Archive for the ‘Elderly Problems’ Category

Baby Boomers and Real Estate Retirement

Thursday, January 15th, 2009

Retirement Community Home

Retirement Community Home

By Boomeryearbook.com

There is a strong connection between baby boomers and real estate? Earlier on, the baby boomer generation preferred larger houses and having their kids enjoy large backyard playgrounds. But as they are aging and becoming empty nesters, boomers seem to be looking to downsize and downplay additional home maintenance; preferring to spend their time on volunteering, socializing, eating out and other away from home activities. Boomers prefer the convenience of delivery and short travel to restaurants and coffee shops. Thus, the days of boomers living in McMansions is over and they are opting for condominiums, town houses, carriage homes, and no maintenance single-family dwellings. Apart from low maintenance, boomers are also considering safety as a prime real estate motivator. As boomer Michelle S. said, “I want to live where no one knows that I am gone for days and I don’t have to leave the house locked and then worry about it all the time.” The pundits believe that history is repeating itself and indeed the baby boomers are driving the current real estate market.

Baby boomers are very sophisticated buyers; in that they are well educated, self indulgent and clear about likes and dislikes. While wanting smaller dwellings, boomers are still demanding amenity and comfort enjoyed in a large home; and boomers can afford it. They are well traveled and experienced about trends, options and personal desires. To tap into this market, it is essential that builders understand what kinds of housing boomers actually want. And the savvy builder is proactively foreseeing the market trends evidenced by the rage of new low maintenance “55 plus” housing construction.

Additionally, along with baby boomers, single professionals are also closely scrutinizing and choosing low maintenance housing options.

But as boomers opt for downsized housing what will happen to their large family homes?With dipping financial markets, and changing trends, we are facing a huge housing crises making it difficult for boomers to recover the amount of money had hoped for from the sale of large family homes. In the 1990s, baby boomers watched housing prices double and triple and now today’s market is witnessing dramatic drops and possible financial losses. Today’s younger generation of home buyers are planning smaller families and seeking smaller housing accommodations, and the world economic crisis is impacting the size home purchase of immigrants even with large families. What can be a relief for baby boomers is the availability of small houses for reasonable prices. But with almost everyone hunting down these “low maintenance gems” the effects of supply and demand may further prevent boomers from reaping the hoped for profits from their home sales.

So what’s in store for baby boomers? We are the generation that shook things up in the 60s and we should not be counted as down and out. We are more fit and more resourceful than our predecessors, and if necessary we will postpone retirement or maybe even start new careers; keeping the real estate market alive and progressing. Possibly it is not what we boomers had anticipated, but we are flexible and resourceful and will take every measure necessary to ensure our financial stability. With the economic downturn hitting everyone, it would not be surprising if it is the baby boomers who navigate the way out of the mess; maybe especially in the real estate sector.

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