Baby Boomer Buyer Trends To Watch

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With all the focus on first-time home buyers and their effect on the housing market, it’s easy to forget that baby boomers are, or are, nearing retirement age and – whether they’re planning on downsizing or moving to a retirement destination – they’re also going to have a big impact on residential real estate in the years ahead. So what are the baby boomer housing trends to watch? According to a new article from U.S. News and World Report, the first thing on many boomers’ to-do list is paying off their mortgage. Before they can consider their retirement options, many boomers will first concentrate on paying off their current house. After that, boomers are likely to want to benefit from the equity they’ve built over the years. One way of doing that is to sell their current house and look for something smaller that reduces their housing expenses. But boomers are also looking for convenience and to reduce the amount of work necessary to maintain their home. That means, fewer older homes. It also means one-story living, energy-efficient features, and open-floor plans. Baby boomers also say they want to stay close to family and friends in a walkable neighborhood near amenities such as shops and restaurants. More here.

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