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Real estate demographics?
With baby boomers reaching retirement age, do the realators here think that will be the biggest growing sector of the market? People buying retirement homes. Or will the market be focused on other homes, like for small families, 3-4 bedroom? Big families, 4+ bedrooms? And what amenties do you think will help sell? Is it about things fireplaces and whirlpools or is it just about square footage. Also location? Are people willing to pay more for common areas like parks in developments or do they want to pay the minimal price for the lot and forgo amenties in the development?
I guess the general question is what are the short to medium term trends in housing and developments? Thanks
opps realtors, sorry, typo.
2 Answers
- 1 decade agoFavorite Answer
I'm a Realtor in St. Clair County, MI. In my opinion the short to medium trends will be investors purchasing foreclosures. These investors are close to or at retirement age.
Location, amenities sq footage are and will probably always be a factor.
I think most people are waiting for the homes to stop dropping in price before they purchase. We have homes for sale that sold for $400,000 three years ago and are not selling at today @ $200,000. This asking price will drop again I'm sure.
I believe it will be the 40 to 65 people who are gainfully employed or close to retirement that will be investing in these properties once prices begin to stop dropping.
- Useful IdiotLv 61 decade ago
Retirement home?? Don't think so. Go inner city. Boomers will move toward environments where public transportation, shopping and dining are plentiful. They will be more active, and frankly, the idea of the "golf" resort/retirement seems positively ghastly to 95% of us.
We will be working until we die to pay off our children's education, homes, etc. I don't really believe we will be retiring at all...rather....engaging in "other" lifestyle choices.
Perhaps working but off the "high stress" pathway. I live in an urban setting where the vast majority of my neighbors are in their 70-80s. They are living alone, but "well" in the city...with churches and grocery stores within walking distance. The only improvements to homes might require stair lifts.
I wouldn't want to retire anywhere else but where I am now.
