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Market Update - August 2014 Week 1

Baby boomers aren't showing any signs of leaving the single-family home market
that has defined their generation's real estate habits, despite many predictions that they would by now. As boomers hit age 65 and become empty nesters, many housing analysts forecasted that a huge wave of them would downsize and move into an apartment, condo, or townhouse. But Fannie Mae researcher Patrick Simmons says that isn't happening yet. "There's a perception, particularly in many media reports, that this massive generation born between 1946 and 1964 is altering baby boomersits housing consumption," Simmons, the director of strategic planning for Fannie Mae’s economic group, told the Chicago Tribune. "It's true that they're becoming empty nesters in droves. But by one measure, the proportion of boomers who live in single-family homes actually increased between 2006 and 2012." Baby boomers' mobility has gone down. Nine out of 10 boomers surveyed by AARP reported that they wanted to stay in their current home as long as possible. Some boomers could still be underwater and are waiting to recoup more on their house before they sell. Others may be holding on to their home because they snagged a record low rate in recent years, and they know borrowing won't be any cheaper if they do decide to sell. Some baby boomers are downsizing but choosing to stay in smaller single-family homes rather than move to a condo or townhome. But,"eventually, boomers will slow down with age and have the same physical frailties that their predecessors had," Simmons told the Tribune. "My sense is that it's not going to be a major shift — something we see in the numbers in a year. It will likely unfold over a decade or more."
Source: Chicago Tribune

  

   
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Sheila Newton Team 
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Market Update - August 2014 Week 1
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