Baby boomers put housing plans on hold

The weak economy is causing baby boomers to postpone plans to sell their homes.

October 21, 2011
housing market, home selling, baby boomer, older housing market

The weak economy is causing baby boomers to postpone plans to sell their homes, according to survey results released this week by Coldwell Banker Real Estate, MarketWatch reported.

Eighty-seven percent of the 1,300 real-estate agents and brokers surveyed said this generation has put their wishes to sell their homes on hold.

“The baby-boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real-estate decision,” said Jim Gillespie, chief executive of Coldwell Banker Real Estate, in a statement. “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that those boomers who are financially secure are actively seeking to buy their retirement home or a second home, and they are taking advantage of the opportunities and value available in today’s market.”

Yet many older boomers, between the ages of 56 and 64, also want to downsize. Forty-nine percent of agents said that the primary reason for the desire to buy a smaller place is because many in this age group want a simpler lifestyle. Twenty-eight percent said the main reason for downsizing is to save money.

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