Housing patterns are fascinating to watch as each generation tends to move based on lifestyle changes that have many similarities. Baby Boomers are facing the impact of the “life is not forever” realization, which the Pandemic magnified. That has contributed to 10,000 Boomers retiring every day!
Baby Boomer post-pandemic housing trends include:
- Moving to places they dreamed of living in sooner.
- Simplifying their lives and downsizing.
- Buying second (and even third) homes.
- Lowering living costs by moving to areas that have lower living expenses and properties that are less work.
- Moving to areas that have lower taxation: lower income tax AND lower estate tax.
- Working remotely, even for less income, allows them to live in an area with better weather or next to grandchildren.
- More freedom to retire earlier because of accelerated wealth via elevated home values, equities, and investments.
- Selling businesses sooner because of accelerated consolidation in the markets and the desire to avoid increasing taxes.
- Trying something completely new: a new area to live in, pursuing a hobby, etc.
- Gifting heirs while still alive enables Boomers to see the benefit of their estate to their loved ones.
Baby Boomers in Skagit County
The challenge for Skagit County is that most retirees move into our area and stay in their homes until they age out of it. These homes have what people want; one-level homes with a low-maintenance yard, view, 3-car garage, preferably under $750,000 but up to $1M for the perfect home. We could sell hundreds of these if they were available! Our task is helping buyers prioritize; main-level living rather than one-level living, for instance.
We have lists of buyers waiting for:
- Skyline view homes
- Waterfront homes with beach access
- Waterfront homes with a dock
- View homes with main level living
- Dock space or Moorage to purchase (50′ and over)
- One level homes
Is this the right time for you to cash out and simplify? If you are ready to downsize and don’t know where to start, please contact us. We will be happy to go over the specifics and help you with the process. Contact us today!