Baby Boomers’ Big Homes Do Not Appeal to Millennials
The lifestyles, needs, and preferences of baby boomers compared to millennials are very different, which is reflected in many ways. Everything from the places baby boomers goes to socialize, the cars they drive, and the homes they live in shows the huge differences between them and their younger counterparts.
When it comes to homes, many baby boomers have large properties. However, trying to sell these to millennials could be an issue. For millennials, the priority seems to be on a smaller home that is cheaper to buy and maintain. This means that many have no interest in the larger properties that baby boomers are trying to sell. This could cause something of a jam in the property market. Because of this, boomers try to sell their homes, but millennials are not interested in them.
Why Baby Boomers Are Trying to Sell
In their heyday, many baby boomers invested in larger properties. There are many reasons why they have decided to sell up – for instance. Some may have seen their dream Sun City Summerlin homes for sale, while others may have decided it is time to downgrade to a smaller property. Whatever the reason, the first thing these baby boomers have to do is to sell their home. Often this means a larger sprawling home that they purchased decades ago.
However, the problem is that other baby boomers who also favored larger homes are not looking to buy more of the same. They are often looking to downsize to a smaller home or even move to a retirement community. As such, the market that baby boomers end up trying to sell to is the millennials. But here, there is another problem that arises – millennials are not looking for larger homes.
What Are Millennials Looking For?
The property market has changed hugely since the time baby boomers bought their homes, and these days millennials are looking for something different. Also, financial circumstances have changed dramatically, which has further impacted younger people’s capabilities to get onto the property market.
These days, many younger people are renting homes, as they have to work harder to save a deposit or get a mortgage. Some prefer to rent rather than buy, as they do not want to be tied down and want more independence. Those who want to purchase a home are not looking for huge properties. Especially huge properties that are difficult to look after and expensive to run.
Many are also keen to move to areas that are close to local amenities and facilities such as shops, entertainment, public transport, and other amenities. This is not something they will necessarily get with the properties that many baby boomers are trying to sell.
What This Means to Baby Boomers
This means that the baby boomers hoping to sell their homes to the millennials who are looking to get onto the property ladder may not have a huge amount of luck. Younger property buyers want something that is more suited to their financial situation. They also want something that is not a huge responsibility for maintenance and running costs. Boomer’s properties may therefore end up sitting on property lists for longer than expected.
This also means that baby boomers who want to sell their properties may have to consider other options. These options can include reducing the asking price to attract potential buyers. They also have to put up with longer selling times in some cases. This is in which could pose a problem if they are already in a chain and need to move on to avoid losing the property they want to move into.
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