As more Baby Boomers retire, Boston downtown real estate experts are are seeing more cash deals for Boston Midtown real estate for sale.
Evidently, these Baby Boomers (defined as anyone born between 1946 and 1964) are opting to purchase their Boston Charles River Park condos with all cash instead of taking out a mortgage.
Experts credit this in part to the fact that US home price gains have restored $4.1 trillion in value to home owners since 2012.
This means that a record number of Americans (including Baby Boomers) are using that equity to help them pay cash for properties, avoiding a home loan altogether.
Another factor is that these Baby Boomers have more money in savings, allowing them the option to pay with cash.
This is an important trend that is sure to have an effect on all Boston condo buyers not just those who fall in the Baby Boomer cohort.
More Revealed on This Recent National Real Estate Trend
Here’s what else the recent Bloomberg article noted about Baby Boomers affecting real estate trends:
29 percent of non-investment home buyers used cash.
Most of the people making all-cash deals are Baby Boomers, mostly because this generation is starting to retire.
About 18.3 million Americans over the age of 60 owned their homes outright in 2018, according to Census data. In 2009, that number was 12.1 million.
About 39 percent of Baby Boomers want to retire to a rural community, such as a farm or a small town, according to a Better Homes poll.
About 27 percent want to move to an active adult community that offers activities like rock climbing and yoga.
And 26 percent said they want to retire to a city.
Baby Boomers have historically been considered a very influential generation, in part because of their sheer size. And their latest activity on the national real estate market is likely to have a major impact on the state of the housing market for many years to come.
After all, about 10,000 Americans turn 65 every day, according to the Pew Research Center in Washington. And it’s estimated that between 2010 and 2020, Americans age 65 to 74 will jump 51 percent.
Experts are also saying that the Baby Boomer generation is expected to stay in the housing market longer than the previous generation.
Some even predict that Baby Boomers will be purchasing and selling properties well into their 80s because they have led active and healthier lives for a longer period than their parents.
How Can We Help With Your Hudson County Real Estate Transaction?
Whether you’re an interested Boston Charles River Park buyer or seller from the Baby Boomer Generation or another generation, I would be more than happy to assist you with the real estate transaction process.
So please contact me, John Ford, today if you’re ready to enter the Boston Midtown real estate market as a home buyer or home seller.
I would be happy to assist you!