June 19, 2018Mortgage rates are on the rise. Could that derail sales? According to First American’s Potential Home Sales model, even if the 30-year fixed-rate mortgage rose to 5 percent, the
Real Estate With LATRICIA KELLY Baby Boomers Finding Freedom In Retirement Simplifying The Market B
For Buyers & For Sellers
Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard.
Let’s take a look at why…In a recent Merrill Lynch study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing. Crossing the “Freedom Threshold”Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.The study refers to this change as “Crossing the Freedom Threshold”.
When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)Crossing The Freedom Threshold | Simplifying The MarketAs one participant in the study stated:“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”On the MoveAccording to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”.
See the chart below for the top 6 reasons broken down. Click for more...
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US housing starts gained 5% in May but builders face challenging conditions to try to meet market demand.The figures from the HUD and Commerce Dept. show a seasonally adjusted annual rate of 1.35