Is the ‘Great Senior Sell-Off’ Coming?

About 1.5 to 2 million homes belonging to seniors will come on the market by the end of this decade, predicts Arthur C. Nelson, professor of urban planning at the University of Utah. Nelson says he sees a momentum growing among baby boomers to put their homes up for sale and downsize. “This is the decade of the shakeout, where the boomers will begin turning 65 and we'll begin to see how they influence the housing market,” Nelson told The Chicago Tribune. Nelson cites other research that shows when people hit their late 60s they tend to start selling off their homes at a much faster rate. The baby boomer generation began reaching age 65 in 2011 and will continue until 2029. “As they enter their late 60s, they'll begin to unload their homes in cumulatively higher rates,” Nelson says. “I'm calling it the Great Senior Sell-Off.” But Nelson says he’s concerned there may not be enough buyers for the homes. About 80 percent of seniors are home owners when they reach 65—the highest home ownership rate among any age group. But Nelson notes that about 4 percent of senior home owners move each year and about 60 percent of them then opt to move into rentals. As such, Nelson predicts a surge in construction of apartments for more affluent renters. Source: “Get Ready for Great Senior Sell-Off,” The Chicago Tribune (March 29, 2013)
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Sellers Who Delay May Miss Out

Some would-be move-up home sellers are eying home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say. The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity. "Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," Blomquist told HousingWire. Home owners who wait much longer to sell their home may miss out. "If you're selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you're leaving behind," says Redfin CEO Glenn Kelman. Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home. Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)
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Agents to Sellers: Get Moving!

With inventories at 13-year lows, real estate professionals are getting creative in trying to convince home owners to sell.
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“There’s such little inventory that my joke is it’s like the last shrimp at the buffet at a cocktail party and everyone’s jumping on it to try and get to it,” Boston-area real estate pro Ken Snyder told American Public Media. Snyder has been posting stories on his social networks about how he’s getting six or seven offers on properties from the high buyer demand, but then adds “Sellers, hello? Where are you?!” His messaging is working. Owners who had been renting a loft saw his Facebook post and decided to sell after all. To try to get more listings, some real estate professionals are also holding first-time home-seller seminars. And real estate professional Gary Rogers says he’s been writing personal letters to sellers. But real estate professionals say that many owners fear selling because they’re scared that once their home is sold they won’t then have any place to move to due to the low inventories. Source: “Realtors Ask: ‘What can I do to get you OUT of that House?” American Public Media (March 20, 2013)
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