If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be 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 to72). 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 Homeownership as a Financial Investment
- 83% of Younger Boomers see homeownership as a good investment
- 82% of Older Boomers see homeownership as a good investment
If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.
Start Your Home Search:
Are you ready to start searching for your next home? It’s a great time, we have more inventory than we did the past few years. I encourage you to explore homes currently on the market to get a feel for the types of homes, locations, and price points. My Denver real estate blog has loads of useful information for home buyers trying to figure out what they want to do. And of course, please call me, or send me an email / text, to discuss your next home and the buying process.
Also, if you are considering new construction, remember the builder’s real estate agent represents the builder’s interest, not your’s. There is no cost for you to have a buyer’s agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.
Considering Selling Your Home?
If you are looking to sell your home in the Denver area, I encourage you to work with a real estate agent who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. The market is more balanced now and your asking price is an important component of your selling strategy. Contact me today to learn how your home stacks up against the competition and how we can position your property to sell quickly and for a fair price.