Tag Archives: real estate market

How Senior Citizens are Impacting the Housing Market

Seniors Are on the Move in the Real Estate Market | MyKCM

In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the previous generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.

Seniors Are on the Move in the Real Estate Market | MyKCM

This, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:

Highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about buying or selling a home, call Team Nest Builder’s Lynn Garafola today to help you make the move as smoothly as possible.  

Originally published on tapinto.net. by Lynn Garafola.

WHAT THE EXPERTS ARE SAYING ABOUT BREXIT’S EFFECT ON U.S. AND CANADIAN REAL ESTATE

Referendum in Great Britain (Brexit) about relationship with Eur

On Thursday, June 23, 2016, 52% of Britons voted ‘yes’ to a referendum proposing that Britain withdraw from the European Union, an economic and political partnership of 28 European countries. Brexit, or Britain’s Exit from the EU, triggered uncertainty about future economic relations with the UK and EU, and sent shockwaves throughout the world.

Shortly after the results were revealed, David Cameron announced his intention to resign as Prime Minister, the British Pound dropped to its lowest level in 31 years, and UK stocks fell drastically as well.

Noting the importance of the UK to the global economy, the IMF has cut its forecasts for global growth and financial experts worldwide are predicting what effect the EU referendum will have on their own regional economies.

But how will Brexit affect the real estate markets in Canada and America?

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