Baby boomers are moving out of their big houses in the hope of finding smaller properties nearer their families or conveniences. With more and more big houses becoming available on the market, and less available buyers, there is an imbalance in the housing market which has not been seen for many years.
Certain homebuyers once prized these large houses, tucked away on a few acres of land and featuring half a dozen bedrooms, grand entranceways, and three-car garages.
But in the face of the economic collapse, declines in personal wealth, a tight housing market, and a shift of what prospective homeowners want, all that has changed. Major demographic changes could also make the market shrink even further in the next five years, as baby boomers retire and look to downsize.
The generation behind them is smaller and has less money and a desire to live closer to urban centers.
“We definitely have an oversupply of inventory for the so-called McMansions,” said Mary Pat Spekhardt, a real estate agent with Coldwell Banker in Sparta who worked with the Santolocis.
“Houses are staying on the market double the time that they used to, and everyone is frustrated,” she said. “We can’t make buyers, though, that’s the problem. We market, market, market the house and make the house stand out, but the buyers are few and far between.”
The next few years are going to be very interesting for all communities with the alternatives in housing which are going to be derived from this current situation in the housing market.
We may find ourselves going back to the period in time when families lived together as a normal practice. Many baby boomers can probably look back to the earlier years of their lives and recall such family living anyway. Perhaps the time has come for such a return.
Whatever happens in the housing market in the future it is going to be exciting for all concerned and no less the baby boomers yet to retire.