Buyer Preferences Shift as Affordability Challenges Remain

Written By Phil Buoscio

NEW DOWNIZING TREND

I thought I would never see it.. but Americans are asking for smaller homes.

This study by the National Association of Home Builders has some good news. I found this interesting. Homes are getting smaller. NAHB, in 2023, over a third (38%) of builders reduced the size of homes they built, with more than a quarter (26%) planning further downsizing this year. This adjustment reflects the changing preferences of buyers over the past two decades.

2176 SQUARE FEET DOWN FROM 2411 SF

This is great because it will mean energy savings and right sized homes. In the patter of the decreasing median size of new homes, which dropped to 2,179 square feet in 2023—the smallest since 2010. This decline mirrors a broader pattern of shrinking home sizes observed over nearly a decade in the US. Keep in mind we already have one of the largest sized home averages in the world so this is a welcome shift.

More than a third (38%) of builders say they built smaller homes in 2023, and more than a quarter (26%) plan to construct even smaller this year, according to NAHB.

Phil Buoscio

A future-driven Realtor who's lived in Chicago all his life and understands its neighborhoods, trends, and people. He was part owner of a large Brokerage who downsized to start his own Brokerage in 2006. This allowed him to have pursue a more enjoyable, focused approach with fewer clients and specialize with clients of Income Property, Green Renewable New Construction Development.

A committed Environmental Activist who was the Catalyst for the first LEED Certified USBGC line of Speculative Homes in Chicago +PLUSHOUSE.

To further lead our transition to clean energy he also leads a Solar installation team Brokering Solar on the POWUR platform. Since the first LEED home he sold in 2016 with Solar he has not looked back from pushing for solar and highly efficient homes.

With an extensive background in remodeling as a General Contractor and New Construction Broker(having overseen the design and sales of over 30 developments), he is a great asset to any developer who is considering a project in or around Chicago. He knows the market now, and that each builder must be future-driven to stay ahead of the market.

Phil understands the construction trades, building codes, and zoning laws to help his clients envision possibilities and limitations that impact the value of a property in the long run.

Phil is an income property specialist as well and has represented some of the larger independent landlords in Chicago in acquisitions and sales. He oversees his own highly profitable income portfolio of over 40 units in ten properties.

Phil has personally closed over 200 million in sales personally since 2001 in over 800 transactions and has been the Top Broker in Chicago's Pilsen neighborhood over the last 22 years.

https://myrealtorphil.com
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Commercial property delinquencies getting hotter.