Mar 17, 2022
Today’s seniors might be competing with first-time buyers. That can be hard for the younger generation. There is the competition rub; starter homes might be the forever home for a senior adult.
Ask a person in their 60s or 70s what kind of house would be their forever home? They will likely say 1200-1500 sq. ft., one level, medium to a small yard, and close to shopping and local amenities. Ask a first-time buyer what they can afford? The answer will most likely be the same.
With the cost of housing today, seniors are looking at convenience and long-term budgets. They want simple, affordable, and most likely have sold their investment house, creating an investment nest egg. That nest egg makes it easier for seniors to afford that smaller forever home. Creating a great challenge for the first-time buyer.
For more information: https://www.realtor.com/news/trends/as-boomers-downsize-competition-grows-for-simpler-homes/
