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Baby boomers may put 'tidal wave' of 21M homes on market -- but who will buy them?
Fox News ^ | 11-22-19 | Larry Kusisto

Posted on 11/22/2019 10:41:46 PM PST by NoLibZone

SUN CITY, Ariz. — When this Phoenix suburb opened on January 1, 1960, it was billed as the original retirement community. From above, it would look like a UFO landing site, laid out in rings to mimic halos surrounding the sun. Just past the entrance, a billboard flanked by rows of palm trees promised “An Active New Way Of Life.”

On the weekend Sun City opened, cars were backed up for 2 miles as some 100,000 visitors waited to gawk at a village built specifically for adults over the age of 50. They found a new nine-hole golf course and a community center with 250-seat auditorium, swimming pool, shuffleboard court and lawn bowling green. Elsewhere there was a 30,000-square-foot Grand Shopping Center, a Safeway grocery store and a Hiway House Motor Hotel, where you could have a cup of coffee or something stronger at the bar. “The finest resort couldn’t supply more,” boasted a fictional resident of Sun City in a promotional video from the period.

The big question looming in this neighborhood — and dozens of others like it in the Southeast and Rust Belt — is what happens to everything from home prices to the local economy when so many homes post ‘For Sale’ signs around the same time?

The U.S. is at the beginning of a tidal wave of homes hitting the market on the scale of the housing bubble in the mid-2000s. This time it won’t be driven by overbuilding, easy credit or irrational exuberance, but by an inevitable fact of life: the passing of the baby boomer generation.

(Excerpt) Read more at foxnews.com ...


TOPICS: News/Current Events
KEYWORDS: correction; housing; nonproblem; realestate
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To: NoLibZone
With young people not having kids, down the road it will be even worse. The world's population will see all those empty houses and won't sit still.

41 posted on 11/23/2019 4:50:02 AM PST by Right Wing Assault (Kill-googl,TWTR,FCBK,NYT,WaPo,Hwd,CNN,NFL,BLM,CAIR,Antfa,SPLC,ESPN,NPR,NBA,ARP)
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To: NoLibZone

That’s not true in Nashville

Millennials are buying homes and gentrifying rundown areas like crazy

Decent boomer homes will go to wives then kids or grandkids

Like mine

Retirement communities are another story


42 posted on 11/23/2019 4:57:42 AM PST by wardaddy (I applaud Jim Robinson for his comments on the Southern Monuments decision ...thank you)
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To: Sequoyah101

“...could not possibly care less about having a home and a yard. They don’t want the responsibility.”

So true...right up to and including the “heirloom” bric-a-brac hanging on the wall. Most “family treasures” will pass to Goodwill, no doubt.

And, I will care less.


43 posted on 11/23/2019 5:00:49 AM PST by moovova
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To: BunnySlippers

Sun City is far from the best community here in Phoenix but anywhere in the entire city is cheaper than LA.

Paradise Valley, Scottsdale, Arcadia and Fountain Hills are the better locations.


44 posted on 11/23/2019 5:02:04 AM PST by Zathras
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To: Right Wing Assault

That is why we’re trafficking Third Worlders here - to fill our housing stock, store aisles, and most importantly: public schools.

The most visible aspect of the negative birthrate in my area is the absolutely horrible parking; childless young people move into illegally converted two family homes (that formerly housed a regular family) and you end up with cars all over the place (without off-street parking for the tenants, who have moved into an area zoned for single-family homes).

The second most visible aspect of the negative birthrate is the masses of foreign children in the school system - funded by the homeowners.


45 posted on 11/23/2019 5:03:32 AM PST by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: MadMax, the Grinning Reaper

I highly doubt you work for God. At least not from the tone of your posts. God loves the vapers, people with student debt, and even people who are bankrupt because of drug abuse.


46 posted on 11/23/2019 5:03:52 AM PST by cornfedcowboy
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To: cuban leaf

Are you in the mountains?


47 posted on 11/23/2019 5:05:23 AM PST by MissEdie (I am South Carolina Strong.)
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To: NoLibZone

Why would I buy a house from a boomer?
Ya’ll build subdivisions with 2 houses per acre.

I’ll pass!


48 posted on 11/23/2019 5:10:13 AM PST by George Rand (-- I can't befriend liberals because I won't befriend ignorance --)
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To: NoLibZone

If nobody is buying the 21 million dollar homes, then they aren’t 21 million dollar homes.


49 posted on 11/23/2019 5:10:39 AM PST by Sirius Lee (They are openly stating that they intend to murder us. Prep if you want to live.>>>)
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To: Lurkina.n.Learnin
That’s why they are downsizing. To get rid of the bum in the basement.

How virtuous is it to have a large house with empty rooms that no one uses ?
50 posted on 11/23/2019 5:21:00 AM PST by af_vet_1981 (The bus came by and I got on, That's when it all began)
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To: MissEdie

South Central. We’re 45 minutes south southeast of Bardstown.


51 posted on 11/23/2019 5:30:37 AM PST by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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To: NoLibZone
Who will buy them? All the millennials and such who are now renting while paying off student loans. Prices will come down and demand will go up. Simple economics. Besides, many of these boomers will pass their homes on to their children and not sell them at all.
52 posted on 11/23/2019 5:30:41 AM PST by hinckley buzzard (Power is more often surrendered than seized.)
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To: Sacajaweau

“...50% of the town population are living in rentals.”

There’s the key - rentals - for a great many younger folks, urban dwellers and retirees.

When the suburban and rural mid-range boomer homes drop in price significantly enough, they’ll be scooped to become rentals (as happens now around the edges of larger cities).

For capable gen X, Y and immigrants, great — a nice house with no down payment, no building maintenance, just keep up the monthly stroke.

Possibly, ordinances will change to allow multi-family occupancy.


53 posted on 11/23/2019 5:38:23 AM PST by polymuser (It's discouraging to think how many people are shocked by honesty and how few by deceit. Noel Coward)
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To: Bob434

It called the free market. The last thing we need to do is import more Demo-socialists from the the world. Let the market adjust.


54 posted on 11/23/2019 5:45:35 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: NoLibZone

For seniors who like where they live and have significant equity in their home, why downsize when they can take out a reverse mortgage and draw from that until they pass?


55 posted on 11/23/2019 5:49:04 AM PST by fso301
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To: MrEdd
Typically, what local govts do in this situation is bulldoze empty house to keep up market value and property tax rates high. It is a sickening waste of resources but that is what they will do.


56 posted on 11/23/2019 5:49:25 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: kearnyirish2
Detached single-family homes are becoming a thing of the past, as our standard of living falls to meet the rising standard of living of the developing world (where our jobs went).

Shhhh. A lot of globalist Republicans ( who caused the problem ) don't want to hear that kind of hate truth-speak...

57 posted on 11/23/2019 5:55:02 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: NoLibZone

If life were a football game, I’d be in the fourth quarter. It’s just me and my wife; we have no kids or grandkids. When the final gun sounds to end the game, we really won’t give a sh!t what happens.


58 posted on 11/23/2019 5:56:14 AM PST by ought-six (Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
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To: Zathras

We are building a home, for winters, in Mountainside at Victory, at the foot of the White Tank Mountains in Verado. It is a 55+ gated active adult community and we bought one of the golf course lots.

Our Montana home sits on a mountainside with a creek, bridges, atv trails, a shooting range, garden, lawn and fruit trees. We bought the land 25 years ago and designed and built our home 15 years ago.

Winter are getting longer and I’m not getting any younger. I can see down the road a short way from now not being able, or caring to, maintain all this home and acreage. So we are making plans now to transition out of here in a couple years.

Verado looks good to us so we are going for it. We also like Fountain Hills. They have a great outdoor market there. Sun City had no appeal to us at all. I thought it was depressing actually.


59 posted on 11/23/2019 5:58:56 AM PST by Comment Not Approved (When bureaucrats outlaw hunting, outlaws will hunt bureaucrats.)
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To: NoLibZone

Why would a generation of self-absorbed narcissists want to purchase houses and other properties, when they don’t want to get married and have children? They’re too invested in the pursuit of pleasure to have concern for future generations.


60 posted on 11/23/2019 5:59:44 AM PST by Hazwaste (Democrats are like slinkies. Only good for pushing down stairs.)
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