More Boomers Selling Homes, but Who Will Buy Them? (friends, wife, school)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I time with n building goig o and boomers goig to retire over a ten year or longer erod ;zI see no problem here really. Its nt ike its goig to happen now. Likely as the economy mproves there wil be alot of buyers needig that first home like i the past and not buyig new homes thru the decade or so boers retire in. Even then its not all boomers leave areas anyway;many amy want to but like the past will not be able to afford it.
Good article with food for thought about the notion of selling your current home as part of your retirement plan. Often mentioned in the forum but this is food for thought. News Headlines
Varying opinion in the link, I just highlighted a couple as a sampling of the article.
It's because the kids are broke and out of work living with their parents while they pay for boomers healthcare and retirement with their minimum wage job.
Not trying to be inflammatory, but the truth is what it is. Anyone counting on S.S. or Medicare to take care of them is making a big mistake. The kids can't afford their own healthcare let alone someone else's. Forget buying a home. Or a family for that matter.
It's because the kids are broke and out of work living with their parents while they pay for boomers healthcare and retirement with their minimum wage job.
Not trying to be inflammatory, but the truth is what it is. Anyone counting on S.S. or Medicare to take care of them is making a big mistake. The kids can't afford their own healthcare let alone someone else's. Forget buying a home. Or a family for that matter.
My kids and their many friends would beg to disagree with you big time. One son 36 has owned 3 houses and the other 31 and his friends own homes and depending on where they live expensive homes. Many young people 22-30 are thriving having made the right decisions about effort, education and career choices. It is there for them if they are able and willing. Thats the key getting training in a field that needs people and not just a field that you find interesting etc etc. Fiscal wisdom when funding that education by parents and child also plays a big role in creating the foundation. It isn't easy but then throughout the history of man this is about as easy as it gets. Sure not as easy as 8 years ago but as all of us seniors know we have gone through cycles before.
I agree its not like that in my exrended family. Kids doig fine on their own. and I know in mnay tehras I am aware of. There will always be minimum wage workers in any generation really.I thnik just the defciit and what it will menas may perhaps mean that younger people actaully reverse a trend of dependence that been gaining the mid 60's.Remember the greatest generation came out fo the 20's society and went thrut eh depression which I am sure poepole thoguht the world itself was going broke.
One Boomers now to big home is often another Boomers down sized home. 3,400 sq ft to 2,800 sq ft is downsizing as is 2,800 to 2,000.
Downsizing - in terms of the numbers you mentioned - wouldn't make sense to me at all. If done simply for the sake of downsizing. Of course - if you're talking about relocating - and/or buying a place that better suits your current and future lifestyles than the one you had 25 years ago - or want a new place instead of your current "fixer-upper" - that's another matter altogether. Robyn
Downsizing - in terms of the numbers you mentioned - wouldn't make sense to me at all. If done simply for the sake of downsizing. Of course - if you're talking about relocating - and/or buying a place that better suits your current and future lifestyles than the one you had 25 years ago - or want a new place instead of your current "fixer-upper" - that's another matter altogether. Robyn
Yeah in many ways you hit our nail on the head. We had a house over 3,300 and were going to but about 1,800 when we retired. But as we looked and looked we ended up finding what was perfect for our life style at 2,681. You get use to certain things and downsizing isn't as easy as it sounds. We found you can only cut by so much below what you are use to.
Normally when talkig about down sizing it iinvolve moving to different location whether close by or further;but major cinsideratio is that mnay have homes meant to raise a amile in rather tha just two retirees. Even then mnay fial to cut back when it coes to furnishing which goes along with it . Oters have no problem cutting that and possessions. Often it is also simpler utside redcue maintianance there.
Yeah in many ways you hit our nail on the head. We had a house over 3,300 and were going to but about 1,800 when we retired. But as we looked and looked we ended up finding what was perfect for our life style at 2,681. You get use to certain things and downsizing isn't as easy as it sounds. We found you can only cut by so much below what you are use to.
We're about with you - at 2800 sf under A/C. Although we came at it from the opposite direction - moving from an 1800 sf high-rise condo. I found the extra space was/is a real luxury - especially all the extra closet space . It's also nice to have separate "home offices" for me and my husband - and a separate guest room - as opposed to a second bedroom that served all 3 purposes in our old place. And we love having a garage. Robyn
We're about with you - at 2800 sf under A/C. Although we came at it from the opposite direction - moving from an 1800 sf high-rise condo. I found the extra space was/is a real luxury - especially all the extra closet space . It's also nice to have separate "home offices" for me and my husband - and a separate guest room - as opposed to a second bedroom that served all 3 purposes in our old place. And we love having a garage. Robyn
When I worked I would wake up at 5:15 and often got home at very different times with some nights til 10:00. Might get home before that but had to go back etc etc etc. I had over 100 azaela and rhododenrons and would often come home during the middle of the day to be able to enjoy them while in bloom. Same with my magnificent Cherry trees. The point is my time at home on relation to now was much different. I learned from listening and reading to folks in retirement the extreme importance of your house and lot. Our lot before retirement had drawbacks, landscaping aside. We knew in retirement that being home meant a view and living space that would play a major role in our new found home lifestyle. Our lot is beautiful backing up to woods and a creek. It is on a quiet cul de sac and the view is vacation like. Even after 4 plus years looking out is still a joy. We had a great agent and you can leave the blinds up and enjoy from inside. Your house plays a major role in retirement enjoyment.
Again we are kind of "ditto". This is part of the view from our back porch (and most of the back of the house - dining room - living room - master br and my office all face to the back). In back of those trees is a marsh. Our lot is kind of 'pie-shaped" - on a street that is a "C" with about 30 houses off another more main road. The side-set backs aren't that big. So - to get the privacy we wanted - we basically put the major living spaces/windows in the back of the house.
We really can't have the kinds of flowering trees and shrubs you describe here - wrong climate. Except for the azaleas (which we learned from experience do poorly on our lot). I do use the rather large bed that is between the house and the strip of grass for flowering shrubs and annuals - a butterfly/hummingbird/other bird/bee/herb garden. Wasps find the garden attractive too .
Iin terms of selling houses - I have never followed the advice most realtors give about fixing up a house to sell it. Except perhaps for the basics (like making sure your place doesn't look like something from "Hoarders") - I figure out what - if anything - needs to be done in terms of updating to attract buyers in my area - what it might cost - and just take it off the price of the house. Ditto with repairs like fixing roof leaks (which you're required to disclose to potential buyers in Florida). Perhaps realtors say what they say because they work off commissions - the higher the sales price - the higher the commission. And heck - where we live now - and vacant land is hard to come by - buyers will actually buy 30 year old places that need lots of work for the land - tear them down - and build something new. So why paint the place before you try to sell it ?
BTW - when we worked - we usually got up at about 6:30 - and usually didn't come home until after eating dinner out (after 9:00 pm). Worked a lot of Saturdays - some Sundays as well. Although we didn't live far away from where we worked - I can't recall coming home during the work-day. People really have to think about how their lives will change when they retire. If they are like us - and most retired people we know - they will be spending a lot more time in their homes than they did when they were working. Robyn
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. It's also nice to have separate "home offices" for me and my husband - and a separate guest room - as opposed to a second bedroom that served all 3 purposes in our old place. And we love having a garage. Robyn
.
