A recent study conducted by the demand institute has shown that baby boomers (people born between 1943 and 1963) in most cases do not plan on downsizing! At least not price wise. Around 50% of that generation is going to upsize in price. See article:http://www.mortgagenewsdaily.com/10312014_aging_housing.aspHow does this nationwide survey stack up with our area? It seems like the baby boomer generation in our area is jumping on board! One decent indicator of the retirement generation purchase increase in our area is the increased number of patio homes on the market...especially in the higher price points. If you're not familiar with patio homes, they look and feel like single family homes but the HOA manages all of the exterior maintenance...sometimes even including the roof and siding but generally the front yard, snow removal, trash etc etc etc. They come with a higher monthly HOA (oftentimes $150 all the way up to $500 per month). Based on the direction builders are going it seems like the baby boomers are wanting one level, smaller square footage with higher end finishes. What does it mean for everyone outside that generation? It's good news! Higher home sales mean a better market! It means people will continue to move up, selling their current homes and keeping the turnover in the market instead of pulling it out into savings, which can depress an active market.With the continued job growth in our area, retirement desirability, college expansions and the baby boomer generation pumping money into our ecomony...this market should be a good place to be for many years to come.
Author:Sarah Rowan Phone: 970-397-5774 Dated: November 3rd 2014 Views: 410 About Sarah: Sarah was a licensed real estate agent for 10 years before transitioning into the mortgage industry ...
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