Multiple Showerheads, Outdoor Kitchens the Latest Victims of the Housing Slump
January 27th, 2010 categories: Chicago Real Estate News
If you watch the home shows on cable channels HGTV, A&E or TLC, you’d think that every bathroom in the United States boasts dual-bowl vanities and showers with multiple shower heads.
But “reality” TV rarely reflects the reality the rest of us see. Thanks to the housing market’s long slowdown, builders are turning away from the frills that we see on the housing shows, and returning to the basics of solid craftsmanship, small but functional homes and energy efficient construction. It remains to be seen if the producers of the TV home shows will ignore this trend or highlight it.
The Associated Press, though, has already caught on. That’s because its reporters were covering the International Builders’ Show held last week in Las Vegas. During the show, the National Association of Home Builders and Better Homes and Gardens released surveys showing that builders were turning away from the luxuries and high-end amenities that largely marked the days of the residential housing boom.
What’s in now? According to the Associated Press, small homes with abundant natural light are at the top of the national trends list. Builders are also focusing on energy efficiency, and they’re providing lots of storage in the new, smaller homes that they’re building.
What they’re not doing is focusing on outdoor kitchens, soaring two-story foyers or the formerly ubiquitous ultra-deluxe bathroom features. Say goodbye to those steam showers.
This should be little surprise. Buyers simply don’t have as much money to spend on luxury items. At the same time, the average asking price of homes has dropped significantly since the housing boom ended in mid-2006. Builders who add too many frills might find themselves priced out of the reach of the vast majority of homebuyers today.
Remember, a larger slice than ever of the national and Chicago housing market is made up of first-time homebuyers. These buyers are looking for granite countertops, but they’re also searching for modest, well-built spaces that don’t cost a fortune to heat or cool. Builders who provide this will be giving themselves an advantage in today’s new housing market.
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