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Downsizing isn't for everyone

Posted by The Aramco Group on Tue, Mar 7, 2017 @ 14:03 PM

When asked to describe their dream home, many Americans would speak of a palatial mansion with dozens of rooms and plenty of space. But according to a new survey of homebuyers, this is not necessarily the vision of everyone. The ideal home size depends largely on one's current living quarters and their age.

An online Harris Poll conducted on behalf of Trulia shows that despite average square footage increasing over the last several decades, there is a growing dissatisfaction regarding current home sizes. Just 32 percent of those surveyed state that their current home size suits them and would look for a new home of similar size.

Older respondents would be more likely to downsize than other age groups according to the survey. Current homeowners who intend on moving within the next decade also indicated a willingness to move into a smaller home – this is especially true for those whose current homes are more than 3,000 square feet.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent while 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.