{"id":335,"date":"2015-12-07T09:22:22","date_gmt":"2015-12-07T17:22:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=335"},"modified":"2015-12-07T09:22:34","modified_gmt":"2015-12-07T17:22:34","slug":"baby-boomers-are-messing-up-home-buying-for-everyone-else","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/baby-boomers-are-messing-up-home-buying-for-everyone-else\/","title":{"rendered":"Baby Boomers are Messing Up Home Buying for Everyone Else"},"content":{"rendered":"<p style=\"text-align: justify;\">If you\u2019re trying to buy a home for your growing family but find that the pickings are slim, now you\u2019ve got someone to blame: baby boomers. The Washington Post recently blasted this age group for clogging up the real estate pipeline. Apparently, experts say they should be downsizing into smaller homes now that their kids have flown the coop\u2014but these empty nesters just aren\u2019t budging.<\/p>\n<p style=\"text-align: justify;\">\u201cThey appear to be staying in the family home longer than previous generations,\u201d Sean Becketti, chief economist of Freddie Mac, told the Post. And this, he says, has created an \u201cimbalance between housing demand and supply.\u201d<\/p>\n<p style=\"text-align: justify;\">In other words, demand for single-family homes is high among young couples who are popping out kids and need some extra bedrooms\u2014but until boomers move out, supply will remain scarce and steeply priced.<\/p>\n<p style=\"text-align: justify;\">Why are boomers lingering in their oversize homes? The chief economist here at realtor.com\u00ae, Jonathan Smoke, theorizes that the whole idea of downsizing may be outdated.<\/p>\n<p style=\"text-align: justify;\">Boomers \u201chave a wide range of desires and circumstances, so some are buying second homes and some are upsizing to their ultimate dream homes,\u201d Smoke says.<\/p>\n<p style=\"text-align: justify;\">Some may want to downsize, but they just don\u2019t see any options that catch their eye.<\/p>\n<p style=\"text-align: justify;\">\u201cFor some, it could be a lack of suitable alternatives,\u201d explains Wendy Flynn, a Realtor\u00ae in College Station, TX. \u201cSmaller housing options are often targeted to first-time buyers and young families. Meanwhile, age-restricted communities are often quite pricey.\u201d<\/p>\n<p style=\"text-align: justify;\">As a result, she says, \u201cI\u2019ve observed a lot of indecision in boomer clients who can\u2019t decide if now is the right time for them to make a move.\u201d<\/p>\n<p style=\"text-align: justify;\">But experts also say this boomer logjam in the housing market can\u2019t last forever. In fact, Smoke says, \u201cwe are forecasting supply to be better in 2016, with a combination of more existing home owners encouraged to sell, and because of increasing single-family construction. As a result, [families] should have a better chance of finding a home that meets their needs compared to this year.\u201d<\/p>\n<p style=\"text-align: justify;\">And once boomers do decide it\u2019s time to downsize in droves, \u201cwe\u2019d see values on those larger homes drop as a result of the increased supply,\u201d says Flynn. But until that happens, there are still things families can do to score a home in a tight market.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers who seek to buy these kinds of properties need a Realtor who has an aggressive style to seek out pocket listings, or who is even willing to door-knock in neighborhoods to identify a boomer who may be willing to sell,\u201d says Flynn.<\/p>\n<p style=\"text-align: justify;\">And boomers who do decide to downsize soon stand to benefit as well.<\/p>\n<p style=\"text-align: justify;\">\u201c2016 will be a perfect year to sell in most markets, because price appreciation is now slowing but mortgage rates are expected to rise,\u201d says Smoke. \u201cSo waiting will not produce as much gains.\u201d<\/p>\n<p><a href=\"http:\/\/www.realtor.com\/news\/trends\/cant-buy-a-home-blame-the-boomers\/\" target=\"_blank\">Baby Boomers are Messing Up Home Buying for Everyone Else<\/a> by Judy Dutton | realtor.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re trying to buy a home for your growing family but find that the pickings are slim, now you\u2019ve got someone to blame: baby boomers. The Washington Post recently &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/baby-boomers-are-messing-up-home-buying-for-everyone-else\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-335","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Baby Boomers are Messing Up Home Buying for Everyone Else &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/baby-boomers-are-messing-up-home-buying-for-everyone-else\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Baby Boomers are Messing Up Home Buying for Everyone Else &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"If you\u2019re trying to buy a home for your growing family but find that the pickings are slim, now you\u2019ve got someone to blame: baby boomers. The Washington Post recently &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Baby Boomers are Messing Up Home Buying for Everyone Else\",\"datePublished\":\"2015-12-07T17:22:22+00:00\",\"dateModified\":\"2015-12-07T17:22:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/\"},\"wordCount\":506,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/12\\\/baby-boomers-are-messing-up-home-buying-for-everyone-else\\\/\",\"name\":\"Baby Boomers are Messing Up Home Buying for Everyone Else &#8226; 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