Thursday, November 7, 2019

One Home Leads To Another

Another day, another "news" article showing real estate research which doesn't help the situation. It is no surprise, and didn't take a 'study' to show that baby boomers are staying in their homes much longer than they used to.

Instead of using this research to complain that their doing so limits inventory, the time would be better spent with giving boomers (and other demographics) one or more reasons to relocate.

Instead of complaining about "limited" inventory, the time would be better spent on getting the "weeks" worth of currently available inventory sold or rented. 

When too many homes in a given area are on the market, it sends a message to consumers that something might be wrong for this many residents to be looking to get out. The fewer homes on the market, the better it should be for sellers.

There is also nothing preventing potential buyers from making offers on properties not currently on the market. 

We all have our price. If someone were to offer way more than you think your property is worth, it would, at the very least, get your attention.

Due to economic conditions of the past few years, real estate is currently not the investment it used to be. Home owners are no longer able to do the maintenance and watch as their property increases in value over the next five years. THIS is why the market "slows down", according to this study.

Many boomers might prefer to downsize and/or to relocate upon retirement or becoming empty nest couples. However, it is not worth losing money on the sale of their current residence in order to do so. If local property values continue to be stagnant, this situation will not change.

Putting out statistics such as this only discourage home owners in most areas. Taking action toward making them consider selling for a profit is a much better solution.

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