Buyers expected to go smaller and greener in 2009
January 8, 2009
A few news articles recently have discussed the idea that prices on “green” properties are holding up better in today’s real estate market. As the current economic climate encourages home buyers to look deeper into their finances before buying a property, they are choosing to go with smaller homes and condos that don’t exceed their needs. They are also willing to spend extra on an energy efficient property, knowing that their choice will save them money over time.
Another trend that is expected to grow in 2009 is the migration from the suburbs back into cities. Last summer, the New York Times wrote an article about the economics of living in the city versus living in the suburbs, given the high price of gas. Although the financial incentives are not so strongly aligned now that gas prices have fallen, it still seems likely that young professionals will choose urban living and the downtown culture over long commute times.
Read more about these trends:
Nashville Business Journal: Builders go lean, green as buyers seek less space.
Philadelphia Business Journal: Green condos are still attracting buyers at listing price.
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