Over the last decade, many “baby boomers” have become empty nesters. Their children have finally moved out of the family home giving them a chance to consider the home they live in and the one they have always dreamed of having; this goes along with a transformation in lifestyle that necessitates downsizing where they live. This sea-change can actually work in their favor and bring them closer to their dream home.
A sprawling, multi-story, multi-bedroom and bath home suddenly becomes noticeably empty and expensive. High property taxes, air conditioning, and energy costs; not to mention upkeep of the house is all too costly. Many people over seventy find that cleaning and repairing a large home has become too arduous. When they take a vacation, securing the house becomes a daunting task, and they find they can’t relax during the trip because of worry.
Downsizing to a Smaller Home
With those issues in mind switching to a ranch or bungalow style home may be the answer to their problems. The test many “boomers” have encountered when trying to downsize to the perfect new home has been a lack of available houses.
Since 2008 the average number of years a family stays in their home has increased by fifty percent which has lead to fewer houses in the real estate market. At the same time, new home builders were focusing most of their energies on extensive, luxury houses, that were above market price. But that was then; the market has started to change.
Home Market Changes
The U.S. Department of Housing and Urban Development and the U.S. Census Bureau state that sales of recently built, single-family homes climbed to a seasonally adjusted annual rate of 692,000 units in March of 2019. The good news is that more of those homes sold at the low end of the price scale. The median sale price of new homes has dropped by $32,700. To further illustrate this point, in March of 2019, 50% of new home sales were priced under $300,000, a significant increase from 39% in March of 2018.
If you are a Baby Boomer in the greater Tampa Bay Area and want to downsize your home, call me at 813-915-6649 or send me an email. Jonathan will be happy to help you to do it at this ideal moment.
