July 1st, 2016
‘The Boom of Home-buying Boomers
By James D. York, P.A.
A recent Freddie Mac survey of the over-55 set revealed that nearly 40% of baby boomers—some 26 million people—plan to move at least once more. And 13% say they will be looking for a new home within the next four years.
This will have a big effect on the housing market, according to Dave Lowman, Freddie Mac’s executive vice president of Single-Family Business. "The decisions the nation's baby boomers and other older homeowners make will have an enormous impact on the demand for housing and new mortgage credit for the foreseeable future. Whether they buy new homes or decide to refinance and renovate their current ones, the size of this generation and the fact that they hold close to two-thirds, approximately $8 trillion, of the nation's home equity makes it very important that we watch what they do,” Lowman said.
About half of boomers who plan to relocate say they expect to purchase a new home that is less expensive than the one they currently own. They will also be considering proximity to family members, easier maintenance, and the availability of health services, public transportation, and other amenities when they choose a new community to call home.
Whatever your age group or housing needs, we can help with your buying and selling decisions—just give us a call!
Connect With York Real Estate Group
Real Estate News Blog: www.YorkRealEstateGroupSWFL.com
York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $250 million in sales transactions. Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the Yorks invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.