Real Estate Listings Hint Return Of McMansions

Dated: 08/10/2013

Views: 1589

Last week’s jobs report met familiar disagreement about the progress of the nation’s economic recovery: more new jobs, yes; too many of them part-time: yes; economy improving: sort of; enough? barely— if at all…etc. etc. etc. What is less controversial is the resumption of the nation’s home-buying preference for ever-larger homes. The price of real estate listings in Portland, OR might have risen whether or not that trend surfaced in our area, but it stands to reason that if people are reversing their decision to downsize, that’s at least one reason why average real estate listings prices would register an increase. The tilt toward more square footage isn’t confined to existing homes, either: reports from the Census Bureau show that the median size of new houses is growing as well (about 8% since 2009). Seen another way: McMansions may be on the way back. During the recession, most experts opined that the McMansion days were over. As the stability of the economy faltered, young buyers had grown cautious, taking care not to choose more house than they needed. This as baby boomers downsized to match their shrinking nest eggs. Larger houses — especially the new McMansions — fell out of vogue. The popular press leaped in, portraying spacious residences as energy-sucking, less-than-green artifacts of unsustainable prosperity. It’s small wonder how some leading experts concluded that a new housing era was upon us. But now it is increasingly evident that consumers didn’t actually want less space. Many just couldn't afford more (or feared a less certain future). The trend toward more multi-generational living arrangements may have something to do with it — but whatever the cause, the character of real estate listings in Portland, OR is changing once again. More prospective buyers are looking at bigger homes and demanding more living space. So don’t be surprised if you find more Portland real estate listings that emphasize their larger square footage. They may not be McMansions, but spacious residences are renewing their popularity. In any case, should you consider buying or selling in the Portland Metro area this fall, call me today to talk about the market in your neighborhood.
Blog author image

Julie Baldino - Owner-Managing Broker

Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....

Want to Advertise on this Site?

Latest Blog Posts

Dont Forget The

... Packing Tips For An Easier Move To Your New HomeMoving is already chaos... Now imagine that you and your crew are unloading the moving truck when nature calls. If you are anything like me,

Read More

3 Reasons To Ask Your Realtor For A Lender Referral

3 Reasons To Ask Your Realtor For A Lender ReferralYou are one in a million if you have enough cash to buy a home! For most people getting pre-approved for a home loan is one of the first steps in

Read More

The True Cost Of Not Owning A Home

There are a lot of reasons why owning is better than renting, here are a few reasons comparing the cost of not owning a home:1- The Price is so CloseRenters are facing increases everyday. With

Read More

Three Tips For Making An Offer

1- Determine a Price RangeThis should happen right before you start the homebuying process. If you don’t know how much you can afford, you will be shopping in the dark with a blank check

Read More