For quite some time real estate “experts” have been predicting that there will be a glut of single family homes coming on the market as the Baby Boomers sell off the family home and downsize. Now that the first wave of Boomers are hitting the retirement age, are we seeing all the downsizing that was predicted? Let me share with you a few observations regarding Boomers.
First, we are not seeing the rush to sell the large home and downsize to a smaller residence. Many Boomers are continuing to work into their retirement. Some do it because they need to financially, and others, such as small business owners continue to operate as there is no one to take over their business. Therefore many of these Boomers are staying put.
Another scenario is the one where the adult children return home after university because it is more difficult to find good jobs or they are continuing their studies while remaining at home. As a result Mom and Dad still need the larger home. In this case, are Mom and Dad going to stick to their initial downsizing plans, not likely.
Many Boomers are struggling to make sure they have enough money to retire while others are very comfortable due to savings and investments, inherited money or both. Some Boomers are actually upsizing after all the children have left, to the house of their dreams. Maybe it’s the one with the gourmet kitchen, or the main floor master bedroom with full ensuite, the all on one floor home, or maybe it’s the waterfront home with their boat in their front yard.
Whatever the trend may be, we as REALTORS® need to make sure we are ready for that Boomer client for whatever choice they make, upsizing, downsizing, making a lateral move or just staying in their current home.
To all you Boomers out there, if you are contemplating a move in the future, be sure to consult a Coldwell Banker Real Pinnacle Real Estate professional to help guide you through the process of selling and buying your home. After all it is probably your largest single investment.