Forty-three percent of Americans like big, suburban homes, but the majority prefers condos, apartments, and smaller homes, Chris Nelson, who heads the University of Utah’s Metropolitan Research Center, said at a smart growth conference this week.
Nelson said that there needs to be less building of large homes and more concentration on constructing smaller houses and attached residences to meet future demand.
“Is it any wonder that suburban homes are plummeting in price, because there is far less demand of those homes than in the past?” Nelson told a crowd at the New Partners for Smart Growth conference in San Diego this week. “We are out of balance in terms of where the market is right now, let alone trending toward the future.”
Nelson estimates that developers need about 10 million more attached homes and 30 million small homes on 4,000-square-foot lots or less to meet future home buying demand.
Joe Molinaro, who heads the smart-growth program at the National Association of REALTORS®, says consumers are showing a stronger desire for walkable neighborhoods and shorter commutes, according to consumer surveys.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/02/03/did-builders-overbuild-oversized-houses
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