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.
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!
Author: Monica Foster
"Love your work and you'll never work a day in your life" . . . for me, that statement says it all. I love what I do, helping others achieve their real estate goals with honesty, integrity and responsiveness. I am not just a real estate agent, I am a BROKER Associate, Certified Residential Specialist, Accredited Buyer Representative, Certified Home Marketing Specialist, Certified New Homes Specialist, Certified Distressed Property Expert, and Certified Negotiation Expert with RE/MAX Space Center and a REALTOR® - a member of the National Association of Realtors (NAR). This means I work to a higher standard of education and professionalism that translates to an extra level of service for my clients. I closed over 100 transactions in 2013 and have received the Five Star Real Estate Agent award, a honor bestowed upon 7% of area realtors. Also, I have been featured in Forbes Magazine, Top Agent Magazine, Homes and Land Magazine, and I received the RE/MAX Hall of Fame award for career production. I also like to give back to the community and help others. I am a frequent contributor and sponsor for various charities including the Homes for Heroes Foundation, Communities in Schools Bay Area, March of Dimes, Children's Miracle Network, Kid's Wish Foundation, Susan G. Komen Foundation, Happy Hill Farm Academy, and the Make-A-Wish Foundation.
