Senior Spotlight: Data Drop On Senior Sellers

More inventory could be on the way!

Did you know that 10% of homeowners plan to sell in the next 12 months, and 76% of them have taken steps to list their home? This latest data from the National Association of Realtors (NAR)® is part of a much larger report published on April 26, 2021 by Sr. Economist George Ratiu. The hope among industry analysts is that we will see an ‘improving landscape’ with regards to the nationwide housing shortage.

We encourage you to read the report in full HERE for projected trends across generations; we have pulled out the data specific to Baby Boomers for you this week as part of our Senior Spotlight – check it out!

* All data below is specific to Baby Boomers

- Approximately 35% of Baby Boomers plan to sell in the next 10 years, with 25% of those planning to sell in the next 0-3 years.

- With regards to steps taken towards selling a home, over 40% of those intending to sell have made repairs, started to declutter and started researching home values in their neighborhood; over 30% have made contact with a Realtor® and less than 10% are planning to prepare their home alone and sell without an agent.

- Nationwide, over 80% of Baby Boomers plan to sell their homes for $500,000 or less (clearly not those in Silicon Valley!). Another 15% pan to list their homes for between $500,001 and $1,500,000.

- Top reasons cited for selling include: wanting a smaller home that is less work, stating that their current home no longer meets the needs of their family, acting to take advantage of the current market, moving closer to family & friends and seeking a more affordable home.

- Over 60% of Baby Boomers planning to sell intend to do so in the next 6 months or less, while another 20%+ plan to sell in the next 7 months to a year.

- The #1 reasons cited across generations for NOT selling in 2021 is being unable to find another home in one's desired price range in the current market.

- Over 90% of Baby Boomers indicated they would sell sooner than planned if they could make a lot of money on a home sale. Other motivating factors for selling a home sooner included: if more listings came on the market that sellers could afford to buy and if they did not have to prepare their home for sale.

The Bottom Line: “The survey results point to a likely boom in the supply of existing homes this year, as higher vaccination rates, business re-openings, and an improving employment landscape contribute to higher confidence and consumer spending. However, even with this good news, we were in an inventory shortage, for both new and existing homes, well-before the pandemic. It is going to take a while for us to get back to a more balanced ‘normal’ even with an increase in new construction on the horizon.” ~ George Ratiu, Senior Economist, Realtor.com®

Please let me know if you have any questions at all about what this data means for you!