While the COVID-19 pandemic has had profound negative effects on a large variety of industries, the real estate market is currently booming. Homes are being sold at faster rates than in years past, and one particular age group is especially thriving in this market – baby boomers. This older generation has made up 43% of the sellers. Whether wanting to downsize or move closer to family, baby boomers are putting their homes on the market and finding buyers in no time.
So, what is their secret to success?
Desirable Spaces for Families
For a majority of the baby boomer generation, once they reach a certain age, they realize they do not need as much space as they once required. Most of their children are now grown with their own homes, hosting events in their own spaces rather than in their childhood homes. Throughout the pandemic, they have also been having little to no company over to their house anyway. They may have empty rooms and a large outdoor space they do not make use of. As individuals grow older, a larger home becomes more difficult to maintain. However, these spaces usually make for a desirable location for a growing family to move into.
In many cases, growing families have been cooped up in small homes or apartments with no yard access. During citywide lockdowns and stay-at-home orders, this has been taxing for many. These families are craving the type of open concept homes and yards that older generations have to offer with their homes. Even if these homes need a little tender loving care, they are selling quickly due to others’ desire to live in a bigger space.
Even if some features in older generations’ homes may be outdated, it is still cheaper to purchase and renovate areas of these houses than to invest in a brand new place. These existing homes have been selling at a quicker rate because they often fit home buyers’ needs at a much lower price.
Additionally, these lived-in, lower-priced homes are much more available than new homes. There are so many neighborhoods and varieties to choose from that even if one home you are looking at gets snatched up, chances are you’ll be able to fall in love with another property just as quickly.
If you consider yourself a part of this older generation and have been considering selling your home, now is the time to do so. The market is in great condition for sellers, and your home may be an exact fit for a potential buyer.