INDIANAPOLIS – Oct. 17, 2016 – Homebuyers are increasingly losing interest in McMansions, according to Realtors and developers nationwide. Favored by some buyers a decade ago, homes ranging anywhere from 5,000 to 7,000 square feet are becoming difficult to sell. McMansions linger on the market for an average of 107 days.
According to a report from real estate website Trulia, the premium on McMansions has fallen from 138 percent in 2012 to 117 percent in 2016. The largest decreases were in Florida, which had one of the largest McMansion markets.
Baby boomers no longer need spacious McMansions, and millennials simply are not interested in them, says Greg Cooper, a managing real estate broker at Berkshire Hathaway in Indianapolis.
Carrie Holle, a broker at Highgarden Real Estate, says her clients are largely uninterested in mass-produced homes that prioritized size over function.
Source: Indianapolis Star (10/07/16) Turner, Kris
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Source: Florida Realtors Feed