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Baby Boomers Downsizing is on the rise! Are You Ready To Move?

by Elite Asset Management Team

 

The lack of inventory, at least a portion of it, has been blamed on baby boomers. Should they really be blamed for it?

Here’s what some of the experts have to say on the subject:

Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.”

85% of baby boomers indicated they were not planning to sell their homes, according to a study by Realtor.com.

It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes?

Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’s study revealed that:

“Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.”

 

 

Trulia also explains that,

“5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005, these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.”

What is the challenge then, if these percentages are the same?

Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017.

In addition, the Census recently revised the numbers from their National Population Projections:

“The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history…By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.”

If you’re a baby boomer who’s thinking of moving to a warmer climate or downsizing locally and have questions about the process, meet with a realtor like Pete Veres, SRES, Senior Real Estate Specialist  & CRS – Certified Residential Specialist who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

Retiring? Downsizing? Thinking of buying or selling your home? All the info and answers to help you are on www.AbqSeniors.com

Seniors - SRES Market Place March Newsletter

by Elite Asset Management Team

Pete Veres wants to share this month’s Seniors SRES- newsletter. Topics include: Housing Challenges Ahead for Exploding Senior Population & What not to say to care givers. Click here: SRES March Newsletter Please contact your local Seniors Real Estate Specialist if you or any family or friends need any help with your real estate need. Here to help and serve.

 


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Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
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