Baby Boomers Are the Richest Home Sellers4/6/2021
With the present real estate market, buyers are securing good interest rates and sellers are getting prices they are happy with. Overall for 2020 home sellers saw a median gain of $66,000 more than what they originally purchased for (nationwide). However, sellers ages 66-74 saw a median gain of $100,000 in equity. Boomers and older homeowners are really the ones holding the cards when it comes to selling. Homeowners who have been in their homes the longest tend to see the highest profits at resale. Often times older generations are looking to downsize or move closer to family members or to a warmer climate. Having been in their home longer means more of their mortgage is likely paid off and they will walk away with more after the sale closes.
That being said, younger age groups are still doing well in today's market when they sell also. If you are thinking of buying or selling, please give me a call. I'd be happy to share how I can work for you to help you accomplish your real estate goals! 906-236-3750