13 Jan Why More Homeowners are Joining the Upsizing Trend
The Upsizing Trend in New Homes & New Construction
Throughout 2016 and 2017, real estate market researchers have noticed that more and more families are moving into bigger, more sumptuous homes in their later years; the exact opposite than what homeowners have been doing for years and years. The purchasing of larger, grandiose new homes rather than small, modest homes, has given way to the start of the new, upsizing trend. For years and years, families whose children have grown and moved out of their own typically find that their house is too big for them. In these instances, the absence of their children will provide them with the opportunity to sell their home and purchase a smaller, more practical home. However, this is no longer the case for many homeowners. Now, we are seeing older families purchase new homes, and even investing in new construction, or working with a custom home builder to build custom homes. Since many families are searching the market for large, even custom homes, could it be that upsizing is the new downsizing? Whether you are interested in upsizing or downsizing, contact Landmark Homes of Tennessee, today! We offer homes for sale, new homes and new construction in Murfreesboro, TN, Mt Juliet, Smyrna, TN and Nashville, TN. We are home builders with new development and quick move in houses, too. After you’ve experienced the “Landmark Difference” you’ll understand why we say that, “It’s not just a home it’s your Landmark”.
From Downsizing to Upsizing with a Custom Home Builder
In the event of the upsizing trend, real estate market researchers also discovered that new homeowners are ready to skip the ‘starter home’ phase and head straight towards a more sizable home. Many first time homeowners are even on the search for a custom home builder to construct them a home of their dreams.
Since the upsizing trend is gaining traction in the real estate market, market researchers decided to get to the root of this interesting trend. In their research, they found that the median square footage of purchased new homes increased from 2,000 to about 2,500 in the past 17 years; ranging at a 20% increase (source). They believe that this data is a reflection of the growth of the economy since the time of the notorious housing market crash in 2008. However, the steady growth of the economy isn’t the only reason why more and more homeowners are jumping on the upsizing bandwagon. Many believe that the popularity of home improvement and interior design shows–HGTV, DIY Network–have a significant impact on this shift in the housing market. As more and more people tune in to these interior design and home renovation shows, their inclination to build their own custom home, renovate their current home, or move into a larger, luxurious new home steadily increases.
With that in mind, real estate market analysts took their research a step further. They discovered that 56% of Millennials, 42% of Generation Xers, and 35% of Baby Boomers claim that larger, more luxurious new homes are at the top of their list in their search for a new home. Even retirees are starting to join in on the upsizing trend and invest in beautiful, new homes instead of the traditional modest, downsized home. Retirees claimed that this desire stemmed from the idea of having plenty of space for all their personal belongings. Additionally, they claimed that having a larger home would allow them to host their children and their families more often.
A Custom Home Builder in Tennessee
With the upsizing trend growing in popularity each year, researchers believe that, over time, it could wipe the downsizing trend in half. Then again, could you really resist the opportunity to reside in a luxurious new home, especially one that was designed and built by a custom home builder? Landmark Homes of Tennessee is a custom home builder in Murfreesboro, TN, Smyrna, TN, Nashville, TN and Mt. Juliet, TN. For over three decades, Landmark Homes has been listening to their customers and building new homes tailored to their specific needs. Contact us, today!