What will lead the real estate recovery for retirement communities in Phoenix? Youngsters!
I found this interesting article about what the National Home Builders Association thinks will help kick start the housing recovery and it’s our kids! They have been on the fence waiting to see what will happen with housing and at some point soon will make the jump.
That’s great news for my clients that have a home to sell before they can purchase their active adult home here in Arizona. So many of my clients have postponed buying their over 55 home here in the Phoenix area and if this article is correct, we could finally be seeing the game change.
Here’s a portion of what they wrote-
RISMEDIA, March 21, 2011—Generation X—young families and adults ages 31 to 45—are likely to lead the home-buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders (NAHB) in partnership with Builder magazine.
These potential home buyers are most likely to think it’s a good time to get off the fence—and have strong opinions about the design features their new homes will include.
At 32% of the population of home-buying age—generally defined as those who are at least 30 years old, the Gen X population cohort isn’t the largest, but it’s the most mobile, said presenter Mollie Carmichael, principal of John Burns Real Estate Consulting in Irvine, Calif. “They are in full force with their careers and they need to accommodate growing families,” she said.
In sharp contrast, even though they constitute 41% of prospective home buyers, Baby Boomers continue to wait for the market to improve, and their decisions to delay retirement also delay their decisions to downsize into a smaller home, Carmichael said.
Most of the 10,000 buyers and potential buyers in 27 metro areas that the consulting company surveyed were optimistic about a new home purchase, with between 85% and 89% saying that it was a good time to buy a home. Only 13% said they thought home prices would continue to fall, further evidence that it’s “not all about price,” she said. “They want something compelling, from a design or personalization standpoint,” said Carmichael.
For more information, visit www.nahb.org.
For more information about buying or selling a home in the metro Phoenix area check out our informational website at www.RetiringToAz.com or just give us a call at 623.271.4234.
