A baby boomer is described as a person that has reached the age of 65 and the 10 or 20 years that follow. In the US alone it is estimated that as many as 10,000 reach that age every day. And this means that baby boomers are finding themselves more motivated to sell their homes often to downsize of move into 55 and older all-inclusive communities. So what does this mean for the housing market? Deb Sarsany of the Deb Sarsany Team at The Real Estate Group explains.
As members of the first post World War Two generation baby boomers were able to build equity along the way and invested in large family homes, especially in the 80s and 90s. “But here’s where the problem lies there simply aren’t enough buyers to take on the housing inventory left in the wake of the boomers,” said Deb. “In addition, many baby boomer homes still have a “Brady Bunch” decor, a stale floor plan and many are in need of major updates. This is a turn off for today’s buyers that do not have the time or money to take on projects.”
Generation X also has its hands full with growing kids and 20, or even 30, somethings returning home in order to save for their own places. “These millennials are willing to sit tight and seek out a bargain price in the knowledge that mom and dad can take on the majority of the bills for now. Bigger homes aren’t what young buyers are looking for right now. Most equate bigger with more maintenance. They crave simple and manageable designs. Other factors that factor highly in their home search are resale value, the commute to and from work, and proximity to amenities,” said Deb.
Baby boomer generation homes do come into play towards multi generational homes. “This is a market in which boomers should be paying special attention,” said Deb.
If you’re a boomer and looking to sell your home it’s time to think outside of the box said Deb. “You probably won’t be attracting first-time home buyers – the price bracket is normally too high unless you have invested time and money to create a “move in ready” home. You may be more appealing to families with multiple generations moving into one home. Grandpa and Grandma taking up residence with their daughter and son-in-law, for example, with little ones in the mix too.”
Make sure you’re working with a realtor who understands the constraints of the market. An experienced realtor can predict the speedbumps you may face in selling and provide suggestions for changes you can make to appeal to a broader niche of buyers. “A good realtor knows how to promote the best assets of the home; large yard, multiple car garage, a large basement, attic or room to build an addition for elderly parents, large kitchen and living area etc.,” said Deb.
“At the end of the day no matter what you are selling you need to attract buyers in your market with the right listing price and aggressive marketing – if you do this you’re already ahead of most of the crowd.”
For more information about the Deb Sarsany Team at The Real Estate Group visit: facebook.com/debsarsanyteam or call (217) 313-0580.