Posted on 12/21/2019 5:58:54 PM PST by GuavaCheesePuff
As baby boomers look to downsize out of their suburban McMansions, a generational showdown is looming: Millennials might be coming into their own as the nation's biggest group of first-time home buyers, but they aren't exactly lining up with bids in hand for those large, expensive homes in the sleepier suburbs. Instead, they're looking for a different kind of home—the same ones, in fact, that the empty nesters are looking to buy.
It's a battle of the millennials vs. baby boomers playing out in the nation's suburban housing markets.
(Excerpt) Read more at realtor.com ...
“The end result is that we have a bunch of these homes on the market right now, and the imbalance between sellers and buyers is pushing down the sale price of any home that actually does get sold.”
You mean there is some type of free market supply and demand conspiracy?
Boomers Want to Stay Home. Senior Housing Now Faces a Budding Glut
November 14, 2019
Wall Street Journal, Nov. 12, 2019–Peter Grant
The rise of technologies that help the elderly stay in their homes threatens to upend one of commercial real estate’s biggest bets: Aging baby boomers will leave their residences in droves for senior housing.
Many of us have retrofitted our homes via contractors to eliminate stairs, to have walk in showers, and other elderly aides. Friends living in two story homes have opted to put in electric chairs to take people up and down stairs. Others have put in ramps to get in out of their homes and to get up and down a few stairs.
We spread the word among our friends re good contractors, yard people and home cleaning people and vice versa. One of our furnaces/ac had a problem. We got the name and number of a good service man from church friends. He came here the day after we called and replaced the board causing the problem.
We call these good people our H team or home team.
We had enough dorm living in college and my 6 years in the Navy to say no retirement homes for us. We wake up when we want to and my wife cooks what we want. Then we eat the meals when we want to, not on a schedule.
We got a reverse mortgage which handles the upkeep and eliminated mortgages and their payment. That handles the upkeep and helpful changes like ramps.
Pure socialist Democrat thug propaganda.
His master bedroom
Her master bedroom
His den
Her den
Living room
Kitchen
Exercise room
His hobby room
Her hobby room
Media room
Bunch of bathrooms
Workshop/tool room
Laundry/storage room
Cloakroom/mudroom, side door
Cloakroom/mudroom, front area
Hidden panic room/vault
Lots of walk-in closets
Smaller not the way to go, necessarily.
$12,000.00 in property taxes in one year?
We pay $1175.00 for almost 3,000 sq feet, 4 bed, 3 bath built in the mid-70’s.
What a get-rich-quick scam by investors that was. I remember my buddy in VA telling me about an old farm out in the hinterlands he drove past one day, and found an access road that led to a nice, non-pressured bass pond, hidden from view. All grown over around it, apparently not even the property owner bothered with it. The field was fallow, and the farmhouse itself was collapsing. He had a spinning rig with him in his truck, and dropped a line in. He was using a topwater lure and was pulling out ditch pigs as fast as he could cast. We went there about a year later, thinking we were gonna be shooting fish in a barrel. Trophy City. When we pulled up, there was an entire community of McMansions built in the field, all but complete. The pond was cordoned off with orange construction fencing and was being used as a rainwater retention pond. The water was the color of coffee and there was nothing alive in it. Totally lifeless. Washington needed more pens to harbor the federal GS pigs, and a realtor destroyed a picture postcard fishing hole in the process. They probably drained it and backfilled it afterwards for liability purposes, lest some Stepford Wife's little bobblehead tottered into it face-first and drowned. And I'll bet those perfumed crackerboxes have been flipped ten times since I first saw them in the 90's. Washington and everyone in and around it disgust me on so many levels.
some people I know are house sharing with one or two others. Great thing about McManisons is the many full baths en suite
Nice option with old friends.
We’re not exactly ancient but....when we bought our house hubby insisted it be ground level with a tile roof. Anything else was up to me. It’s on 1/3 acre with a huge pool in a country club area. We stayed and paid it off. Since we haven’t had house payments for many years we can afford to pay other people to help us take care of it. We have a housekeeper, gardener, pool guy, handyman, and a plumber when we need him. Our house has tripled in price so it really wouldn’t pay us to downsize. So we stay and create jobs for others. Lol
We sold our big house when we retired. Now we do quite well with 1561 sq ft in Alaska and a winter home in Arizona that’s a little bit bigger. Both homes are ranch style, and when only one of us is left, one home gets sold and the other can still be easily maintained by the survivor.
In process of selling now and did see some truth in the article. House is historic, 2020 sq ft, built in the mid to late 1800’s in the country. I love history and antiques. But.... younger people aren’t into that.
Older homes do not have expansive bedrooms and bathrooms which is what the millennial buyers want. When they look at the house they talk about knocking down walls.... lots of them. :-o
The market has definitely changed.
FMCDH(BITS)
This millennial is very much into that! I own a few historic houses, mostly bought for sentiment. Sometimes the architecture is irresistible. True the bathrooms are always too small, and often built as add-ons where a porch originally was. Usually on the cold side of the house too. :(
Last year I bought a rundown 6BR house, 4000sf, for $10k. FSBO, owner out of state just wanted it off his hands. It's only had 3 owners in 100 years. After I've tarted it up a little more, I might just move in. Never lived in a small place or a post-1920s place, and can't imagine ever doing so.
Not in Cobb, right? Paulding? Bartow? Cherokee?
“True the bathrooms are always too small, and often built as add-ons where a porch originally was. Usually on the cold side of the house too.”
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That is so right on !!!
“have opted to put in electric chairs”
I wanted to put in an electric chair, but Mrs. Flash preferred a gas chamber. We compromised on a guillotine. Fancy, imported from France.
States that don’t have an income tax have to make up for it with higher property tax rates. In areas of Texas, for example, you can buy a palace for $1 mil (there’s one listed right now that’s 6000 sq ft on a third of an acre) but your property taxes are $22,526/ year. In Denver, where we have a 5% state income tax rate, the property taxes on a $1.1 mil house are about $5,000.
LOL - great comment!
You’re right. Besides, it will be the maid that cleans all those rooms.
Observational bias!
I'm not seeing this, either! All my friends down at the "Multi-Millionaires Club" are actually looking to upsize their homes, yachts, second homes, third homes, and such!
Can't believe that this is true!
Regards,
I would say the vast number of young families in the US have between one and four children!
But the McMansions will not go unfilled. They will just be bought for less than the sellers had hoped for.
Truly, however, those getting up to three or more are generally poor immigrant families, with we taxpayers underwriting it all—or the upper classes, for whom the little buggers are a form of modern conspicuous consumption.
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