Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Blame seniors, not millennials, for housing shortage: Study

02/08/2019

Download PDF

Older Americans may be the ones contributing to the current housing shortage, an analysis by economists at Freddie Mac has found.

The study, which was first reported by Realtor.com, found that more than 1.1 million homes have been kept off the market by owners born between 1931 and 1941. In previous years, more people of the same age would have already listed or passed on their family homes as they retire and move to other places.

The dearth of housing inventory caused a market in which prices rose and numerous buyers competed for low-end homes. At one point last fall, only 166 out every 10,000 homes were on the market,

Freddie Mac further found that 300,000 more homes than usual are being held on to by Americans born between 1942 and 1947. Those born between 1948 and 1958 are occupying 250,000 more homes than previous generations had at the same age.

“We estimate that approximately 1.6 million more senior households are staying in place than would have been the case if they had behaved like previous generations of homeowners,” said Sam Khater, chief economist at Freddie Mac, in a prepared statement.

That said, the situation is likely to change itself on its own. As baby boomers age, most will start to sell their homes – some are just waiting to do it later.

The digital tools two top producers trust How you can create a seamless digital experience for your clients READ MORE

“We believe the additional demand for homeownership from seniors aging in place will increase the relative price of owning versus renting, making renting more attractive to younger generations,” Khater said.

Email Veronika Bondarenko

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • WATCH: How iBuyer programs are changing your business

    With everyone from tech startups to traditional brokerages diving into the fast-cash offer game know...

  • 6 ICNY takeaways this KW broker took to heart

    Inman Connect New York 2019 left us with many lessons centered around the customer experience. From ...

  • Compass nabs top Brooklyn producer from Douglas Elliman

    Scott Klein and at least five members of his team are making the jump from Douglas Elliman to Compas...

  • Engel & Völkers opens in Napa with Compass defectors

    The global real estate brand is headed to California’s wine country with a team of agents defe...

  • Ben Kinney Companies scoops up 2 real estate tech businesses

    Ben Kinney Companies, a collection of brokerages and other real estate service enterprises, announce...

  • Timothy Leary’s trippy LSD den hits the market for $1.5M

    The California house that famed psychologist and drug proponent Timothy Leary once used to manufactu...

  • She collected rent from tenants but never delivered it to landlords. Now she could lose her license

    The proprietor of two Tennessee real estate management companies has been accused of collecting rent...

  • A look at the homes of the Real Housewives of Beverly Hills

    Sales, robberies and rentals due to inability to sell — it’s been a big year for the sociali...

  • Major mudslide in California prompts evacuations

    More than 50 families were evacuated from their homes after a storm caused a major mudslide and floo...

  • The Inman Weekender: Yelp! Where are Opendoor’s and Offerpad’s reviews?

      What To Read This Weekend Yelp hides reviews pages for Opendoor, OfferpadBY TEKE WIGGIN | FEB...

February 2019
Mon Tue Wed Thu Fri Sat Sun
« Jan    
 123
45678910
11121314151617
18192021222324
25262728  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...