The Evolution of Home Design: Bid Farewell to Bathtubs and Living Rooms?
-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://soundcloud.com/cleve-gaddis/the-evolution-of-home-design-bid-farewell-to-bathtubs-and-living-rooms/s-8VV3Sw6w2m3?si=26a54841bc0047b7aa644167c520c7cd&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing
Welcome back to Go Gaddis Real Estate Radio right here on AM 920 The Answer. My name is Cleve Gaddis. Thank you for sticking with us through the break. In this segment, could it be that it is goodbye bathtubs and living rooms? Oh man, I hope not. And do real estate agents just like many other self employed people experience burnout?
My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio where we help listeners. Go from real estate novice to expert, so home selling and buying can be done with total confidence. And without all the worry that is so typical with life's biggest investments, we don't want you to learn anything at closing or after that you should have learned before.
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We're available on every major podcasting platform. You can do all of that at go gaddis radio. com G O G a D D I S radio. com. Here's an article from the wall street journal, August the 22nd of 20. 23. Goodbye bathtub and living room. America's homes are shrinking. My girlfriend Tammy loves a Tub. She loves a bath.
So she loves a bathtub and she's been looking for potential homes to purchase in the Dallas area and we looked at some homes before I bought my townhome and one of the first things that she looks for is whether or not the master bathroom has a bathtub. The reality is homebuyers are faced with higher mortgage rates, you know, and because people are cost constrained they're embracing smaller homes.
For many, home ownership may be, may be attainable. Only if they give up something like a bathtub or a dining room. You don't, if you haven't been under a rock, or if you've been under a rock, you don't, you didn't know that home prices are near record highs, which is certainly frustrating millions of potential buyers who feel really priced out of the housing market.
Home builders are having to find ways to make their product more affordable to increase the pool of customers. One of the ways they do this is by shrinking the size of new single family homes. And this is really increasingly popular way to save money. Smaller homes can help cost constrained buyers.
They also boost the bottom line for builders. Since 2018, listen to this, the average unit size for a new construction start has decreased 10 percent nationally to 2, 400. and 20 square feet. According to livable, livable by Zonda, which is a listing platform for new construction homes. Construction starts for new single family homes declined in 2022 but starts for homes with fewer than three bedrooms increased 9.
5 percent over the same Period. They're building less homes, but they're building more smaller homes. Home sizes are shrinking in most of, in, in most of all of the hotter markets this year compared to the previous year in Seattle, where the size of newly built homes is 18% smaller than it was five years ago.
Uh, new homes in Charlotte, North Carolina and in San Antonio shrank by 14%. Most builders and architects follow the same basic playbook to produce tighter, more efficient living spaces. They are axing dining areas, bathtubs, and separate living rooms. Secondary bedroom and loft spaces are shrinking and sometimes disappearing altogether.
I wouldn't care if my home didn't have a dining room, and I wouldn't care if it didn't have a separate living room. I'd want it to have one big, gigantic great room. That would be what I would be looking for. At the same time, they are increasing the size of multi use rooms like kitchens and great rooms.
Shared spaces like bunk rooms and Jack and Jill bathrooms are also being increased. They're on the rise. In some cases, the kitchen island has become the only eating area in the home. In my prior home and in my home currently, I tend to eat at the kitchen island way more often than I eat at the breakfast table or the table that's in the little dining room, which in my house actually opens up into the family room anyway.
Shrinking homes, believe it or not, are also beginning to reshape the furniture market. Demand has increased for items with multiple functions, from kitchen islands with drawers, to wine racks, to sleeper sofas, and smaller drop leaf dining tables. The share of new home projects priced below 400, 000 has declined in nearly every major home building.
market since 2018 for entry level buyers across the nation. The cost of owning a home has increased a whopping 72 percent from February 2020 to May of 2023. These smaller floor plans usually mean that buyers are getting less space for their dollar. Lower list prices might make the overall price cheaper, but buyers are still paying more per square foot.
If you look at inflation adjusted cost of a square foot, it increased 2. 5 percent on average between 2012 and 2012. And 2020 every single year. In both 2021 and 2022, it increased nearly 4%. Builders have also ramped up activity for other cost saving methods like starting home construction offsite. And building more attached homes.
Those buyers who are willing to share a wall with a neighbor, uh, sometimes save thousands and makes home ownership more attainable, more affordable. They don't see it as a smaller home. In many cases. People see it as a dream come true, even if it is less square footage. This segment of the show is brought to you by the law firm of o' Kelly and Sohan.
They're a full service off law firm with 26 offices throughout Metro Atlanta. They specialize in residential real estate closings, including home purchases, refinance, closings, corporate relocation, real estate contract review and title insurance matters. They can help you with anything. They can also help you with estate work.
They can be reached by calling 9 7 1 8 8 0. If you're listening and you're interested in sharing, go to go gaddis radio. com, click on the contact us button and tell me what feature do you have currently in your home that you'd be willing to. And what's one feature in your home that under no circumstances would you be willing to give it up?
Again, go to gogaddisradio. com, click on contact us, send me a message, I'd love to hear your thoughts, and we will share your thoughts on the radio. If you're listening and you're self employed, and for some of you who are employed, you are workaholics. I would imagine that if you're listening, you probably know a good number of real estate agents and my guess is that at least a few of them are workaholics too.
They probably seem to work non stop. Do you wonder if they ever experience burnout? Do you wonder if others in the world experience burnout? We got a question from, we received a question from Francis in Alpharetta. Says, we only know our real estate agent who sold us our home and often wondered if an agent's day ever ends.
It seems like he worked from sunup until sundown. Do you have any tips for agents, um, to take time for themselves? This again, this is Francis in Alpharetta. Got some, uh, interesting, um, thoughts on that. Many, many agents do struggle with burnout. Um, I'm not sure why there's so much guilt around taking a day off.
Uh, real estate agents are really small, independent, small business owners. Uh, and they experience very common, uh, you know, the hustle and grind mentality in the industry. They work hard, they believe that if they work hard they'll be successful. You know, if you're not meeting their goals, they believe they should just work a little bit harder and hard work.
is really important, but what's even more important is strategically doing the right activities and balancing those activities with enough rest. The definition of rest, you know, is really allowing your brain to unplug and your energy to recharge. It'll look different for each one of us. For me, it might be walking.
Uh, I know a lot of people who love to read fiction or non fiction. Uh, some people love to relax by binging a Netflix show or going on a little road trip to explore a new area. Tammy and I, and many of you have heard Tammy, on the show with me over the years. Just went on a 10 day vacation where we visited 10 botanical gardens in 10 states in 10 days.
By the way, walked 185, 000 steps in those 10 days. For those of you who don't know what that means. That means we walked about nine miles per day. So rest and relaxation can look different for everybody. The point is to do whatever it takes to step away from the details and the stress of real estate and to allow the brain to focus on something else for, you know, at least the better part of a day or a full day.
Hopefully, consistent rest has several benefits. It allows the brain to tap into creative problem solving and better handle stressful situations. It allows you to be more patient. I need that sometimes. And certainly promotes our physical health and we're well rested. We were able to keep our clients and the co broker clients happy.
A couple of suggestions, use the buddy system, team up with someone, or go work for a real estate team. So you'll have somebody that can cover for you, pick a day of the week strategically, plan in advance, take it off, and then realize there are very few real estate emergencies, unless the house is on fire, whatever's going on.
is not an emergency. If you're interested in joining a team as a real estate agent so you don't suffer burnout, reach out to us. Call us at 770 497 0000. We've got lots of good opportunities for you and maybe a friend or two of yours as well. If you're planning to sell your home anytime in the next six months, we believe we can sell your home for 28, 000 more than your neighbor sold his or her.
How can we do that? Number one, we'll provide you with a customized maximum value plan, which is like an appraisal on steroids. And number two, we'll provide you with a rehab and refresh budget of up to 15, 000. That's right, 15, 000 to make your home shine like a brand new diamond so that the first homebuyer who walks in the door Falls in love with it and wants to buy it to find out more go to go gaddis radio.
com. That's g o G a d d i s radio. com click on 28, 000 more put in just a little information. You'll be on and off the site in 30 seconds. I will follow up with you personally To help you understand how we can market your home, how we can show your home better than, in my opinion, anybody in Metro Atlanta and get your home all of the attention that it absolutely deserves.
We're going to take a quick break. When we come back in our neighborhood spotlight, we're featuring Fox Hall in Roswell and the Atlanta Code Orange air quality alert. Does air pollution affect real estate? I'll bet it does. Stick with us. We'll be back.