TARRANT COUNTY (CBSDFW.COM) – A downsizing trend in North Texas is taking hold when it comes to real estate.
According to industry insiders, gone are the days where home buyers are seeking oversized mass produced single family homes. Specifically, the homes that range from 3,000 to 5,000 square feet.
JP Piccinini, a real estate broker and owner of JP & Associate Realtors in DFW, said the trend is growing because families don’t want those large homes anymore and builders aren’t building them.
“A 5,000 square foot was the norm, now we are down to about 3,000 square feet,” said Piccinini
A recent survey put together by Trulia.com shows home premiums on houses between 3,000 and 5,000 feet continue to drop.
Piccinini said the trend in North Texas is right on par with the national data collected by Trulia.com. He added, “The traditional family has really learned to be more fiscally responsible.”
Another factor driving this trend, according to Piccinini is the fact large vacant lots on which to build are hard to find and expensive.
He said, “You probably have under a 3,000 square foot home. That’s really the hot bread and butter.” Those homes tend to be townhouses, condos, and smaller single family houses.
The Silvia family in North Richland Hills recently swapped out their nearly 3,000 square foot home for a more modest 1400 square house. For them downsizing meant simplifying their life and cutting their bills by half.
Jennifer Silvia said, “You do have to get rid of some of your belongings, but that’s probably a healthy thing to do.”
Industry insiders said as long as there is a huge influx of people coming to DFW who are competing for living space this trend will continue.
(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)