Upsized Homes on Down-Sized Lots - Home Trend Watch

A frequent question asked at new construction open houses  is "Why are most of the new construction homes on such small lots?"  I came across this article today that addresses that very question.  What it boils down to, is affordability in getting the maximum amount of square footage for the price of the home, the amenities, design  and the geographical area.  Read on.......

More Americans are showing preferences for bigger home once again, even if it means squeezing the home on a small lot, according to the first quarter Institute of Architects’ Home Design Trends Survey. The most recent survey focused on home layout and the use of interior and exterior spaces.

During the recession, more Americans showed a preference for smaller homes, setting off speculation that the downsizing trend could be a lasting one as more Americans searched for less upkeep and lower utility bills. But since 2010, the number of Americans showing a preference for larger homes has gradually been on the rise, architects report. Home volumes are increasing, with ceiling heights and two-story entryways making a comeback, according to the AIA survey.

Despite strained lot sizes, more Americans are wanting to invest in larger homes and in more outdoor amenities in trying to blend their indoor and outdoor spaces.

Kermit Baker, AIA chief economist, speculates that lot sizes haven’t increased along with the desire for larger homes because Americans are still looking for ways to keep homes affordable. The trend may also be a reflection of location preferences too (with home owners opting for smaller developments in more desirable locations).

“Because lot sizes don’t show any signs of increasing, it’s clear that home owners want to maximize their current square footage to its highest potential. … Smaller lots have not kept households from investing heavily in [outdoor] space,” Baker writes. “Creating outdoor living space — outdoor rooms, covered outdoor space, as well as more traditional decks, patios, and porches — continue to be the property enhancement growing the most in popularity.”

More households are looking to add space inside their homes too, with an increase this year in more home owners finishing attics and basements for added living space, the survey notes. More Americans are continuing to show a stronger demand for flexible layouts, with open space plans. Designs are gravitating toward more open space layouts, with partial wall divisions that allow more flexible use of space, Baker notes, as well as a trend for greater sense of informality in the home.

Linda Smalley,  South Tulsa Office         918.630.8431       www.LindaSmalleyHomes.com

Source:  Melissa Dittmann Tracey, REALTOR(R) Magazine

WHAT IF? If only we had purchased a home in 2012......

We’ve probably all said or at least thought “if I knew then, what I know now, I would have done things differently.” We should have stayed in school longer. We should have listened to our parents. We should have bought Apple stock in 2002 for $8.50 that sells for $400 today. Or we could have bought gold in 2000 for under $300 for a four-fold profit today.

Years from now, if we look back at 2012, we may say that it was the best buyer’s market ever. Even now, in 2013, it’s apparent that both housing and mortgage prices are going up and they may never return to the record low levels.

The housing affordability index, which is considered to be good at 100, had increased to over 200 this past December, January and February. Shrinking inventories and rising prices in most markets have caused the index to fall to 172.7 for May 2013.

This market applies equally to acquiring a home to live in or a home to use as a rental. It is estimated that about 30% of the property purchased last year was done by investors. It is understandable because the positive cash flows far exceed most other investment alternatives.

Homeowners moving up in a rising market may sell their home for more by waiting but it will also cost them more for a new house. Typically, a person buys a 50% larger home when they move up. If they wait for prices to go up 10% on the $150,000 home they're selling, they’ll realize $15,000 more but will pay $22,500 more for the new home purchase. They’ll actually net $7,500 less by waiting for prices to go up and may have to pay a higher mortgage rate too.

The question home buyers and investors alike are faced with today is whether they will be saying years from now that they seized or missed an opportunity of a lifetime.

Want to know more about the Tulsa housing market? 2013 is slipping away as  interest rates are on the rise and home values are increasing.  Next year you may not be able to buy as much home as you could in the last two years.  Call me to schedule an introductory appointment today at 918.630.8431.

Linda Smalley, Realtor Associate
Chinowth & Cohen Realtors.
3912 E. 91st Street, Tulsa, OK 74127
www.LindaSmalleyHomes.com

What IS midtown Tulsa?

Midtown Tulsa - the best little corner in Tulsa 

Midtown Tulsa is not just a geographic area – it’s a culture, a mind-set, if you will.

Yes, we love our historical neighborhoods and the architecture of our older homes, but midtown is more than that.

We have the highest walkability score in our city, and we have multiple public parks. Within two blocks of my midtown home are four parks: RiverParks, Veterans Park, the Creek Stickball park and the Creek Council Oak Tree site, which is listed on the National Registry of Historic Places.
We want to walk to our jobs and cycle to our activities. The expansion of the Riverparks has been a huge aid in these endeavors. In fact, our city officials are currently discussing plans to make our roads more bike-friendly.

We have the highest concentration of locally-owned businesses, and we support those businesses. Whether in Utica Square, downtown, Cherry Street or Brookside, we have many restaurants, groceries, pet supply stores and a variety of retail stores owned and operated by fellow Tulsans. We take pride in keeping our money local. 

We love our farmer’s markets and local diners. Our farmer’s market on Cherry Street on Saturday morning has become quite the gathering place with opportunities to purchase locally-grown, organic produce¸ dairy products, meats, breads, soaps and more.

Ask Chinowth & Cohen REALTORS about midtown and enjoy our video - We GET it!

Most of the city’s 5K runs begin at Veteran’s Park and our ethnic festivals are found on the RiverParks, the Greek church at 13th & Guthrie or the German American Society which is on the border of the historic Gillette neighborhood.

But midtown is STILL about our historic neighborhoods and older homes with beautiful architecture - often still containing knob and tube electrical wiring. We regularly clean out tree roots from our sewer lines, because we refuse to eliminate our beautiful old oak and maple trees. We restore our homes steadily and patiently - always a project on the horizon.

And you'll get different answers from different people as to the boundaries of midtown. I consider midtown boundaries to be Riverside to the west; Yale to the east (with the exception of White City and Lortondale); Tulsa University area to the north; and 41st Street (maybe 51st Street) to the south.

Midtown is a community within a community - the best little corner of Tulsa!

If you'd like to learn more about midtown Tulsa, give me a call - I LIVE here!! 918-852-5036


Content written and published by Lori Cain.
Copyright 2013 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Celebrate America! Happy 4th of July!

Celebrate America this Fourth of July!

Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe, to assure the survival and success of liberty.”                              
President John F.Kennedy

Home ownership is still a great, thriving American Dream!

God Bless America!

Linda Smalley, South Office
918.630.8431
lsmalley@cctulsa.com
LindaSmalleyHomes.com