Could A Baby Boomer Sell-off Create the Next Florida Housing Crisis?

by Isaac Benmergui, Esq on March 7, 2013

Senior couple w giftThe buying and selling habits of baby boomers have driven the Florida real estate market for years. As boomers downsize and move into smaller spaces or retirement communities, they’ll be readying their homes for the marketplace, in what one analyst is calling the “great senior sell-off,” which may result in the next big housing crisis.  

Considering the number of seniors in the nation, a sell-off could occur to the tune of 1.5 to 2 million homes every year by the beginning of 2020. If those homes were purchased between 1989 and 2009, about 80 percent of those were detached single-family structure, and a third of them were 2,500+ square feet. According to data from the American Housing Survey, 40 percent were built on half-an-acre to 10 acres of land.

Most homebuyers are looking for those types of situations if they have young children, but about 25 percent of them, want smaller options in a home. When the boomers start selling, they’ll represent a 74 percent share of homebuyers, but they’ll be looking to downsize. Baby boomers may have a tough time finding buyers for their homes when they’re finally ready to list it towards the beginning of the next decade.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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