Bigger Isn’t Always Better: What are Today’s Buyers Looking For?

With the market slightly cooling, Everest takes stock of recent trends

What are homebuyers looking for? You won’t believe this one…

Picture this: a huge house on a hill, surrounded by sprawling gardens, fabulous foliage, gargantuan fountains, and amenities fit for royalty. It’s not a house—it’s a mansion! And it’s the ultimate symbol of wealth, power, and success in America.

Since the dawn of our country, people have aspired for more square footage. Owning a large home is not only a status symbol, but also a practical decision for growing families. During the pandemic, we also saw more emphasis on spread-out housing. These preferences cut across virtually every demographic category—age, race, ethnicity, etc.

According to a 2021 Pew Research Center survey, 60% of people desired communities in which “houses are larger and farther apart.” Up a whopping 53% from the same poll in 2019, their craving for greater space comes as no surprise. Wanting ‘more house’ is the American way.

But like all other trends, industry professionals are now seeing a significant shift as homebuyers face rising interest rates and higher-than-usual home prices.  

Is ‘better’ the new bigger?

For the past year, many are arguing that small is superior. Beyond the financial factor, post-pandemic supply chain shortages have limited the speed at which builders can put up those massive new-builds in the ‘burbs.

Families looking to move are also faced with record-low inventory, leading them to consider smaller options they’d typically skip over. Not to be confused with the ‘tiny home’ trend, these properties are in the 1,400 to 2,000 square foot range—what many refer to as ‘starter homes.’

Despite the fact that new homes continue to gain square footage, the case for modesty is becoming more compelling.   

“Functionality is more important than square footage,” explains Stacey Freed of Realtor.com. “Examples of gaining extra functionality out of existing space include dining rooms that are transformed into exercise spaces, or workspaces located on stair landings or in a niche behind a bookcase instead of a dedicated office.”

It’s the classic push for quality over quantity. And here at Everest—we’re loving it!

People are finally realizing that having unused or oversized spaces in their homes is more of a burden than a badge of honor. Likewise, architects are reacting to the ‘downsizing’ trend by integrating more flex spaces, smaller rooms, and more functional designs.   

It’s also refreshing to know that when buyers are priced out of certain markets, they’re being reasonable when it comes to home size—and they’re also getting creative.

So, whether you’re house hunting or looking to maximize functionality in your own small home, take inspiration from this 2022 hot list of home amenities. We still can’t believe ‘more square footage’ didn’t make the cut!

So, what are people looking for? Let Everest be your guide…

Top Homebuyer Requests, 2022

Functional kitchens

As opposed to a colossal island or triple-oven setup, today’s dream kitchen is all about workflow. People want practical space for food prep, cooking, eating, and cleanup. So, we’re seeing more requests for easy-access work surfaces, floor-to-ceiling cabinetry, smart organization, and the ‘working triangle’ (ideal placement of sink, cooktop, and fridge).

Flex rooms

Once upon a time, people wanted a dedicated room for every aspect of their lifestyle. But this ultimately leads to wasted space. Instead of separate dining rooms, offices, and exercise rooms, families are waking up to the convenience of flex spaces. As people’s needs evolve, areas of the home can adapt and change. For example, an office becomes a hobby room upon retirement.

Efficiency spaces

Nooks are the new rooms! Homes that allow residents to creatively maximize space are in hot demand. “The separate dining room is gone in favor of an eat-in kitchen with room for a separate table,” says Jenni Nichols of the New Home Trends Institute. “The bedroom niche we used to use for a dresser is now a spot for a desk. Home offices do not need to be bedroom sized.”

Cool master suites

Note: cool means cool—not big! Many buyers are willing to forgo extra bedrooms in favor of a primary bedroom that’s fully stocked. Ensuite bathrooms, walk-in closets, and quaint sitting areas continue to top their wish lists. According to Freed, a bedroom with high ceilings and well-placed windows can also give an impression of space, as “no one wants to feel cramped in their home.”

Smart storage

This one’s a no-brainer! Good designers and architects know that a home with ‘lots of storage’ doesn’t necessarily imply a larger home. Families simply need space for their most commonly used items. So, a home with ample storage for food, dishware, linens, and clothing will always be in high demand. New requests also include extra space for shoes, wine, and kids’ toys.

Everest says: don’t let lack of space cramp your style