Community News

It has been estimated that there are approximately 80 million "Baby Boomers (born between 1946 and 1964) in the U.S. – and another Boomer turns 50 years old every 7 seconds. Approximately 15% of the U.S. population are 65 years young and by 2030 approximately 20% of the population will be "seniors." Clearly, huge numbers of Baby Boomers are at or nearing their expected retirement age and many are already taking early retirement... and are already (or soon will be) feeling the pinch of a smaller income. That means that more and more Boomers are going to be thinking about selling their present "too much" home and looking for a less expensive and simpler senior lifestyle. Estimates by AARP suggest that nearly 24% of Boomers are on the move, these types of lifestyle changes are referred to as "downsizing" and have become a topic that many seniors are seriously contemplating. Simply put, there are at least 4 reasons why seniors should consider downsizing:

1. Smaller homes mean smaller monthly mortgage payments, especially if the homeowner has built up sizable equity in their existing home.
2. Smaller homes mean more time to relax and enjoy recreational and hobby activities instead of continuing the work load of a larger home.
3. Almost every Boomer has put their kids first and themselves second during the earlier years of their lives. Downsizing, especially if the kids are gone, gives Boomers the freedom to choose according to their personal preferences and potentially upgrade their lifestyle.
4. Lastly, and most overlooked, is the opportunity to eliminate "clutter" from their from lives and have less accumulated "stuff" that limits their flexibility.

However, not so fast. While there are significant and attractive reasons to consider downsizing, it can be a complex and intimidating process. What about health issues, personal finance and home financing issues, how to get rid of the "stuff", what type of new home and in what location is the best choice? These and many other considerations should be thoughtfully planned. ERA Landmark Real Estate has Realtors® who have been specifically trained to counsel and assist Boomers in their planning and downsizing transition. Doug East is a Baby Boomer who has the specific training and experience necessary to assist seniors with their downsizing planning. He and his wife have lived through the process themselves and Doug has many real-life insights to help his senior clients with their downsizing plans.