There are many reasons why a person might prefer to live in a single level home. Some are purely by choice. Things like the easy of movement while carrying laundry, or the preference for vaulted ceilings. Others are truly out of necessity due to disabilities whether they be mobility problems, advancing age, or even blindness. But for many people, living in a 1-level home is their preference.
For these people, when they go to purchase a home, it means that they have a much smaller inventory of homes to select from. And for the seller of a 1-level home, it means that they have a very specific niche in the real estate market. So when a single level home comes up for sale, it is likely to be well received by buyers.
Some quick statistics: in the year 2000, the size of the U.S. population that was age 65 or older was 35,000,000 people or 12.4% of the population. It is projected that by the year 2030 that percentage will grow to 19.6%, or 71,000,000 people. This means that the desirability of a one-level home is only going to increase.
Now the twist, just as the demand for single level homes in increasing, the availability of land to build single level homes is decreasing, at least in Oregon. Every city and county has building codes that require specific distances, or set backs, from the property lines. A builder is simply restricted to foundations that fit within the set backs of any particular piece of property. Because a 1-level home usually has a larger foundation, it means that the smaller lots that are common in today’s developments do not have the area necessary to build 1-level homes. And this means that the land that is big enough to build a 1-level home will cost more because it is larger. It also means that the 1-level homes that currently exist will be high-demand and valuable into the future.
An important concept to understand when you are buying or selling a single level home is how the value compares to other properties. Why is it that a 1500 square foot, single level home, can sell for as much as a 2000 square foot 2-story home? This goes back to the construction of the building. The two most expensive components in building a home are the roof and the foundation. When you have a 2-story house, this big expense goes twice as far. So a 1-level home is more expensive to build per square foot, and through out it’s life of being purchased and sold it will continue to pass along this higher expense.
So if you are lucky enough to have a 1-level home, I hope that you feel good about your investment. If you are looking to buy a 1-level home, there are currently 70 of them for sale in Lake Oswego. The least expensive is 1346 square feet with 3 bedrooms, 1 1/2 baths, and was built in 1956. It is listed for $229,900. The most expensive is 5389 square feet, with 4 bedrooms, 3 1/2 baths, and was built in 1993. It is listed for $1,850,000. The other 68 single level homes for sale cover every sort of size and pricing.
Whether you are wanting to buy or sell, whether you want a 1-level or several levels, Linda and I are here to help. Please do not hesitate to give us a call or to drop us an e-mail.