10 Reasons For Babyboomers To Sell Homes (Spoiler Alert – Mostly Downsizing)

The DREAM Down-Sizer Market? (Babyboomer Bonanza!)

 

One great source of new future housing inventory lies in the hands of down-sizing Baby Boomers (57-75 years old). Here are 10 Reasons why:

 

1. Many Babyboomers own homes much larger than their current needs. Kids grow up and move out.

2. Many Babyboomers are adjusting or shifting their careers, either working less, retiring or changing professions.

3. Many Babyboomer concerned about the COVID risk did not want to sell in 2020 fearful of exposing their homes to the virus. Some felt selling during a pandemic would not deliver maximum results. This has changed in a post-vaccine world.

4. Many Babyboomers bought their homes many years ago and their mortgages may be paid down significantly or completely.

5. Many Babyboomers have large capital gains on homes they have owned for a long time.

7. Many Babyboomers larger homes need more maintenance, renovation. and repairs due to age. Often their real estate taxes, HOA fees, insurance costs, etc are high too.

8. Some Babyboomers may be compelled to sell due to personal physical changes that prevent them from navigating many stairs. Similarly, there is often a desire to live closer to certain health-related amenities and services. Smart boomers anticipate these needs early and proactively.

9. Some Babyboomers who lived in the suburbs or in high-tax areas saw de-valuation prior to 2020. This has turned around dramatically.

10. Some Babyboomers are simply bored and ready for a ‘next chapter’. Being mentally stimulated and making changes is a key to healthy longevity.

 

Yes, it can last for a long time, but no market where over-bidding and multiple offers is rampant goes on forever. Super-low interest rates don’t last forever either especially in inflationary times. This is as good a time as ever to maximize valuation.

 

 

Re-Organized Post Based on Content by Original Author Leonard Steinberg