Are Older Generations Really Not Selling Their Homes?
Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.
The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point!
NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!
The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:
As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?
Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!
Bottom Line
If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will!
New Year, New Home: Buying & Selling Tips
Start Early: Sellers should begin the process early, evaluating their home and preparing for the market.Home Preparation: Sellers should invest in updates, cleaning, and professional staging to increase appeal.
How Insurance Can Help With Retirement Planning
Long-term care insurance shields retirement funds by covering care costs like home care or assisted living. Cash-value life insurance offers tax-deferred growth, ideal for those maximizing retirement plans and seeking additional savings.
How to Protect Your Belongings With Insurance
Ensure your coverage includes extended or guaranteed replacement cost to cover spikes in repair costs. Don’t skip flood insurance—99% of counties faced flooding between 1996-2019, according to FEMA.
3 buildings in Utah among hundreds of federal properties ‘designated for disposal’
Three federal properties in Utah, including the IRS Service Center in Ogden, the St. George Federal Building, and the Wallace F. Bennett Federal Building in Salt Lake, are among hundreds designated for disposal by the GSA. These buildings are considered “non-core” and...
How Stable Is Utah’s Housing Market?
Utah's housing market has a 20.7% chance of a 5% price drop over the past 25 years, lower than the US 26.4% avg. Since 2000, the median home price ↑ 210%, higher than the national ↑ 196%.
Happy St. Patrick’s Day
St Patrick's Day is the day we all turn a bit Irish. 13 million pints of Guinness are consumed worldwide on St. Patrick's Day. Green is now the traditional color of St. Patrick's Day.
US Market Trends: Is Passive Investing Out?
Positive sentiment is growing, with lower interest rates fostering liquidity and selective investment opportunities.Investors must focus on active management and asset selection as the market evolves post-2024.
Fed Holds Rates Steady at 4.24%-4.5%
The Federal Reserve held key interest rates at 4.25%-4.5% despite Trump’s calls for immediate cuts.Inflation remains at 2.9%, with steady job growth and strong consumer spending supporting the economy.The Fed’s next policy meeting is scheduled for March 18-19, 2025.
Is requiring buyers to live in the homes they purchase a solution to Utah’s housing issues?
A bill in Utah aims to address the impact of investors on first-time homebuyers by requiring buyers of single-family homes in Salt Lake County to sign an affidavit stating their intent to live in the home for at least a year if purchased within the first 30 days on...
First-Time Homebuyer: Do You Qualify?
A first-time home buyer hasn’t owned a primary residence in the past three years. Renters, even those with no prior homeownership, qualify for first-time buyer assistance programs.