22 Sep Boomers: Is the Housing Market’s Cavalry Here?
Unfortunately, the boomers are too busy taking care of the Gen-Xers that CAN’T qualify for a mortgage in today’s restrictive market.
I still think there’s hope for the market to be recovered by this steadfast generation. For one, they did not purchase their first home during the recent housing boom, so this means they will have a larger home equity cushion and the ability to secure a reverse mortgage.
They are also looking for a different lifestyle and product and are ready to buy. According to the NAHB, specifically appealing to boomers are single-story homes and with all living space on one level.
The 55+ demographic actually account for almost a quarter of all new custom-home purchases, so builders should be catering to this group of middle agers. Unfortunately, homebuilders are contending with a huge overhang of existing homes on the market, and having a harder time getting banks to sign off on construction loans.
Do you think the boomer generation will lead the housing revival? We’ve already seen signs, do you think it’s just a matter of when? Let us know by commenting below or posting on our Facebook page!