OpinionMarkets & Economy

Frustrations with empty-nester downsizing in my market

What will we do with all the large houses?
  • Low- and middle-income areas that were devastated due to lots of short sales and foreclosures now have low supply and are seeing healthy appreciating markets.
  • Larger homes were the trend of the late 1990s and 2000s; the next generation has endured a different financial past, which curbs demand for those larger homes.

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There are two major trends occurring in real estate that will affect certain areas of the market more than others. But, bottom line, these are trends that will become abundantly clear over the next few years. Empty nesters are downsizing The first major trend is that empty nesters are downsizing.  Empty nesters are parents who once had a house full of children and are still living in a home that was built for a large family. The dark years of the real estate market forced these empty nesters to hold onto the family house longer than expected, and now, they are left with large utility bills, landscaping expenses for more land than they need and maintenance expenses for unoccupied rooms and space. This is a trend that became apparent as I met with more than 400 unlisted homeowners looking to sell over the past couple years. In addition, we had more than 250,000 visitors to our website, and more than 5,000 filled out a form informing us of their intentions in moving to...