Differing expectations between boomer home sellers and young buyers can create frustration on both sides of the real estate market.
Young buyers want improvements and upgrades, while boomer home sellers don’t want to spend any more money than they have to in order to sell their house.
Most young buyers don’t want to take on costly renovations and repairs. They prefer a home with updated features and amenities and would rather spend their weekends having fun than working on home improvement tasks.
But a recent study of baby boomer homeowners indicated that those who have lived in their homes the longest (more than 25 years) don’t have many plans for improvements.
According to CNN, many boomers are not moving because they feel stuck.
- They may owe capital gains due to the big increases in value since they purchased
- Smaller homes or apartments where they want to live can be hard to find
- Rising prices, interest rates, and insurance premiums mean there may be little cost difference between their current home and a smaller one
- If their home is paid for they may not want to take on a mortgage during their retirement
Let’s take a moment to appreciate each other’s perspectives, especially when it comes to how we all envision our lives. There’s no right or wrong here, just a bit of generational spice that makes our world more interesting.
At Crescent City Living, we’re here to make your real estate journey smooth and enjoyable, no matter where you are in life. Feel free to reach out to us with any questions or for a chat about how we can assist you on this exciting journey.
