Millennials are doing their part to get more starter homes into inventory but, as usual, boomers are just being difficult.
A Realtor.com survey reveals that a whopping 60 percent of millennial homeowners responding plan to do the responsible thing–sell their home–in the next year, with half moving to either a larger home or a home with nicer features.
But boomers, they ain’t a-goin’ nowhere.
You’ll pry my house keys from my cold dead hands.
An even more whopping 85 percent of boomers surveyed “indicated that they are not planning to sell their home in the next year”, according to Realtor.com. Or any year, is my guess.
Why the lack of boomer wanderlust? “72 percent of baby boomers indicated their current home fits the needs of their family”. Boomers aren’t motivated to enter the market. They can’t move up: they already own their dream house.
And if they can age in place, why downsize?
So who cares about boomers, aside from boomers? Because a whopping 78 percent of boomers are homeowners, compared to a nearly half-as-whopping 41 percent of millennials.
Which means there’s lotsa suburban ranchers and urban condos that won’t be for sale anytime soon.
copyright © John Fyten 2017