According to a recent article from the 2020 Home Buyer and Seller Generational Trends report, Younger Boomers —identified as buyers aged 55 to 64 years with age 60 as the median age born between 1955 and 1964—are taking a longer time to search for and find homes. The data explains the average search spans 12 weeks with an average of 10 homes being viewed.
What do Young Boomers want?
Younger Boomers are less likely to purchase in the suburbs (41%) and more likely to purchase in small towns (27%) or rural areas (16%) as compared to other generations. The average tenure in a home is 20 years. And, 13% of buyers were actually first-time buyers.
Why the delay?
The most common answer to the delay in purchasing is caused by debt for median of four years. This median group of households holds the third highest income, coming in at $94,400 in 2020—now behind older millennials. The report indicates Young Boomers are purchasing the second-most expensive homes of all generations at a median price range of $250,000 for home size of 1,800 square feet.
What this means for sellers?
Buyers are searching. They want homes like yours. Young Boomers want to live closer to friends and family, more now than years before, plus they are looking to downsize. If you’ve been tossing around the idea of listing your home, this is your time. The choices on the market are limited.
We are pleased to work with Boomers of all ages who enjoy living in Delaware or are looking to relocate to Delaware. We have relocation specialists on our team who excel at assisting buyers through the transition. Our team is here to help answer any questions you may have about making a neighborhood in Delaware your new home. Don’t delay in calling on Active Adults Realty if you’re searching for a home.