What is Important to Boomers when Selling their House?
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
- Retirement
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
Bottom Line
If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.
Pricing you House to Sell this Summer In Utah
Buy Owner In Utah, Think You Should For Sale By Owner? Think Again
Think You Should For Sale By Owner? Think Again Some Highlights For Sale By Owner (FSBO) is the process of selling real estate without the representation of a real estate broker or real estate agent. According to the National Association of Realtors’ Profile of Home...
New Index Reveals Impact of COVID-19 on Real Estate
New Index Reveals Impact of COVID-19 on Real Estate Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted...
What Are the Experts Saying About Future Home Prices?
What Are the Experts Saying About Future Home Prices?A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting...
Utah Homebuyers Are in the Mood to Buy Today
Homebuyers Are in the Mood to Buy TodayAccording to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a...
Top Reasons to Own a Home in 2020
Find your home today!
Want to Make a Move? Homeowner Equity is Growing Year-Over-Year
Want to Make a Move? Homeowner Equity is Growing Year-Over-YearOne of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights...
Three Reasons Homebuyers Are Ready to Purchase In 2020
Three Reasons Homebuyers Are Ready to Purchase This YearA recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health...
Real Estate Tops Best Investment Poll for 7th Year Running
Real Estate Tops Best Investment Poll for 7th Year RunningEvery year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or...
How Did Covid-19 pandemic affect Salt Lake County home sales
How did the Covid-19 pandemic affect Salt Lake County home sales? In April, sales of all housing types fell to an eight-year low, and were down 28 percent compared to April 2019. The silver lining? Deferred spring home sales are now being realized as the market...