Today’s Real Estate market presents a truly unique situation to two huge groups of potential home-buyers.
- all across the country there is a shortage of homes for sale. Realtors tell us The Supply is low and at the same moment there is big demand.
- Nation wide there is a noticeable trend; people are on the move and for the first time in many decades they are moving into urban areas. It seems as though people want to live “in town” near restaurants, coffee shops, hospitals, theaters, and city services.
- ALSO Nation wide there is a noticeable trend to homes that are significantly smaller than “back in the day.”
Now, back to mom and dad vs. the kids. It seems as though BOTH groups, mom and dad on one side and The Kids on the other are both looking to move closer in to the urban areas. So, two huge groups of people The Boomers (that’s mom and dad) and The Millennials (that’s the kids) are on the move but with hugely different backgrounds and with their own unique story -
- Boomers – The Boomers are looking to downsize, they need to sell their big house where the family was raised; that house is now too big.
- The Millennials are looking to buy their first home but that’s in an expensive housing market.
- AND BOTH the boomers and the millennials are headed to the city.
All this presents VERY UNIQUE stories and circumstances.
- The boomers are selling their big homes but no one is buying, remember….., everyone is looking for smaller.
- The millennials are looking for their first home near the city and it needs to be small as typically finances are limited.
- BOTH are looking in the same market place. Both are looking at the FEW smaller homes that are for sale. Here comes the crunch!
- Mom and Dad can’t buy because they need to sell the big home that no one wants.
- The Kids can’t buy because the prices have gone through the roof.
Tomorrow we will look into this further. Call us at (802) 985-5855 and tell us of your story, it is all very fascinating. Or, post your comments on Facebook.