This survey is dated 2014, and they should update it every year – or at least until I’m right about having a boomer liquidation sale coming down the pike!
This survey asks several different questions, but notice how 20% to 30% of the responses seemed to divulge some stress or uncertainty about their future:
Uh-oh. It looks like this homeownership thing could be a boomer addiction:
It’s still early in the game for most boomers.
But here’s where the game changers start to come out. Only 58% don’t plan to sell? Fine, they aren’t going to make the market – it’s the other 42% that will determine our real estate future:
Fluff question below – of course we like our home, at least until selling it becomes a better idea:
Almost a quarter of boomers know they are already short on income, and will be hitting the housing ATM. How many others who didn’t expect to use their equity in 2014 will eventually need to cash out for various reasons?
Here’s where the real trouble starts below – 46%???
The best question towards the end of the survey once respondents have loosened up – and lo and behold, 61% of boomers aren’t sleeping that well.
If it only ends up being 20% to 30% of boomers who make a move, that’s still at least 15 million people in America who will be deciding our market!
The biggest concern?
Elderly folks who haven’t moved in a generation (or two), who know their money is running out and happen to see a couple of lower-priced sales nearby. In a effort to bank as much equity as possible, they hit the panic button and grab the first realtor they find who then dumps their house for 95% of value.
It’s a downward spiral that could pick up steam quickly.