The Baby Boomer generation; as their retirement comes closer and closer, many fear that the real estate market might hit a bit of a snag. While Florida and Las Vegas will hit it big, what will happen to the states much further north? Some articles offer insight to some situations that the Baby Boomer generation will bring.
First, an article from realestate.about.com describes the Boomers in terms of a real estate marketing niche. They say that this generation may want to down-size their current home now that they don’t have employment or family obligations. “This group also has probably bought and sold several homes in their past lives. They’re not newbies, and they probably will not need the same level of support in the transaction that you’ll find with younger buyers.”
An article from nytimes.com offers reassurance for college towns. “They (Baby Boomers) are especially attracted to college towns that offer opportunities for culture as well as work, which many expect to continue…” The article also mentions that financial uncertainty among the Boomers will leave them working part time during retirement, so towns with various economies will soon start to thrive.
Finally, an article from bhgrealestate.com offer some hard numbers to describe what the Boomers are thinking. “According to the survey, about 1/3 of Baby Boomers plan to move to a new home during retirement; 42% of today’s 50-year-olds are planning to move.”
Working with the Baby Boomer generation who are looking to buy or sell will not be difficult at all. Their current homes are great for growing families, while their future homes will be easily bought. This market will be one to watch.