Question


U is fo...

Home Foreclosure Question...?

15+ years ago, the average home was a modest 3 bedroom house with about 1600-1900 sq. ft. and was priced between $75-$100K. In the last 15 years (worst in the last 5 years), new homes being constructed are now 4 bedroom and 2300+ sq. ft + much more, and starting in the low $290's? That's low to who? These huge home, huge developments are popping up all over the place, with no end in sight, and people are still buying them. When is enough, enough? Do people really need that formal dinning room, additional bedroom, formal living room, 4 full bathrooms and 4 car garages? The builders are a major part of the problem. The greed gets stronger and stronger, so they build bigger and bigger. Next, it will be "in the low $400's K". Basically, if the problem is that big, why are builders still building monstrosities? Does the average family of 4 now each require 600 sq. ft. of living space to live comfortably? More modest, affordable houses should replace what their building now.

2 years ago - 5 answers

Best Answer

Chosen by Asker

Yes it has started to change people with a better financial grasp of the housing market understand more home isn't better. Appreciation is over with in the short term and this boom has busted. When the greedy was in the market people over build. Now that the bubble has burst you will see things reverse a bit for some time period. Wait and see. Those bigger homes are on the market a lot longer then they were 30 months ago. Supply and Demand they build em if there are buyers. When the buyers evaporate the building stops. This over supply will last several years before things stabilize. These larger homes being built are already seeing there numbers decrease. I agree 4000 sqft is too much for me. I live in 2200 sqft and still feel like I am in a castle. Then again I am double income no kids so I still have over 1000 sqft for each person in my home. Its money driven if people can afford they want it.

by dave c

2 years ago

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Other Answers

depends where you live it has starting to change.

by acct#7- 2 years ago

Well, I get what your saying...Most famlies don't NEED all that room...but, some families do. So, building bigger houses is better for those big families. People need the extra space for plenty of things...what if they plan on expanding their family? What if something suddenly happened where they would need to move a friend or relative in?... Also, the market is in the middle of a HUGE crash, and houses are droping from $350,000 all the way down to $200,000. I am currently house hunting, and a house in particular is a 5-6 bedroom, 2 bath, 2,500 sq foot home and it was a $325,000 home priced at $209,900, and to this day still isn't selling...

by xogorgeousbabiox- 2 years ago

Builders are only willing to build what people are willing to buy, and perspectives have changed on what’s acceptable. My husband & I keep talking about how amazing it was that our parents each raised three kids in a 3 bedroom, 1 bathroom ranch style home. We just bought a similarly sized home to our parents’, but with 2.5 bathrooms (because I lost the ability to share somewhere along the way). Right now with just the two of us, it’s a good sized house. Add a couple of junior people, and it’s going to get claustrophobic fast. I won’t be buying new construction, but I’ll certainly be trading up in 5-6 years.

by Stacy- 2 years ago

well mate life is a bit like that and familys do need big homes ,children have different needs these days so ,hence the money comes with it and the large homes ,and all that comes with it .its called comfort!!!!

by doitnow- 2 years ago