Senior Spotlight: Who’s Holdings The Cards In This Market?

Did you know that 43% of sellers are Baby Boomers?!

“Most…sellers are baby boomers – and they’re making out like bandits.” This is how Realtor.com is describing the current trend of older homeowners cashing in on this hot housing market in an article just released yesterday. Realtor.com® Chief Economist Danielle Hale stated that “In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards.” Here is a quick data drop on how & why!

| Sellers are getting about 99% of list price on average nationwide – and in many areas, much more.

| Most homes are selling in 3 weeks or less.

| Sellers with the greatest opportunity are those with the highest profits – such as baby boomers who have owned their homes for a long time.

| Baby Boomers made up 43% of the sellers according to the National Association of Realtors® 2021 Home Buyers and Sellers Generational Trends Report.

|The primary reason for selling cited was to purchase a home of similar size closer to family & friends; downsizing was actually the 2^nd most popular motivation.

| 12% of buyers surveyed in the National Association of Realtors® 2021 Home Buyers and Sellers Generational Trends Report purchased multigenerational homes - primarily to accommodate aging parents, followed by grown children.

| Older buyers are more likely than younger buyers to use home sale proceeds to buy their next home – whereas 28% of buyers received a gift or loan from a loved one to help fund their home purchase.

| Younger buyers are more likely than older buyers to pay over asking price to secure a home; it’s suggested their longer working careers make them more comfortable taking more risks.

What a dynamic market! Does any of this data surprise you? Do you feel like maybe you could be ‘holding the cards’ but are unsure of what hand to play? If you need any support determining what strategies and outcomes are available to you, please do not hesitate to reach out.

Read In Full: It's a Home Seller's Market—and Baby Boomers Are Cashing In