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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

Albuquerque Year End Residential Home Averages

by Elite Asset Management Team

The numbers are in for 2016. We saw a good year overall with the overall average market increase of 4.13% in residentail homes values, average home price up at $224,430. Our overall market inventory is dropping which is a good sign. We do need to remember that sales numbers are still very area specific. Most areas saw an incearse in the avergae home price but some are still adjusting. Please stay tuned for the specific area numbers coming soom. To track the price of home for sale, homes pending and homes sold in your area, go to www.AbqMarketinfo.com for your Free Market snaphot. Also feel free to call Pete Veres - Certified Residentail Specialist at 505-362-2005 for your specific questions.

ABQ’s Housing Market Trends Remain Positive in Off-Season

by Elite Asset Management Team

Albuquerque, NM  (December 12, 2016) – The Greater Albuquerque housing market has remained consistent throughout 2016.  In year-over-year comparisons, the number of homes for sale has dropped in most Central New Mexico communities while homes sold faster and for higher prices. The housing market improvements in Albuquerque have occurred with enough regularity and time to make it a trend for the entirety of 2016.

The 798 detached homes sold in November 2016 marked an 18.2 percent increase over the same period last year, and the 79 attached homes sold represented a 23.4 percent increase over 2015. Pending sales are also up 25.7 percent for detached homes and 34.3 percent for townhomes and condos, indicating that the market is not slowing down much for the market’s typical cold-weather off-season.

While the total inventory of homes for sale in the Albuquerque metro market was down again to 18.8 percent compared to the same period last year, the 979 detached homes newly-listed for sale in November represented only a 6.4 percent year-over-year decrease. Newly-listed townhomes and condos increased by 5.7 percent compared to November 2015.

The median sales price in the metro area increased 2.8 percent to $185,000 for detached homes and increased by 23.8 percent to $151,000 for townhomes and condos. The average sales price for detached homes increased by 2.7 percent to $218,795 as the average price for townhomes and condos jumped 21.4 percent to $164,526.

“Financial markets were volatile in the days surrounding the presidential election,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “The market has since self-corrected and reached new heights. Long-term indicators of what it will be like to have a real estate developer for a President remains unclear. Prior to the election, a national shift in housing trends was hard to come by, and unemployment rates have not budged since August 2015.” He also noted, “Post-election, mortgage rates are up and opinions in the industry are that a national, and possibly local, trend shift is likely in the near future.”

To see the full Great Albuquerque Market report for November 2016, Click Here.

Thinking of Retirement? See what the numbers are telling you.

by Elite Asset Management Team

Sometimes you get weary of all the disastrous financial news about retirement savings shortfalls. And sometimes you just want a quick answer to the question, “Can I retire at 66?”

Marketwatch has a great retirement planning tool that lets you visualize retirement and tweak the inputs – what you have, how much you’ve save, and your target retirement age – and tells you whether or not you can afford to retire. Please click here to view: http://www.marketwatch.com/retirement/tools/retirement-planning-calculator

It gives you the answer straight up: “You cannot afford to retire at 66.”

That quick answer, especially if it’s a yes, may be just enough information for you.

Or maybe you want to tweak you inputs to see if you pump a little more cash into retirement accounts, you’ll be able to flee corporate America five years earlier.  The tool helps you make those calculations quickly.

Many people are thinking of downsizing to help make the retirement goal come even sooner. Pete Veres – Senior Real Estate Specialist with RE/MAX has an excellent downsizing program and team in place if you are considering downsizing.  You can start by going to www.ABQDownsize.com

 

Tools to Help Simplify Life Planning

by Elite Asset Management Team

Pete Veres, local Seniors Real Estate Specialist what to share to following information with you: " Tools to Simplify Life Planning". If you have any questions please reach out to your local Senior Real Estate Specialist Pete Veres, call/text 505-362-2005505-362-2005. Here to help and serve our clients.

Displaying blog entries 1-5 of 5

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