American home buyers, emerging from the greatest recession since the Great Depression, are torn about the size of home they want.
Homes.com recently reported about 75 percent of Americans want an expansive home with 2,000 square feet of living space.
Not so fast.
Another recent study, this one by ImprovementCenter.com, said only 47 percent wanted that much square footage.
Rather than different approaches to the same question, the wide differences in the size of homes buyers want is more symptomatic of the shifting demands of buyers in a shifting housing market.
The National Association of Home Builders and others have documented that economic malaise, along with environmental concerns contributed to the home’s shrinkage, especially during the housing market crash.
While many buyers still see housing as a risky venture, a growing number of buyers, prompted by low mortgage rates and more affordable homes, are more confident about the return they’ll realize in a real estate investment.
There’s also a lesson here for existing homeowners planning home improvements.
The ImprovementCenter.com study expands on the premise that buyers are spending less for more energy-efficient homes.
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