BrokerageIndustry News

Real estate bust brings out the baby boomers

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

The spring homebuying season is upon us but it is so different now than it was a decade ago, or even before the housing crash. I look back with fond memories of young couples buying homes or young families with children buying a home or selling the one they have and buying a new one. It has been two years since I have worked with a seller who is also a buyer, and last year I worked with only one young couple on the purchase of their first home. The first-time homebuyers I am working with these days are 45 and older. I had one who told me she is 62 and that she finally decided to buy because it is cheaper for her to own than to rent. The average age of first-timers remains in the early 30s, but at least in my market the first-timers do not dominate the market and, in general, my buyers are older and their needs are different. They tend to be well-educated and do their homework before they contact me, and they typically find me on the Internet. They are relentless in their...