FRESNO (KMJ) – Have we reached the end of the McMansion era?
A recent survey by the real estate site trulia.com shows home premiums on houses between 3,000 and 5,000 feet continue to drop.
Speaking to Fresno’s market, JP Shamshoian, the President of Realty Concepts says there will always be a market for large homes.
“There will always be a market for that, but it is true that Millennials have a penchant for not being tied down and it’s tough to keep your options open when you’re in a 4,000 sq foot house with a $5000 a month mortgage.” – JP Shamshoian, Realty Concepts President.
Some possible reasons for the change – large vacant lots to build on are hard to find and costly, and the traditional family has learned to be more fiscally responsible.
“A significant portion of our market right now is first time home buyers, younger folks buying homes maybe for the first time and those folks may not have the cash required to buy a 3000 to 5000 square foot house, right now.” JP Shamshoian, Realty Concepts.
The hottest homes across the country? Townhouses, condos, and smaller single family houses – according to Trulia.
