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Seems like just about everyone I personally know who's around my age (65) and older is getting their homestead ready to sell in order to either downsize or relocate. (A few of these friends are coming to a rather sudden decision after thinking they'd stay.) Also many here on CD-Retirement.
A few years ago I speculated on what a major wave of boomer sales would do to the RE market locally and nationally. Are we selling at the top of another bubble? Will there be takers for many of our large homes, many of them built a while back and not so energy efficient (esp in the North)? Will younger singles and couples even want our kinds of homes and can they afford the esp with the ever-increasing RE taxes? Will the market flood and cause a bubble burst? And finally, what about the overall impact of such an enormous wave of boomers (and our parents) selling, in general?
Curious to hear your thoughts.
I wondered the same thing, certainly there will be lots of sellers as people get older and don't want or need that 3000 sf house in the burbs, but there will be plenty of "raising a family" buyers. Google "Echo Boom" and you'll see who they are - the boomers may make the demographic graph look like a snake that swallowed a big mouse, but there's more than one mouse because the Boomers were a family oriented crowd as well.
The youngest of them are struggling right now, but so did Gen X. It's rare to thrive financially in your 20s. The oldest are in their early 30s and will be coming into their own I predict.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by GregfromFinanSavvy
I wondered the same thing, certainly there will be lots of sellers as people get older and don't want or need that 3000 sf house in the burbs, but there will be plenty of "raising a family" buyers. Google "Echo Boom" and you'll see who they are - the boomers may make the demographic graph look like a snake that swallowed a big mouse, but there's more than one mouse because the Boomers were a family oriented crowd as well.
The youngest of them are struggling right now, but so did Gen X. It's rare to thrive financially in your 20s. The oldest are in their early 30s and will be coming into their own I predict.
I agree, and would add that the trend of building smaller houses, more condos and even row houses and "tiny houses" in the cities means that the larger homes in the suburbs will become even more in demand (and expensive) as the echo reach the financial stability to start having kids, and want good schools for them. In my experience with both my own kids, employees, friends and other family, they are waiting until late 20s-mid 30s to even marry, and another 3-5 years to have kids.
Same here, I think I have fixed or replaced every major system in the house since I have lived here these 8 years and it is time to move on before I put more $ into a house I plan to move from anyway.
Sales are up in my neighborhood slightly and I think we have almost sold off all the foreclosed homes from 2008. Sales prices are up to where I think most are not underwater now, although some may have worse financial situations.
Seems the new buyers are trickling in so it is slow but the new folks tend to be young with or soon to have children.
just an update because I am spitting nails. I put the joojoo on myself.
The air conditioner is out w/90+ degree heat and now rain. repairman to come 8pm or so.
Put a compete AC, Air Handler, and reductwork in 2 years ago. hope hope hope it is just something heat related.
We've been trying to sell my husband's home in Vermont since February and have reduced the price twice (big drop second time!) with no luck. It's a rambling place about 20 minutes from an upscale college town. He is now going to rent to cover the bills, before winter heating prices kick in. The story up here is that the smaller and more expensive homes in said college town are selling, but the mid-range homes outside of town are not. People in that town who've been waiting to put their homes on the market are rushing to do so now, creating a glut. We've been told that when those sell, buyers will begin to look outside of town.
But I'm not sure. The higher maintenance costs associated with this large, many-windowed home with cathedral ceilings and long downhill driveway may put the younger buyers off.
Welcome back, sweepea!
So much of the success in selling boomer homes is jobs in the area. And of course the schools. Many of the nice towns in New England have seen home sales down because of lack of jobs and/or downgrades in schools. I've suggested to a few friends who cannot sell to advertise out of state, as there may be more folks wanting to move into an area (esp retirees and those who work from home) than there are folks wanting to move within an area who depend on local jobs. Push the local attractions.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by sweepea
We've been trying to sell my husband's home in Vermont since February and have reduced the price twice (big drop second time!) with no luck. It's a rambling place about 20 minutes from an upscale college town. ...
But I'm not sure. The higher maintenance costs associated with this large, many-windowed home with cathedral ceilings and long downhill driveway may put the younger buyers off.
What are the taxes and Maint on a rambling VT house? A good friend transferred from Colorado to VT and then realized what a financial disaster he had made in housing. 10 yrs later... still can't sell the VT 'estate'.
Quote:
Originally Posted by Hemlock140
I agree, and would add that the trend of building smaller houses, more condos and even row houses and "tiny houses" in the cities means that the larger homes in the suburbs will become even more in demand (and expensive) as the echo reach the financial stability to start having kids, and want good schools for them. In my experience with both my own kids, employees, friends and other family, they are waiting until late 20s-mid 30s to even marry, and another 3-5 years to have kids.
Will be interesting to see if BIG houses are ever the appeal as before. People seem to have a priority shift in their need for interior space. Just enough space for them and their handheld device may be adequate... a cocoon! The Japanese may have it correct!
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