Baby Boomers are Purchasing Smaller Homes
The real estate market is improving as prices increase and interest rates decrease, providing us with larger numbers of houses on the market with a short listing period. Baby boomers are purchasing smaller houses, seeking for condominiums in downtown areas and grasping onto a different lifestyle.
Baby boomers are recognizing that as they get closer to retirement they are looking for an easier lifestyle. Living downtown and purchasing smaller houses provides them with many different entertainment opportunities such as sporting events, live music, a wide variety of restaurants and shopping centers. Driving costs are cut down as it is easy to get around downtown with the many different options of transportation methods as well.
Condominiums are great for baby boomers because they have owned a property for a long period of time now, whereas there are many rental options downtown and condominiums still give the opportunity to purchase property while keeping condos at a reasonable price. Downsizing is also something that is appealing to the older generations as their kids have grown up, moved out, and they are not in the need of multiple bedrooms anymore.
As the housing market improves, baby boomers are purchasing smaller properties, downsizing and enjoying a simple lifestyle. This is something many lenders and real estate agents have been noticing as the year progresses and more people are seeking for a new real estate purchase.