Did You Know... 6 Reasons why Baby Boomers are chosing to Rent

 From 2009 to 2015, the share of renters over 55 years old shot up 28%, while the share aged 34 or younger increased just 3%. That's right, Baby Boomers, not Millennials, are entering the rental market in droves.

According to data from the Joint Center for Housing Studies of Harvard University in 2015, more baby boomers (the generation born after World War II between 1945 and the early 1960's) are starting to return to renting after years of living in their own homes.

Why are boomers returning to renting?  

Here are a few reasons: 

1. They're ready to downsize 
2. They are looking for convenience 
3. Renting offers more flexibility 
4. It's often cheaper 
5. They want to avoid having to sell later on 
6. They're looking to make other investments 

In my experience, in 2017, I haven't worked with any seniors who are looking to sell their current home to move to a rental.  Most of the Baby Boomers I have assisted in selling their homes are looking to sell their larger, 2 story home and purchase a home that offers primarily one-level living.  Many of them are not looking to make a significant change in the overall size of their home as they still want to have room for family and guests staying for visits, and to have room for their hobbies. 

What do you think - would you choose to move to a rental versus buying another home to better accommodate your wants and needs after after becoming an empty nester?

More information supporting these six reasons can be found in this U.S.News & World Report article,

6 Reasons More Baby Boomers are Renting

 

Homework Series... November

In addition, you may want to consider the following to ensure your home is safe and warm during the cooling months:

• Test smoke detectors and replace batteries as needed
• Change or clean furnace filters and get your furnace serviced prior to the really cold outside temperatures
• If you haven't already, it's time to drain outside faucets and winterize the sprinkler system
• Throughout the fall, it's good to keep focused on ensuring gutters and downspouts are clean 
• Inspect weather striping around doors and windows - repair or replace as needed.

Did You Know.... 429 Pages for Signatures!

The average residential real estate transaction involves 118 forms? That's 429 pages!

They involve 9 agencies and are controlled by 2 state statutes .

Finding a home is all fun and games until the paperwork hits!

Fortunately, professional Realtors are fully prepared to help guide you through the process - all 144 steps! - of buying or selling.  Realtors will advocate and negotiate for you, allowing you to focus on the excitement of next steps in your home sale or purchase.

Call me today to get a professional Realtor on your team today.

September 2017 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for September 2017.
Click here for the full report

• Sales:   2,660 in September 2017 vs 2,2823 last September:  -5.86%

• Pending Sales:   2,7300 in September 2017 vs 2,857 last September:  -4.4%

• New Listings:   4,202 in September 2017 vs 4,372 last September:  -3.9%

• Average Sales Price:   $428,800 in September 2017 vs $392,600 last September:  9.2%

• Total Market Time: 37 days in September 2017 vs 35 days last September:  5.7%

• Inventory in Months: 2.3 months in September 2017 vs 2.0 months last September

Inventory by Area:

• NW Washington County   2.25 months
• Beaverton/Aloha               1.55 months
• Hillsboro/Forest Grove     1.57 months