Community News

Economists are having a tough time figuring out the future of Baby Boomers in the U.S. housing market.  One significant trend is that Boomers over the age of 55 are opting not to retire but, instead, are seeking a new career.  There are significant numbers of Boomers who are shunning the traditional patterns of retirement and their decisions could have a big impact on their housing choices. These homeowners are seeking ways to live more comfortably and be more financially secure in retirement – 3 out of 4 senior adults say they plan to downsize their home to lower ongoing costs and cash in on their equity. A recent survey by Merrill Lynch shows that Baby Boomers make up a quarter of the U.S. population and control about two-thirds of the single-family home equity in the nation.  Forty seven percent would consider selling their home and moving to a less expensive location. The good news is that Boomers over 65 who purchased their home 30-35 years ago now tend to have a home value that is 3.7 times what they purchased it for.  The bad news is that nearly 25% of these Boomers say that their home needs major renovations in order for them to stay there and, as they age, they may face financial constraints to take on those remodels.  The study suggests that about 18 million homeowners over the age of 55 may be shopping for another house in the next 5 years. ERA Landmark is uniquely positioned to reach out to Baby Boomers and provide them with expertise that is specific to their complex needs and help them understand their options and make their transitions as stress-free as possible. Doug East is an ERA Realtor® who has not only specific training and experience in assisting Boomers but also calls upon his own personal experience in the downsizing and career transition phenomenon.   Give him a call at 579-1420 or email at doug@eralandmark.com  and see how he can help.