surveyed said they expected their next home to be “somewhat smaller” or “much smaller” than their current home.
2. The small-house movement.  This movement has been gaining steam in the United States for a number of years.  The recession accelerated it and home builders responded by building smaller homes.
3. The prominence of first-time buyers in the housing market.  This is being stimulated by the $8,000 first-time homebuyer tax credit. 
4. The increasing number of households with members 55 and older who are buying homes.  Folks over 55 prefer to purchase single-story homes, which tend to be smaller than two-story homes.

Considering buying Metro Jackson MS real estate and want one of the smaller homes? 
If you’re thinking of downsizing, I can help.  Call me now at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com 
Paula@PaulaRicks.com 
Call direct:  601-942-3392

This entry was posted on Thursday, February 25th, 2010 at 7:00 am and is filed under Jackson MS real estate and Tagged Jackson MS new homebuyers You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.