HOME BUYERS PRIORITIZE QUALITY OVER SQUARE FOOTAGE

In today’s real estate market, bigger isn’t necessarily always better. Many homeowners look to purchase quality, compact houses over extra-large homes that were popular in the 1990s and 2000s, says Mansion Global’s V.L. Hendrickson. Both millennials and empty nesters search for right-size homes at affordable prices that will resell in a few years and require less maintenance.
Architects today are looking to create efficient homes that don’t feel cramped and make the most of every square foot. That means flexible, open layouts, multi-functional rooms and using outdoor space to extend a home’s entertaining areas.
“The McMansion wave was one of quantity over quality,” said Jason McCree Gentry, a managing broker at Premier Sotheby's International Realty near Charlotte, North Carolina. “For the most part, they are a hodge-podge of architectural styles and features. Now there seems to be more appreciation for better quality design.”
As a result, oversized homes are sitting on the market longer. And when they do sell, it’s often for less than the asking price. Mr. Gentry recently closed on a six-bedroom, 5,500-square-foot home in Elkin, North Carolina. The owner invested more than $1.5 million in the property, adding a downstairs master suite in order to get the home to sell, but the final price was $700,000.

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