U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-25-2014, 01:14 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,985 posts, read 54,735,596 times
Reputation: 31366

Advertisements

Quote:
Originally Posted by newenglandgirl View Post
I wonder if different parts of the country have differing senior sell-off rates. Maybe the pricier areas like the E and W coasts have more seniors selling than the interior of the country? And the northern states too?
The difference is not in the number of seniors selling, but in how many people are trying to buy there. In the case of Seattle there are far fewer homes than buyers, with people moving here for good jobs or moving up to a bigger home as they start families. A lot of seniors would have to sell before prices would fall. One house down the street went on the market last Wednesday and today has a sold sign.
Reply With Quote Quick reply to this message

 
Old 08-25-2014, 02:36 PM
 
Location: Purgatory
6,322 posts, read 4,781,921 times
Reputation: 9765
I also wonder how the impact of home sales from elderly deaths will effect younger generations. For example, my grandparents' home is fully paid off and her 3 children are selling it at 300k. Her kids are all in their 50s. They didn't lose anything in the crash of 2008 and now they will be more wealthy than ever w + 100K each.

It makes me wonder if this is eventually going to save the millenial generation from all the doom and gloom that is assumed for them. Maybe it will take 10 - 30 year, but I think this will be a big financial help to them.
Reply With Quote Quick reply to this message
 
Old 08-25-2014, 11:07 PM
 
6,913 posts, read 3,909,635 times
Reputation: 15723
Newenglandgirl, it was in Oregon outside of Portland.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 02:39 AM
 
72,206 posts, read 72,173,749 times
Reputation: 49704
Quote:
Originally Posted by Utopian Slums View Post
I also wonder how the impact of home sales from elderly deaths will effect younger generations. For example, my grandparents' home is fully paid off and her 3 children are selling it at 300k. Her kids are all in their 50s. They didn't lose anything in the crash of 2008 and now they will be more wealthy than ever w + 100K each.

It makes me wonder if this is eventually going to save the millenial generation from all the doom and gloom that is assumed for them. Maybe it will take 10 - 30 year, but I think this will be a big financial help to them.
baby boomer kids today stand to inherit almost 1 trillion in assets.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 04:58 AM
 
Location: Buckeye
601 posts, read 718,831 times
Reputation: 1389
Recent reports indicate there's very little purchase activity in the "first time home buyer" segment of the market. Apparently the bubble blew away many young buyers who do not trust the market. According to economists at the National Association of Realtors most activity in the market is at the upper end. New home sales are also seeing a slow, make that very slow, recovery from the bubble.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 06:36 AM
 
Location: Near a river
16,042 posts, read 19,034,196 times
Reputation: 15649
Quote:
Originally Posted by ABQ2015 View Post
The baby boomers have just barely started to retire. The largest number of baby boomers were born in 1957. Many of those who did not save may end up selling their homes (or downsizing) to fund their retirement. Wealthier ones will also be downsizing. The millenials do not have as much money and may prefer smaller homes that are closer to more urban areas with walkability. Some estimates are that this will cause a housing bust around 2020 with a glut of large and suburban homes on the market. Also interest rates may rise and drive down home prices.
I see things in this way too. Though I wonder if it will happen a few years before 2020. That's why I think selling ahead of the curve, sooner than later, may serve us better.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 06:46 AM
 
Location: Near a river
16,042 posts, read 19,034,196 times
Reputation: 15649
Quote:
Originally Posted by Hemlock140 View Post
The difference is not in the number of seniors selling, but in how many people are trying to buy there. In the case of Seattle there are far fewer homes than buyers, with people moving here for good jobs or moving up to a bigger home as they start families. A lot of seniors would have to sell before prices would fall. One house down the street went on the market last Wednesday and today has a sold sign.
Well this brings up another excellent point. For those living in hot areas like Seattle, Boston, Atlanta (where the young jobs are), holding onto the house is an investment, contrary to what is commonly said ("your home is not an investment any longer"). Seniors who want to have their home as the ace in their hands to help finance advanced age may do better to hang onto their house in the hot area and either continue to live there or rent it out, rather than dispose of it for something else (unless moving into another hot area). Moving from a hot area to a non-hot though lovely area may not provide that final return.

For some the matter is complicated, as prop tax in the hot area spirals out of hand—holding onto the "hot" house over the next 10 to 20 years (along with the inevitable costly upgrades) may mean some sacrifice.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 06:46 AM
 
29,908 posts, read 34,970,994 times
Reputation: 11812
Quote:
Originally Posted by newenglandgirl View Post
I see things in this way too. Though I wonder if it will happen a few years before 2020. That's why I think selling ahead of the curve, sooner than later, may serve us better.
A lot, a very lot depends on immigration reform. If those here on student visa's are allowed to stay especially working in well,paying fields that will be a market of home buyers often without debt and with higher incomes.
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 06:48 AM
 
Location: Near a river
16,042 posts, read 19,034,196 times
Reputation: 15649
Quote:
Originally Posted by Harpaint View Post
Newenglandgirl, it was in Oregon outside of Portland.
Ah, a "hot" place!
Reply With Quote Quick reply to this message
 
Old 08-26-2014, 06:51 AM
 
Location: Near a river
16,042 posts, read 19,034,196 times
Reputation: 15649
Quote:
Originally Posted by GeneR View Post
Recent reports indicate there's very little purchase activity in the "first time home buyer" segment of the market. Apparently the bubble blew away many young buyers who do not trust the market. According to economists at the National Association of Realtors most activity in the market is at the upper end. New home sales are also seeing a slow, make that very slow, recovery from the bubble.
First-time homebuyers in moderate income categories usually buy more modest homes, esp now with the mortgage tightening. Will second-timers want older homes* like the boomers typically have, or can they well afford to buy newer and bigger?

* "Older" to them means "newer" to us when we purchased
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top