Empty Nesters Archives : Real Estate with Mr. G

Have you heard the term “Silver Tsunami” getting tossed around recently? If so, here’s what you really need to know. That phrase refers to the idea that a lot of baby boomers are going to move or downsize all at once. And the fear is that a sudden influx of homes for sale would have a big impact on housing. That’s because it would create a whole lot more competition for smaller homes and would throw off the balance of supply and demand, which ultimately would impact home prices.

But here’s the thing. There are a couple of faults in that logic. Let’s break them down and put your mind at ease.

Not All Baby Boomers Plan To Move

For starters, plenty of baby boomers don’t plan on moving at all. A study from the AARP says more than half of adults aged 65 and older want to stay in their homes and not move as they age (see graph below):

While it’s true circumstances may change and some people who don’t plan to move (the red in the chart above) may realize they need to down the road, the vast majority are counting on aging in place.

As for those who stay put, they’ll likely modify their homes as their needs change over time. And when updating their existing home won’t work, some will buy a second home and keep their original one as an investment to fuel generational wealth for their loved ones. As an article from Inman explains:

“Many boomers have no desire to retire fully and take up less space . . . Many will modify their current home, and the wealthiest will opt to have multiple homes.”

Even Those Who Do Move Won’t Do It All at Once

While not all baby boomers are looking to sell their homes and move – the ones who do won’t all do it at the same time. Instead, it’ll happen slowly over many years. As Freddie Mac says:

“We forecast the ‘tsunami’ will be more like a tide, bringing a gradual exit of 9.2 million Boomers by 2035 . . .”

As Mark Fleming, Chief Economist at First American, says:

“Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.”

Bottom Line

If you’re stressed about a Silver Tsunami shaking the housing market overnight, don’t be. Baby boomers will move slowly over a much longer period of time.

(Article contributed by Charlotte Meier, HomeSafetyHub.org) Image via Pexels

When your children leave your home and start a new life, you may feel a sense of loneliness and emptiness in your home. In this case, many empty-nesters decide to move closer to their adult children. However, moving can be a complicated process that requires careful planning, especially when you are looking to relocate to an entirely new area. Here are some essential pieces of advice to consider before making the big move, presented to you below by Real Estate with Mr. G.

Navigating the Region

The first step for an empty nester seeking to move closer to their adult children is to visit and explore the area. This will give you a chance to see the different environmental factors that may influence your quality of life. Take some time to explore the surrounding communities, shopping centers, libraries, and parks. Consider the distance and accessibility to medical facilities, traffic patterns, and air and noise pollution. Exploring the area will help you make an informed decision if you’re planning to sell your previous home and purchase a new one closer to your adult child’s residence.

Organize Your Research Like a Pro

To streamline your research process, it is important to gather all your data and notes from an area in a single PDF file. This will keep the information organized and accessible while you explore. need help with how to add pages to a PDF? Online tools are readily available to make this process smoother and more efficient. By using these resources, you can easily keep track of the locations you have visited and those that still require further investigation.

Get Insights from Neighbors

Another crucial consideration is speaking with local neighbors about their experiences living in the area. They can offer insight into the surrounding community and lifestyle, which can help you determine the feasibility and quality of life in the area. Good neighbors are always an invaluable source of information about local crime rates, schools, transportation, and recreational facilities. They may also have tips on cost-effective ways of living in the area.

Your Children’s Opinion

Another essential source of information is your children. Their perspectives on what it’s like living in the area can be invaluable. Discuss the pros and cons of the area with them, including any advice they can give on real estate, taxes, and other factors that may influence your decision. You can also consult with their friends, and anyone else you know living in the area for their opinion.

Make the Most Out of Technology

When selecting a new place to live, it may not always be possible to be there physically to view it. As a result, you should utilize technology resources like virtual tours to get a better sense of the layout and amenities of the property you’re interested in. These tours can give you an idea of what the property looks like without you having to be there physically.

Make a Reasonable Budget

Before you commit to a new home or an area, create a realistic budget that you can stick to. This budget should include all of your monthly expenses and income sources. Take the time to calculate your current expenses and income and see how they would match up in the new area. Make sure that you account for any changes in taxes, cost of living, healthcare, and housing.

Senior Safety Checklist

Finally, when selecting a new home, it is essential that you verify that it has senior safety features that you may need now or in the future. These features may include grab bars in the bathroom, non-slip surfaces in the shower, elevators, entry-level ramps, handrails, and other similar features. Ensure that the property you select accommodates your needs both today and in the future.

Making the decision to move closer to your adult children as an empty nester is a significant step that warrants careful planning. By adhering to the advice provided, you can make a more informed decision and manage the entire process with minimal stress. Ultimately, being closer to your children and building stronger family ties can bring immeasurable joy and fulfilment in your golden years.