First-time homebuyers dominated the housing market the last two years but Baby Boomers have been more prevalent this year grabbing bargains of a lifetime. They are buying second (or more) homes for a variety of reasons… vacation, children, investment… buying ahead for retirement.
I have been working with a lot of Boomers this year, and find it so interesting that what they tell me they are looking for often sounds the same as when I am working with first-time homebuyers. Community and its related lifestyle is often on the top of both their lists.
- Walkable communities – want to be able to walk or take public transportation to cafes, entertainment, parks, recreation, basic services
- Urban/first ring suburban, mixed use and mixed age communities – looking to move away from the outer suburbs where many spent their lives to a different lifestyle
- Not too much space – more likely to be looking for a craftsman bungalow or a mid-century rambler than a McMansion… and less space also means less taxes
- Not too expensive – first-time homebuyers are more cautious about not over-extending and many Baby Boomers are paying cash or making a substantial down payment
- Low carrying costs – focus on low ongoing monthly utility bills and maintenance costs
Small, smart homes in walkable communities are a common mantra for today's homebuyers… and we continue to be in the midst of some of the best housing opportunities of a lifetime.