Baby Boomers and the Housing Recovery, Are They One and the Same?
It doesn’t seem likely that many people associate one with the other, after all, baby boomers already bought their homes, had their families and are content with staying in one place to enjoy their retirement close to family and friends.
However, various articles online and blog posts on Active Rain have gotten me thinking:
What could possibly lead to baby boomers’ eventually domination of the housing trend?
Interestingly enough, the power of the baby boomer on real estate is not, by any means, a new thing. Back in February, an article was published warning agents not to ignore the baby boomer market.
For one, baby boomers control 70% of all the wealth in this country, they represent half of all credit care use and they own 80% of all financial assets. The truth is, with so much buying power in the hands of baby boomers, it’s crucial that we start considering baby boomers as part of the housing recovery equation.
Millennials don’t seem all that interested in buying homes as of now, so why not invest your time in a market can be beneficial to everyone involved?
For instance, where would I be without baby boomers? It’s something I consider every day. Baby boomers are essential to the growth of my business and the key to a full fledged housing recovery, despite what anyone thinks or theorizes.
Baby boomers invested in homes in the past, and just because they have, or will, retire, doesn’t take away their ability to invest in the housing recovery. For example, a HECM for Purchase is a powerful buying tool for baby boomers who want to relocate or downsize during their retirement. Their home equity, which they paid and invested in their whole lives, can become a potential source of wealth for baby boomers looking to supplement their retirement.
In a time of financial instability, baby boomers could provide the most valuable transactions in the market. It would be in our best interest not to pass them by but give them the attention they deserve.
If you think a reverse mortgage is right for you, or simply want more information, give us a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.