Some Buyers Prefer Smaller Homes

Over the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist at realtor.com, shares:

“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans…In a sense, it has elevated real estate markets as a centerpiece of our lives.”

For some, this has spurred an interest in making a move to a home that better suits our changing needs. In a recent study on today’s homebuyer preferences, the National Association of Home Builders (NAHB) states:

“When asked more specifically how the pandemic may have impacted their preference for home size21% or about 1 out of every 5 buyers, do want a larger home now as a direct result of the health crisis, while another segment – 12% – would prefer a smaller one instead.”

While you might expect more time at home to lead to a need for more space, it’s interesting that a significant portion of homeowners actually want less. For those who own larger homes right now and have a desire to move, today’s housing market is full of opportunities. Danielle Hale, Chief Economist at realtor.com, explains:

“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards…Those who are selling homes can use the profits to help them buy new ones.”

As a homeowner today, you likely have equity that can be put toward the purchase of your next home. With the equity growth homes have seen over the past year, you may have more than you think, which can help significantly as you make a move into your next home. According to a report from the National Association of Realtors (NAR):

“Home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. Sellers 22 to 30 years gained the least at $33,400 in equity compared to sellers 66 to 74 years gained $100,000 in equity as they likely had lived in their homes for a longer period of time.”

Despite the benefits of growing home equity, some homeowners are still hesitant to move and could be considering remodeling or making changes to their current space instead. However, if you’ve thought about aging in place rather than downsizing, you may want to reconsider. The U.S. Census Bureau points out:

Of the nation’s 115 million housing units, only 10% are ready to accommodate older populations.”

If your house is no longer the best fit for your evolving needs, it may be time to put your equity to work for you and downsize to the home you really want.

Share:

Facebook
Pinterest
Email
Print
Mark Hughes

Mark Hughes

Mark Hughes is the President and curator of Bungalows and Cottages LLC, Blog, and Networks. Mark's mission is to bring the design, history, and lifestyle of smaller comfortable iconic American bungalows and cottages to everyone. Mark is a real estate broker, manager, and coach, and industry executive who once ranked in the top 1% of agents worldwide for sales and has sold or managed over 6 Billion in U.S. real estate sales. Small Home, Big Life.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top

Get The Newsletter

By subscribing you are agreeing to our Terms and Conditions & Privacy Policy

John Staab

John is the Managing Broker and accomplished real estate consultant for Motive Real Estate Fort Worth Texas. Lic #0525982

Contact John: (817) 637-5582
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

 

A Home For A Home. Let’s End Homelessness.

 

Together we are making meaningful change in the world. When you sell or buy with Motive, we donate a home to a family in need…a home for a home.

There are over 150 million homeless people across the globe, many of them mothers and children. A home, even the most basic shelter with a locking door, allows a child to go to school, a mother to have a job or develop a business and, most importantly, provides safety and security.  

We all deserve our dream home and together we can help put an end to homelessness.

Mark Hughes Bungalows and Cottages

Mark Hughes

Mark covers the Los Angeles Market for Bungalows Cottages. Mark also serves as the liaison to the B&C Expert Partner Agent Network.  He loves Bungalows and Cottages!

Contact Mark: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Expert Agent Connect

Connect with your local B&C expert to find, understand, and secure your next dream home. We’re here!

Or Call our Call Center at 941-275-2630

*By proceeding, you consent to receive communication at the
number you provided, and email, from bungalowsandcottages.com and
real estate professionals and their network of service providers about
your inquiry and other home-related matters. Msg/data rates may
apply. This consent applies even if you are on a do not call list and is not
a condition of any purchase.

Dakota Feroleto

Dakota covers the Southern California Desert Region for Bungalows and Cottages which includes Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, and La Quinta.

Contact Dakota:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Ken Riel

Ken covers the Charlotte North Carolina Market for Bungalows and Cottages which includes Plaza Midwood, Elizabeth, Chantilly, Wesley Heights, Dilworth, NoDa, and Wilmore.

Contact Ken:
Call Center 941-275-2630
or Send A Note:

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Karen Barks

Karen covers the Portland Oregon Market for Bungalows and Cottages from Beaverton and West Portland to the North and Northeast neighborhoods.

Contact Karen:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Chris Zoller

Chris covers the Tamp Florida Market for Bungalows and Cottages from Hyde Park, to Ybor, Seminole Heights, Historic Kenwood, and all around town.

Contact Chris:
Call Center 941-275-2630
or Send A Note:

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Jen Berbas

Jen covers the Austin Texas Market for Bungalows and Cottages from Downtown, to Old West Austin, Chestnut, Travis Heights, Rosedale, and all around town.

Contact Jen:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Peggy Graef

Peggy covers the Orlando Florida Market for Bungalows and Cottages from Colonialtown, and College Park to Winterpark, and Thornton, and all around town.

Contact Peggy:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Kathy Engen

Kathy is our B&C local expert agent for Edina MN.

Call or text Kathy at 941-275-2630
or send a note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Will Flannigan

Will covers the East Los Angeles Market for Bungalows Cottages. 

Contact Will:
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Mike Dobbs

Mike covers the West Side Los Angeles Market for Bungalows and Cottages.

Contact Mike: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Amanda Rose

GA Lic#243859

Amanda covers the Atlanta Market for Bungalows & Cottages. 

Contact Amanda: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Thomson Meeks

Lic#321092

Thomson covers the Asheville Market for Bungalows Cottages.

Contact Thomson: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Submit Your BnB

Fill in your BnB details and we’ll review it for addition to our growing map of Bungalow and Cottages BnB’s.

*By sending you are agreeing to our Terms and Conditions & Privacy Policy.

Shannon Praetorius

Shannon covers the Seattle Market for Bungalows Cottages. Connect with Shannon here to find your best B&C Market guidance.

Contact Shannon: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Anne Jensen

Anne covers the Los Angeles Market for Bungalows and Cottages along the south city side and LA’s southern coastal areas.

Contact Anne:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Judy Hughes

Judy Hughes is a Leisure World sales expert, resident and accomplished renovation consultant.

Call or text Judy at 562-972-0491
or send a note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Judy Hughes is a seasoned residential real estate professional with over 25 years of experience in the industry. She has always had a love for homes and design, which led her to pursue a career in real estate. In her first year as a Realtor, Judy quickly established herself as a young market go-getter, garnering the attention of a large national bank that chose her as their preferred relocation agent. Her clientele continued to grow as did her love for the business. Through the years, Judy has been licensed and practiced in several states, but now resides and specializes in Leisure World of Seal Beach. She brings with her an extensive knowledge of the housing market and is passionate about providing excellent customer service.


Whether it is packing and moving information, health and safety recommendations, remodeling, or major renovations; she can help. Judy is eager to utilize her market knowledge and practical moving experiences to assist you with a smooth and profitable purchase or sale. She combines thorough market research and today’s fastest digital and mobile technologies to ensure her customers are first to know about market opportunities and movement. Judy executes a dependable buyer delivery system for her sellers leveraging Seven Gables’ global property syndication networks. She is known for her tenacious follow-through and her selling strategies. Put Judy’s passion for Leisure World real estate to work for you. When she’s not helping clients buy or sell their homes, you can find Judy spending time with her family and friends or enjoying one of her many active hobbies.

Agent Lead and Referral Network

Realtors® Fill in your details to join our growing exclusive B&C Lead and Referral Network and we’ll get back to right away.

*By sending you are agreeing to our Terms and Conditions & Privacy Policy.