Yes, “Frugal” is the word lately, when it comes to many Ann Arbor Home Buyers.  Gone (for the time being anyway) are the days where home buyers wanted almost every upgrade available. You know; granite counters, end unit location, upgraded tile, premium site upgrade, etc.  It’s not that buyers still don’t desire these amenities…it’s just with the current real estate correction, many buyers don’t feel comfortable paying extra for these perks. And for good reason. The buyers, who paid through the nose, especially if they bought new construction at the top of the market, very rarely got any return on the upgrades they paid so dearly for, at the time of resale during the current real estate downturn.

What buyers are choosing now are products like the venerable and affordable counter top material “Formica”, that has been around seemingly forever and is  making a comeback. High-end appliances are taking a back seat to the “Plain Jane” versions of stoves, refrigerators and dishwashers, etc. “Functionality” and  “Bang for the buck” are the new buzz words of today’s Ann Arbor area home buyers. Home sizes are getting downsized as well with the average size of a new home coming in at 2065 square feet-the smallest since 2000. Also, the median home price has yet to rise above 2004 levels. Right now, here in Ann Arbor and around the country, homes priced in the $200,000 range and lower, are the hottest segment in the housing market. This trend to smaller-less showy, more affordable homes has not gone unnoticed by Builders. Many of the nations largest builders are offering smaller homes, with more open floor plans, and with basic amenities to appeal to this new frugal breed of buyers.

So, there you go. Isn’t it interesting, how home buyer habits have changed so dramatically, from just a few short years ago? Back in the “boom days” granite suppliers and contractors couldn’t keep up with the demand. Now, a lot of these suppliers and installers are out of business. Well, I’m sure if we wait long enough, we’ll see Ann Arbor real estate “boom” again and the cycle will repeat itself, again and again and again.

If you have any Ann Arbor Real Estate questions please feel free to contact us at the Wickland Group. We specialize in Ann Arbor Real Estate,  Ann Arbor Downtown Real Estate, Ann Arbor First-Time Buyers and Ann Arbor Move-Up Buyers. Remember,  Professional Assistance is just a click or call away.