We Need The Baby Boomers To Boom Again

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The government as put a lot of emphasis on the first-time homebuyer in an attempt to stimulate the housing market.

First-timers were given tax credits to boost sales to some success.

But I wonder when the 79 million baby boomers will boom again.

For Gen X-ers and beyond, baby boomers are those born from 1946 to 1964.

Young boomers are 48 to 56 years old while older boomers are 57 to 65 years old.

Coldwell Banker recently surveyed 1,300 of its agents to get insight into this complex and often powerful generation.

Here are highlights from that survey.

A mere 6 percent of older boomers are looking to sell their home in favor of a larger one.

Conversely, 31 percent of real estate agents reported that the younger boomers would like a larger living space.

Not surprisingly, 80 percent of agents said their upper boomer clientele base would like to downsize, with 52 percent reporting the same desire of the younger boomers.

As far as a vacation home, it was reported that 22 percent of the older boomer clientele base was interested in a second home.

By contrast, 34 percent of the younger boomers were interested in acquiring additional real estate.

According to the National Association of Realtors, 25 percent of baby boomers own more real estate than just their primary residence and 8 out of 10 boomers own their own home.

One of the most positive survey results is that 10 percent of the baby boomers are likely to buy real estate within the next year.

“Now, I know baby boomers are a very diverse group. There is nearly a 20-year age span between the oldest and youngest folks in this generation, which is why we felt it was very important to look at them separately and also in aggregate,” said Jim Gillespie, CEO of Coldwell Banker Real Estate.

“Like many people, some boomers are anxious about how the current economy could affect their real estate transaction.

“However, the survey confirms baby boomers aren’t out of the picture at all. It is important to remember that baby boomers, just like all homeowners, move because of lifestyle reasons.

“Younger boomers may be moving for a job, perhaps making an investment on a second home, or downsizing because their kids have left home and now they are empty nesters. Older boomers are moving into or beginning to think about retirement, and more often than not looking for a smaller home and a simpler life.”

Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.

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