Experts: Baby boomers to spur real estate market
As a growing number of baby boomers find themselves with empty nests, many are looking to decrease the size of their house. The increase in demand will likely drive trends in the housing market, experts say. Homebuilders will have to change their priorities, as analysts have said they are slow to adapt to the changing demands of the market, The Buffalo News reports.
The reason why many boomers are having difficulty finding a new, smaller house is that the market is still reeling from the slump that began in 2007. However, the growing number of retired people may prove to be a boon for the market, as boomers are looking to relocate to quieter areas of the country.
"They want a well-kept and well-maintained house," industry insider Jimmy Dulin told the publication. "They want to be around people like themselves, but not necessarily isolated."
At a more specific level, most boomers are looking for a house that offers them a number of options. Experts believe they want an open space to host family and friends, and many also want boomer-specific amenities such as electrical outlets that are higher off the ground and plenty of storage options.
Prognosticators will find out soon enough if their forecast rings true. The generation born between 1946 and 1964 is about 77 million strong, and 10,000 are reaching retirement age each day.
Del Webb communities are certainly ready for the changing real estate market as they build houses specifically for active baby boomers. This is especially true at Sun City Shadow Hills in Indio, California, where Del Webb is introducing new home plans in late 2011. These new plans are innovative designs developed as a result of extensive research into how homebuyers live. They address storage needs, provide more ergonomic entries, easier entertaining options, and more outdoor living space.
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