Many Boomers also could afford and desired larger and more expensive homes. As 10,000 a day turn another year older they are putting their homes up for sale. As the younger crowd fails to thrive they are not buying larger and more expensive homes. This is leaving the home markets glutted with those larger and more expensive homes. The problem is going to get worse every day. Toss in the fact that many younger people with money are gun shy about buying after this past three year housing market disaster and these homes are going to suffer even more.
On top of fewer buyers for the McMansions and lesser dwellings that are too big now the property taxes go up to compensate for reduced income and sales taxes as the boomers produce less and spend less. If you realize that you don’t own your property now... brace yourself, it is going to get much worse.
I think it is going to get so much worse that I am seriously questioning ownership of anything but the barest of necessities. I was thinking of buying more land instead of being in what is left of the market but I wonder if taxes will make that prohibitive. I’m seeing more and more large parcels of land for sale. Traditional ranches aren’t making it anymore. Maybe foreigners will pay our taxes?
It is now a blessing to have a home that will easily turn for what we have in it, which is paid off early and will translate house-for-house into a properly sized retirement property if we decide to move elsewhere.
There are too many people that are “house poor” due to an over emphasis on the primary residence as an “investment.”
The only thing we see is that when we retire, we probably will be in good enough health that our toys and hobbies take up too much space in our planned living space. The market needs more 1400 SF homes with detached seperate work/art sudios above three car garages and boat houses, LOL.