Smaller Spaces - A Market Trend

I thought this was a great article from the WSJ:
http://online.wsj.com/article/SB125807017854346243.html?mod=WSJ_hpp_RIGHTInDepthCarousel
John Wieland has been very successful selling on Daniel Island even with the downturn in the market. Most of the homes Wieland has built in the past 12 months on the Island have been between 3,000-3,400 Square feet but recently they have added some homes in the 2,500 Square foot range to their portfolio on Pierce Street.
I think the key point in this article is that builders are not counting on things to go back to the way they were and that what we are seeing when people are choosing to simplify their lives by not living in such expansive quarters is a "a fundamental change in the way people are going to want to live."
In working with buyers recently it has become clear that they are downsizing their budgets as well as the space they "need" and prefer more practical floor plans with no wasted space.

Tax Credit Extension

Here is an article regarding the tax credit extension that will be valid on contracts written through April 30, 2010 for first time homebuyers and people who have lived in their current residence for over five years. This article has a quick fact sheet explaining who qualifies and the general terms of the tax credit:
http://www.usatoday.com/money/perfi/taxes/2009-11-05-homebuyer-credit-jobless_N.htm