If you are reading this blog, we of Palm State Mortgage believe you are in a group we call the house dreamers. House Dreamers are in the planning and shopping phase of finding a home and studying mortgage possibilities. If you are typical, it’s very possible you and your spouse have already spent a year getting your finances in order. We hope you have secured a good credit rating, and you have a steady job which you enjoy. We are here to help you to embrace the American dream of home ownership, and we suspect your two children are excited about getting a yard, and a puppy.
Of course the scenario above is about an “Ideal” mortgage and home house dreamer, but what else do we believe our house dreamers want?
A World of Facts
We turn to a recent survey by the National Association of Home Builders (NAHB), to discover what size of a house dreamers are seeking. They surveyed 3,600 home buyers to divise some interesting statistics. They found that the numbers varied by age, race, and ethnicity. Overall, the 3,600 house dreamers prefered a median of 2,226 square feet.
Size of the home dropped steadily as the house dreamer aged. Younger homebuyers under 35 searched fro 2494 square feet, but over 65 seekers specified 2,065 square feet as the largest in their consideration.
Their report disclosed many other details about the house dreamer’s market:
“The building industry wants to know how much space buyers want in their homes” said Rose Quaint, NAHB’s assistant vice president for survey research, and one of the study’s authors. “This study provides us with new insight into the home size preference of home buyers as a whole, but also across different demographic groups.”
Here is the ethnic breakdown:
According to the report, Minority buyers desired more space than White, non-Hispanic buyers.
Asian buyers searched for an ideal home of 2,280 square feet.
Hispanic buyers dreamed of at least specified 2,347 square feet.
African-American buyers sought 2,664 square feet.
White, non-Hispanic buyers dreamt of the smallest homes with a median of 2,197 square feet.
With these statistics in mind, perhaps the NAHB will know what type of homes to build for the next decade. Now that you know these statistics, you know if you are typical for your age and ethnicity, or wether you are “outside the box.”
A World of Fantasy
Both builders and house dreamers must also have idealized daydreams of what constitutes the perfect house. Such design fantasies were recently displayed in the 7,000 square foot dream home created at the National Association of Home Builders’ big trade show. “As the NAHB’s official show home of the International Builders Show, The New American Home is a symbol of energy efficiency and innovation.”For the show, Blue Heron, a Las Vegas developer, has built a New American Home that is a pure fantasy of technology and art.
It ignores the above buyer’s statistics and sports “subterranean courtyard, thousands of square feet of artificial water features, massive concrete-like overhangs, metal hand rails, faux-travertine floors and dozens of glass walls. The home is spacious with well defined spaces, multi-directional views, with seamless transitions bringing 17,000 sq. ft. of outdoor living indoors including several water features, lounging areas creating a “Resort Living” experience.”
This is reminiscent of the World’s Fair Exhibits of yesteryear, with their futuristic architecture. Clearly such a dream house is not aimed at the typical buyer, but it is entertaining and inspiring to see new ideas and design elements for the builders. From big dreamy visions like the Blue Heron house, come the workable ideas of energy efficiency for today’s more realistic architecture. We do hear that the fantasy house is 67% more energy efficient than if it had been built to code. That should be a do-able plus for a home of any size!
