Downsizing is just one of the many consequences Americans are enduring as a result of the real estate meltdown. Prior to the recession, McMansion dwelling was considered the ideal living situation and sprawling homes featuring a minimum of 3,000 square feet were the norm. Opinions of the matter have switched and now 55 percent of Americans now favor living in a home with a more manageable 1,401 to 2,600 square feet of space (Trulia.com).

Although small is the current equivalent to "this year's black" in the housing market, it is not the only trend affecting the decisions of home buyers. Other amenities currently en vogue include fuel efficiency, green living and interior designer features. Home sellers looking to position their home in order to receive fair market value on their properties, need to pay special attention to current consumer behavior in order to come to agreement on terms.

Advantages of Small Home Living

After years of consumers adhering to the motto "bigger is better" the tides have officially turned and large homes are no longer considered chic. Instead, home buyers are buying up smaller homes and according to reports on HuffingtonPost.com small housing niche is booming. Jay Shafer, the co-founder of the Small House Society, has admitted that to some, the concept may seem "un-American" as downsizing means making due with less. However, the temptation of sustainable living, reduce waste and a new commitment to green living is evolving to be the new face of America.

Small home living has major advantages in comparison to bigger accommodations. Smaller homes generally are less expensive to buy and require less money to heat and cool. Additionally, more square footage means more space to clean when it comes time to conducting that task. For those who prefer, a hands-on approach to living in some of the tiniest of homes, allows individuals opportunities to build their living space with their own two hands. Finally, some small homes are built on wheels and provide people to live on the fringe of conventional society, if they so choose.

What Buyer's Are Looking For

In addition to downsizing living space, home buyers have extremely high expectations regarding what necessities should be included in small homes to ensure living large. Consumers looking to downsize require thoughtfully designed homes featuring components conclusive to current life style trends. Some common features important to the downsizing trend include:

• Green Housing: As consumers are trying to manage both their household budgets and levels of consumption, energy efficiency is a must have feature in housing of any size. Home builders and interior designers are using sustainable materials in their projects and opt to us Energy Star appliances, solar energy and fluorescent lighting whenever possible.
• Open Living Space: Not only will an open floor plan make a small place look more spacious, properly designed rooms will have better circulation and make entertaining a breeze.
• Contemporary Design Features: Houses featuring granite counter tops, stainless steel appliances and sleek bathrooms, are must have features in a home of any size.
• Long Term Living: The typical home shopper is now viewing a home purchase as a long-term strategy and many plan on eventually tapping into a reverse mortgage loan on a home. Aging in place is just one of the considerations used in the decision making process. Large enough space to accommodate wheel-chairs and walkers, elevators in condominium buildings and adaptable living spaces are hugely popular features.
• Office Space: Many individuals are interested in launching their own businesses in order to avoid falling victim to the will of an employer come the next recession, and an area that can easily convert into a work space is a crucial selling point to those in need.

Economic Restraint Now Chic

Whether it is being done out of necessity or personal choice, buyers are being extremely cautious in regards to the home buying decision. Financial safety is now at the forefront of any home purchase decision and individuals are interested in buying homes that are affordable, easy to maintain, are energy efficient and have been designed with attention to both form and function. Ultimately home buyers are dedicated to gaining the most bang for the mortgage buck and smaller homes packed with amenities and backed by the lowest mortgage rates in years, are the current real estate fad.