If you are a baby boomer with retirement insight, you may be grappling with whether to downsize to another home, condo, or apartment that you buy or rent or stay put. In Canada, wherein many areas housing inventory is low, many of your contemporaries are deciding to upgrade their homes so that they can age in place, rather than putting them on the market.
The 2011 Canadian census identified 3,900,000 empty nesters or one-person households that are retaining their homes at a point in their lives where selling might make sense. What does this mean for you, as the owner of a home desirable to a new generation of buyers?
Low Inventory Impacts Asking Prices
First, this situation is causing a shortage of homes, especially for younger families of the Millennial generation who find themselves having to bid on several houses before they secure one. If you are interested in selling your home, you stand to get a great price for it in view of the demand.
While rising prices lead some people to hang on to their homes to see how high housing prices will go, many real estate analysts point out that the market is poised for the housing bubble to burst. As evidenced by the 2008 housing crisis in the US, homeowners might find themselves stuck with a property that they are unable to sell because they waited too long.
In addition, a dearth of homes on the market makes it difficult for downsizers to find new homes. Mobile Boomers may find themselves in bidding wars with Millennials for smaller, more affordable single-family homes. What has once considered a starter home is often a rancher style that accommodates older buyers who want or need one-floor living.
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Problems With New Housing
A lack of housing in some areas is causing many potential buyers to look at new housing, which is costly. More affluent older homeowners may be sitting on substantial equity in their homes, which puts them in a better position to buy new condos and single-family homes, but many younger families can only afford new real estate by getting loans from their Boomer parents.
Ironically, even for more established homeowners, single-story housing is often not available. Many governmental entities prefer to zone areas for high-concentration properties rather than low-slung single-family homes.
Looking to sell your home? Give me a call today. When you are buying or selling a home, don’t waste time. Give me a call for experience, market knowledge, correct pricing, and a sincere interest in helping you fulfill your real estate goals. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
