@blujeans9462
Boomer here. Just added one home to the market. It became a pocket listing to one of the agents that I interviewed. The agent felt there would be multiple offers on my house as soon as it went on, so she asked if I would sell it to one of her clients, pre-listing. I was aware the buyer had little chance of competing in a market like this - as he didn't have much down. And he had been struggling for quite some time to get a house for him and his family. With multiple offers, a seller will look over not only the price, but financial qualifications. It wasn't that long ago when someone such as this buyer would have little problem getting a home - like everyone else. But when a seller has multiple offers, it's human nature to pick the best of the best. Money wasn't my primary goal - so it felt like the right thing to do in today's market. Definitely would never have sold it to a corporation for cash - no matter what they offered.
@MsBrendalina
Most boomers cannot downsize even if they want to because a small, one bedroom apartment or condo likely costs more to live in than their 4 bedroom house. I absolutely do not blame an elderly person for staying in their home where its comfortable and affordable. Elders deserve to enjoy their homes for as long as they can
@oliviaHill-w4e
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
@SeanTalkoff
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
@Educated2Extinction
Let's just completely ignore properties being bought up by investors and specifically the ones turned into short term rentals.
@mamatrain100
Boomer here. Own my home. Gave it to my son through a trust. He lives in the house and pays for my efficency.
@Resultsnottalk
The biggest problem is the hedge funds that have bought up about 25% of the homes. Paid cash and don't need to worry about jobs
@kathylee1261
Late boomer here already retired, husband nearing retirement. Own our home and just sunk $$$ into it to make it elder ready. Cheaper than selling and looking for elder accommodation. Not planning on selling. Will pass on to child.
@coolmantoole
A factor which Ms. Baker didn't mention is the fact that a lot of the older housing entering the market is being snapped up by investment companies and converted into rental properties.
@cfc1001001cfc
Here in the Deep South, there seems to be plenty of new homes being built, but most of them are McMansions. Giant homes sitting on postage stamp size lots that start at $600,000 and go up quickly from there. These are way out of the price range of a young family starting out...unless they can convince a grandparent or two to join in and share the financial burden and space. This might work out, it might not. Heaven forbid a construction company would build a brand new 3 bedroom 2 bathroom Ranch. 😕
@nmccw3245
Tail end boomer here - not giving up my paid off home any time soon. It will go into my trust that will be be under the control of my niece and nephew once I pass.
@speteydog2260
You can't rely on people to die to get their stuff either. They may leave it to someone they liked.
@vanillatgif
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
@schanychamemphis1327
boomer here. Why would I leave my house? I need some place to live!
@cackleberrycottage2340
And another thing that needs addressed. We live in the mountains and we have an exorbitant amount of AirB&Bs. The people who purchase these homes have homes elsewhere. So there is a lot of people who now own 2 homes, there by keeping those homes which should be available, off the market. Is that fair? Probably not, but if you have the money you can do things like that. They sit empty all week when someone could be living in them. But then again, my neighbors house has been on the market for 2 years now and no nibbles. Don't know why. It needs painted inside, but is in good shape otherwise with a nice, flat fenced in yard and driveways. Would make a great starter home for a young family. However, I think the price is probably keeping young people away. These prices are ridiculous.
@jeromejarboe6944
One issue that was not mentioned was older owners do not fix the homes that they have. They ether do not have the money or are afraid of not having enough to not out live their money or just afraid that they will de swindled. I’m seeing it with my mother. The houses are falling apart around them. It takes hard bargaining to get them to fix what must be done. They are not updating at all!
@micheal_mills
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
@patriciamay6396
As a boomer I can assure you that if millions of homes hit the market that are unaffordable, they will not sell.
@Chinunit22
Greedy corporations, and investors will swoop it up.
@stacistein702