Quote:
Originally Posted by John Mercier
Same as some call the ''rocking chair'' rule.
My grandfather used to say as you neared retirement, you would realize that you had enough resources to pursue some of the things you may have wanted earlier in life, but could not afford or were too financially cautious at the time to splurge on.
As the Boomers, the largest population in the US yet to reach that stage, continue into that stage... the demand for those things increases to the point that demand is relatively constant.
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Yup, I can totally see that, it’s actually a huge part of why inventory was so low over the last two years. In the past as people aged, they wanted to downsize, move to single level living or a condo, now those condos often represent an uptick in cost over their current living situation. Many young people couldn’t/can’t buy first time homes because people are staying put as they age. It’s a really interesting demographic change and it’s effecting the two biggest groups in the baby boomers and the millennials. Hopefully there will be something left for those of us in the often forgotten Gen X crowd ��
Mainly it will be super interesting to watch how this shakes out locally over the next 24 months. Other parts of the country have definitely had the brakes slammed on in the real estate market, but it hasn’t quite reached New England yet. The good news is, we are back to a place where buyers can do inspections, and other due diligence before signing their names on the dotted line. So even if there isn’t a huge price drop, being able to do due diligence on a 600-800k investment will definitely help me sleep better at night!
08-13-2022, 01:33 PM
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