Baby-boomer generations impact on the Summit County real estate market?
Question: Joyce, what impact do you see that this baby-boomer generation will have on the
Answer: The way I see it, most Realtors are very optimistic about the impact of this generation on our local real estate market. What we are seeing is that the baby-boomer generation is having a dual impact on our real estate market. These buyers are purchasing property in Summit County to use not only as vacation homes but also in many cases they are taking these properties as “test drives” in order to determine where they wish to spend their retirement.
The baby-boomers are indeed getting older and although their most financially productive years are ahead, an estimated 80 million of them have begun pondering retirement – especially in terms of where they plan on living in their retirement. Some plan to stay put while others will be moving to the ocean or the mountains.
Estimates show that 7.5 million Americans own second homes and have an annual income of a relatively modest $46,000. The most popular second-home locations are no more than two or three hours by car or plane from the buyer’s primary residence, which generally means easy access to children and grandchildren.
For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442