Home-buying trend: trading down

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Real estate agents have noted an increasing number of empty nesters circulating through Sunday open houses. About one-third of the visitors at one open house were middle-aged or older folks who were investigating the possibility of trading down to a smaller home. The unique characteristics of this home were it's location close to shops and cafes, and it's one-level, level-in layout. The motivating factors for many trade-down buyers are reducing the cost of home ownership, living in a more user-friendly home, and having money left over to help fund retirement. Often the ideal home is smaller and has fewer levels than the current home, is in a safe location and is convenient to shops and transportation. In some areas, finding a suitable home is more difficult than you might imagine. One problem is that move-down buyers often find themselves in competition with first-time buyers. In general, there's usually more demand for lower-priced, smaller homes that there is for higher-priced homes...