Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach, the top metro for cash sales in the U.S. The ratio was 52%
🚨 Baby Boomers Are the Richest Home Sellers ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🍀
Dated: March 18 2021
Baby Boomers tended to make up the majority of sellers last year—at 43%—and they also saw the highest profits, too.
Overall, home sellers of all age groups who sold their homes last year saw a median gain of $66,000 more than what they originally purchased for—a $6,000 increase compared to the previous year. But for sellers ages 66 to 74, they saw a median gain of $100,000 in equity, according to the National Association of REALTORS®’ “2021 Home Buyer and Seller Generational Trends” report.
“In a real estate market that is tipped in favor of sellers, boomers and older homeowners are really the ones holding the cards,” says Danielle Hale, realtor.com®’s chief economist.
As the housing market surges, homeowners who’ve been in their homes the longest tend to see the highest profits at resale. Younger baby boomers (those between the ages of 56 to 65) tended to live in their homes a median of 14 years whereas older segment of baby boomers (those between the ages of 66 to 74) had lived in their homes a median of 16 years, according to NAR’s report. The median tenure in a home for the overall population is 10 years.
The primary reason baby boomers cited for selling their home: To purchase a similarly sized home closer to family members and friends. The second most popular reason to sell was to downsize.
The following is a chart broken down by age group of the median equity earned on a home recently sold, according to NAR’s report.
🍀 Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the United States, inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds. Previously we had Snowbirds; interesting how terminology keeps changing. Low interest rates are probably helping with the increased sales; oftentimes over asking price. Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help. We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them.
For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Freddie Mac and Hoey Team ☘ exp Realty
For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit: www.VisitCollier.Com Feel free to share this resource page with others 🌴
NOTE for Buyers and Sellers: On our Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com ?
For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details: https://HoeyTeam.239RealEstateDeals.Com
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
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