Have you noticed realtors constantly advertising for listings lately? Although homes continued selling at a record pace, existing home sales dropped in June due to low levels of inventory. A 20-year low as the appeal of McMansions wanes and Baby Boomers grow increasingly reluctant to trade up or down from their current homes.
A survey by realtor.com recently stated that more than half of its survey respondents or fifty nine percent said they are not planning to sell their houses in the next year.
A housing shortage has forced many first time home buyers to consider smaller homes and condos as a way to literally get their foot in the door.
Homeownership among Baby Boomers is at seventy eight percent, or about 33 million properties. Older age groups have historically moved less frequently than younger home buyers and the trend continues.
A lot of homeowners who might trade up still haven’t regained enough equity to cover the cost of selling their current home and making a down payment on the next one. More than 11.5 million homeowners are still underwater. That means they have just broken even or still owe more on their mortgage than they could sell their home for now.
At Lynch-Rigsby Realty, we care about putting you in the right home for you and your family.
Give me a call today!