If you are a Baby Boomer, can you see yourself in this same situation? Interesting article from the Daily Real Estate News
It may be a seller’s market, but some baby boomers are having a tough time selling their McMansions. That’s because many younger buyers are showing a preference instead for smaller, more modern homes with open floor plans, realtor.com® reports.
Instead, younger and older generations seem to both desire smaller homes in more urban, walkable suburbs and cities, realtor.com® reports.
More and more buyers of all ages want to avoid having to deal with a huge yard and all the upkeep and the costs to maintain [a larger] home.
That doesn’t mean millennials are skewing city over suburb. About 57 percent of buyers aged 36 and under closed on homes in the suburbs last year, compared to only 15 percent of buyers in that age group who bought in the city, according to the National Association of REALTORS®.
Suburban living is different from the baby boomer generation. Millennials are seeking more walkable towns in the suburbs and those that have many urban amenities, such as bike lanes, nearby shops and restaurants, and social events.
What's really attracting millennials are the communities that are bringing the urban flavor out to nonurban town. They don’t want the traditional massive homes and big yards. They want smaller homes and cool things to do.
As such, baby boomers may get stuck finding an audience for their McMansions.
"There certainly was a lot of speculation about what would happen if the boomers tried to sell their houses en masse, and whether that would flood the market with a supply of large homes that the younger population didn’t want—or couldn’t afford—to buy," says Chris Porter, chief demographer and researcher for John Burns Real Estate Consulting. But "the boomers do seem to be moving less and aging in place more."
If you are looking to buy or sell, contact us at 970-631-7111
Source: “Boomers, Millennials, and the McMansions No One Wants,” realtor.com® (June 7, 2017)