Senior Spotlight: Two Generations Are Chasing The Same Home, One Is Ahead
Both Baby Boomers and Millennials are seeking the same home, but one group has distinct advantages.
Our weekly Senior Spotlight this week is based on a Forbes release last week, revealing that not only are Baby Boomers and Millennials vying for the same homes, but that the former group is more likely to submit the winning offer.
While it’s no secret that there is a national inventory shortage of homes, what you may not know is that the competition between generations for homes is as fierce as the competition within. Millennials may be the “biggest players” in the housing market, yet Forbes also reports that the share of buyers aged 60 and over grew 47% from 2009 – 2019.
With over half of homes nationally selling above list price this summer, multiple offer situations are driving up the stakes of what it takes to get your offer accepted. Forbes outlined several distinct advantages that Baby Boomers have when competing against younger generations for a home:
| Boomers are more likely to be existing homeowners who can use the proceeds of the sale of their last home to buy their next one
| Those who have gained significant equity on their previous home may use the ROI to pay cash for their next home
| Older buyers have the advantage of a lifetime worth of savings in addition to accrued home equity from their prior residence
If you are thinking of selling your home but worried about standing out from the competition in buying your next one, consider the advantages that you may have. Age does not only bring wisdom, but also the benefit of wealth accumulation over time and the use of real estate as an asset class in and of itself.
Resource Used:
Baby Boomers And Millennials Are Vying For Homes, And Boomers Are Winning
Bobbi Decker
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