If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Maybe your children have finally moved out. Your large, four-bedroom house with three bathrooms which used to fit the whole family no longer fits the bill. Taxes that have gotten too high already are rising again. Utilities are too expensive. Cleaning and repair are too just too much. You’re ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.
The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to 72). Here are a few of the more interesting topics.
Percentage of Buyers who Looked Online First
-All Buyers: 44%
-Younger Boomers: 46%
-Older Boomers: 44%
Where Boomers Found the Home They Purchased
The two major ways buyers found the home they purchased:
-All buyers: 50% on the internet, 28% through a real estate agent
-Younger Boomers: 46% on the internet, 33% through a real estate agent
-Older Boomers: 36% on the internet, 35% through a real estate agent
Distance Seller Moved
The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.
-All sellers: 20 miles
-Younger Boomers: 27 miles
-Older Boomers: 50 miles
Tenure in Previous Home of Seller
The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.
-All sellers: 16%
-Younger Boomers: 20%
-Older Boomers: 31%
Primary Reason to Sell their Previous Home
-Want to move closer to friends or family
-Home too large
View of Home ownership as a Financial Investment
-83% of Younger Boomers see home ownership as a good investment
-82% of Older Boomers see home ownership as a good investment
Global Property Systems says:
If you are a boomer and thinking about selling, now might be the time to contact a Global Property Systems Local Area Expert to help make the most of your options.