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    What is Important to Boomers when Selling their House?

    If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

    The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

    Percentage of Buyers who Looked Online First

    • All Buyers: 44%
    • Younger Boomers: 46%
    • Older Boomers: 44%

    Where Boomers Found the Home They Purchased

    The two major ways buyers found the home they purchased:

    • All buyers: 50% on the internet, 28% through a real estate agent
    • Younger Boomers: 46% on the internet, 33% through a real estate agent
    • Older Boomers: 36% on the internet, 35% through a real estate agent

    Distance Seller Moved

    The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

    • All sellers: 20 miles
    • Younger Boomers: 27 miles
    • Older Boomers: 50 miles

    Tenure in Previous Home of Seller

    The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

    • All sellers: 16%
    • Younger Boomers: 20%
    • Older Boomers: 31%

    Primary Reason to Sell their Previous Home

    • Want to move closer to friends or family
    • Home too large
    • Retirement

    View of Homeownership as a Financial Investment

    • 83% of Younger Boomers see homeownership as a good investment
    • 82% of Older Boomers see homeownership as a good investment

    Bottom Line

    If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.

     

     

     

     

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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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