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Baby boomers are expected to sell their homes in large numbers over the next decade.<\/p>\n
Arthur C. Nelson, a University of Arizona professor, predicts the \u201cgreat senior sell-off\u201d will occur in the mid to late 2020s. It’s a few years later than what Nelson had originally predicted in 2013 (he originally said by 2020). He says baby boomers are living in their homes longer, holding off on selling in the hopes of netting an even higher price later on.<\/p>\n
\nRead more<\/strong>: Help Boomers Start Navigating Retirement<\/span><\/p>\n<\/blockquote>\n
Indeed, homeowners are holding onto their properties significantly longer than they used to\u2014now about nine to 10 years. With ample housing<\/a> shortages across the country, they are having a tough time finding a replacement home\u2014but they may also be waiting to recover even more in value from what they may have lost in the Great Recession, Nelson notes.<\/p>\n
\u201cIt\u2019s not that boomers are going to \u2018age in place,\u2019\u201d says Nelson. \u201cThey\u2019re going to be stuck in place, and they\u2019re going to make the best of it.\u201d He says that those who can afford it will opt to remodel.<\/p>\n
But Nelson says it may not be easy for boomers to sell their homes. Millennials\u2014who are largely expected to be the buyers of boomers\u2019 homes\u2014have differing tastes, with more opting to live in central cities or in the oldest, closest suburbs, or they\u2019re showing preferences for smaller homes and not sprawling McMansions in the exurbs. Nelson says the surrounding cities likely will be the toughest for boomers to sell their homes in.<\/p>\n
\u201cThe boomers in the exurbs are going to be in a real pickle,\u201d says Nelson. \u201cEven in a dynamic market like Washington, D.C., or other booming cities, the market for those homes is going to be soft.\u201d<\/p>\n
Exurbs and rural areas may see the biggest fall-out from the boomer\/millennial house preference mismatch, says Jennifer Molinsky, a senior research associate at Harvard\u2019s Joint Center for Housing Studies.<\/p>\n
Nevertheless, \u201cthe baby boomers are a large generation,\u201d Molinsky says. \u201cNothing they do is going to happen en masse.\u201d She also believes that boomers will demand a variety of housing options, which will help spread out sales over the time. Therefore, she doesn\u2019t foresee a sudden glut of housing appearing.<\/p>\n
Source: \u201cWho Will Buy Baby Boomers\u2019 Homes?\u201d The Atlantic CityLab (April 14, 2017)<\/em><\/p>\n<\/div>\n
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