Upsizing: Is It Really a New Trend?

Short answer? Yes! Cute, tiny little homes are a thing of the past. Millennials are running the show these days, monopolizing the largest portion of the homebuying market. And they’re trending toward larger homes instead of minimalist spaces.

Indeed, the largest slice of the homebuying pie is opting for bigger homes, with bigger price tags, and whizzing right past the starter home. Let’s see what this is all about, shall we?

It’s a Millennial World

It’s true. Millennials are powering the housing market these days. The folks over at NBC News reported that millennials comprise 34% of the homebuying market. That’s more than any other demographic.

Some say millennials felt the brunt of the 2008 market crash. Many of them were attending or graduating college at that time and found it difficult to secure full-time, steady employment. As such, the dream of homeownership grew more and more distant.

However, the economy’s been on a slow and steady uptick these days and two things are happening. Bank accounts are creeping out of the red and ‘For Sale’ signs are going up on homes. Real estate companies in Las Vegas are feeling this welcomed heat, too. After the steady increase of the economy, and the rising of interest rates by the Chair of the Federal Reserve, Janet Yellen, has helped rebound the housing market, and encourage millennials to buy homes

It’s All About the Open Floor Plan

Larger homes also play into the open floor plan that everyone’s after. How many times do you hear those fantastic couples on HGTV requesting open floor plans and room for entertaining? Most of us enjoy cooking, chatting, and TV from one central location.

Every space seems lighter and brighter in an open floor plan. Probably more to the point, busy lives are able to cohesively converge for the scant moments in time that families are able to come together.

And, if you’ve got little ones running around, an open floor plan allows you to cook your chicken cordon bleu while keeping an eye on them. The greater the size of the home, the greater the odds of scoring that open floor plan everybody’s after.

Upsizing Retirees

According to Sixty+Me, upsizing’s not outside the realm of possibility for retirees, either. Don’t think they all want to trade in their classic colonials for a trim little bungalow on the shorelines of Florida.

Some retirees say they prefer to upsize in order to accommodate their flocks of family members that come to visit. Even better, some of them upsize simply because they can.

Figuring they’ve worked their whole life, they take pride in their ability to up the ante on their square footage, bells, and whistles. That’s not a bad way to sail off into the sunset.

Upsizing: The Trend to Watch

We had a fun little tiny house movement, didn’t we? It was amazing to see how smart builders could creatively cram 1,200 square feet into 200 square feet. But, it appears the pendulum is swinging in the opposite direction now.

We’ve already declared it. 2018 is going to be THE year. The housing market has risen 11.4% since 2008 and the average price tag on homes isn’t expected to inflate this year.

Whether you’re dealing with upsizing, downsizing, millennials, or baby boomers, realtors in Las Vegas are well-positioned to help everyone settle into their dream home.

We wish you tremendous success. And, while you’re out there owning the 2018 housing market, we hope you’ll come back and visit our blog. We’re constantly updating it, with your success in mind.