In recent times, Millennials, typically aged between 24 and 42, have been the primary demographic in the housing market, with many of them purchasing their first homes. However, a significant shift occurred last year when the Baby Boomers surpassed the Millennials as the largest home buying generation. According to the National Association of Realtors, Baby Boomers accounted for 39% of all homebuyers in that period. Remarkably, they also maintained their position as the leading home selling generation, representing 52% of all sellers in 2022.
Contrary to the historical trend of downsizing, the Baby Boomers did something different last year. Instead of downsizing, they were more inclined to trade their homes for properties of similar size or even upgrade to larger dream homes. One of the reasons behind the Boomers’ ability to move to different homes was the substantial equity they had accumulated from previous homeownership. This equity made it relatively easy for them to make such transitions. On the other hand, Millennials faced challenges in achieving homeownership due to higher interest rates, escalating home prices, and the presence of competition from the Baby Boomers for the same properties.
In the previous decade, Baby Boomers used to make the decision to downsize and move to a smaller home once they reached their early 60s. This choice was often driven by their kids having grown up and left the nest, retirement approaching, and a realization that they no longer needed the large living space or desired to be a part of a community with peers of the same age.
However, the current trend shows that Boomers are now delaying downsizing until they reach the age of 74 or 75. This change is attributed to their improved health and active lifestyle. Many of them have homes with a primary suite on the ground floor, eliminating the concern of dealing with stairs. As a result, they are choosing to stay in their current homes for a longer period, feeling unready to move on to the next stage of their lives. And when they do eventually decide to make a move, it doesn’t necessarily mean they’ll opt for a smaller home, as it was the case before.
While Baby Boomers are eventually making the decision to move, they are facing challenges when it comes to selling their homes. Some of these homes might be outdated, cluttered, or simply not appealing to today’s buyers.
To address this issue, I recommend a “Home Physical”, a valuable resource that I offer. This involves taking a closer look at your home and creating a list of necessary improvements, recommended enhancements and tasks that can be postponed. By tackling these issues in manageable increments, you can prepare your home for eventual sale without burdening your children with the responsibility of managing significant problems later on.
As your Seniors Real Estate Specialist, my team will help you from start to finish to be able to sell quickly, for the most money and in the shortest amount of time allowing you to move to the next chapter in your life.