There are several signs that larger homes, often known as McMansions, may be headed the way of the dinosaur...or at least the albatross. The American Institute of Architects survey in 2010 indicated that close to 60% of respondents noted that homes were getting smaller while the remainder reported that home sizes were staying the same. Almost no one responded that homes were getting larger.
The interest in smaller homes can be understood given the recent tightening of mortgage restrictions, making it even more difficult to finance these larger homes. In addition, with the national decline of home values in the current economy, those hoping to upgrade to a McMansion may find it harder to get their value out of their existing home.
This trend toward to smaller homes is even making its way into the second home market. In major markets across the country, developers are moving away from large vacation homes and moving toward smaller, more compact homes. Again, financing a second home can be more challenging than in the past, and potential homeowners seem to be looking for value and convenience over opulence.
In addition to being more difficult to finance, these larger homes, both primary and second homes, are more expensive to furnish, heat and upkeep, all of which is making the move away from super-sized homes more appealing.
Locally, since 2005, the number of larger homes sold has decreased in Buncombe County. In 2005, 140 homes of 4,000 sq. ft. and 57 homes of 5,000 sq. ft. sold. In 2010, those numbers of units sold had decreased to 93 units and 30 units respectfully. For more information or help in choosing the right sized home in the Asheville area, please contact Greybeard Realty.