Wealthy baby boomers are trapped in homes that are too big to sell. They want to downsize but can't get what they paid.
This was guaranteed to happen, and did. Baby boomers and retirees built large, elaborate dream homes only to find that few people want to buy them.
Large, high-end homes across the Sunbelt are sitting on the market, enduring deep price cuts to sell.
That is a far different picture than 15 years ago, when retirees were rushing to build elaborate, five or six-bedroom houses in warm climates, fueled in part by the easy credit of the real estate boom. Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.
Now, many boomers are discovering that these large, high-maintenance houses no longer fit their needs as they grow older, but younger people aren’t buying them.
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8 comments:
Shocked. Baby boomers always think of others first!
Not.
Sounds like a rerun of the past.
This boomer merely had to get on one floor and our son was gifted the home with stairways.Noticed I said gifted 5:49. Shoots a hole in your comment. No it's not spoiling him, he would get it soon anyway.
Monster houses galore, but you can't find a flannel shirt in a small or medium.
My father, who I consider the smartest man in the world (perfect common sense, too) told me to purchase something you can afford now, not down the road. The Realtors would try to get you to buy something based on future income increases not what you what you made now. I'm so glad I listened to my Dad !
Your so correct 2:33
My father taught me the exact same thing too
Thank you
HAHA 905am. So true statement!
Okay McMansions, come down in price and many folks will come running. Bring those prices DOWN!
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