Every year, the real estate industry cranks out countless statistics on market trends. But one new report showing that boomers now outstrip millennials as buyers is attracting special interest.
“Baby boomers have the upper hand in the homebuying market,” says Jessica Lautz, vice president of research for the National Association of Realtors (nar.realtor), which issued the report.
The share of home purchases made by boomers -- age 58 to 76 --reached 39% in 2022. That compares with the share of millennials -- age 24 to 42 -- that fell to 28% of all buyers.
The new numbers are surprising because millennials are in their prime buying years, when household formations and marriages most often occur.
It’s no secret that many young adults are cash- and income-strapped. Not only do they face inflationary pressures for food and rent, but they also struggle with steep student loan payments and rising child-care costs.
Numerous boomers are also financially challenged by higher food and health care expenses. Making ends meet is especially hard for older people who rely on Social Security. But others from the boomer generation have amassed strong retirement portfolios and substantial home equity, allowing them to consider buying a different place more to their liking.
“Dreaming of that ‘forever home’ isn’t strictly limited to the young. It’s a real goal for older people with plump bucket lists and the cash to fulfill their fantasies,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”
Two common elements of boomer housing fantasies -- even for those with discretionary funds to spare -- involve downsizing and simplification. But before they can move anywhere and start anew, many affluent boomers must free themselves from large collections of possessions.
“Hundreds of books, valuable antiques, that grand piano and that grandfather clock all stand in the way of the great housing finale many boomers have in mind,” says Nash, a longtime real estate broker in the Chicago area.
Here are a few pointers for boomers planning to reinvent their housing who hope to sell their home soon:
-- Write out your organizing plan.
Lee Silber, author of “Time Management for the Creative Person,” says too few people embark on projects with a written plan in hand.
“Most people wing it when they’re getting a house ready for market. They zigzag around, starting with whatever task looks interesting,” Silber says.
Many home sellers mistakenly believe they can proceed as efficiently with a mental plan as with a written one, according to Silber.
“In fact, what you have in your head is clutter unless you put it down on paper,” he says.
Are you unsure which tasks need to be done to get your home ready for market? If so, Silber suggests you ask your listing agent to draft a step-by-step list. Then go down the list, circling steps with the highest impact.
“People short on time -- and that’s most of us -- need to concentrate first on activities with the greatest potential return for the time spent,” he says. For instance, replacing a stained living room carpet could make a significant difference in the salability of your place, but fixing the stains on your concrete walkways may not.
-- Place your to-do list in a highly visible place.
Not only do sellers need to make a comprehensive list of tasks, but they should keep that list in full view, says Eric Tyson, co-author of “Personal Finance After 50 for Dummies.”
“Break down the tasks into a systematic list and place this list in a prominent position where you’ll see it all the time. Then chunk these tasks into one-hour increments. Each day, attempt to do multiple tasks from your list,” Tyson says.
-- Hire others to hasten your purging plan.
It may seem obvious, but many busy people with the means to hire help to prepare their homes for sale decline to do so.
“Some well-to-do people are emotionally resistant to letting professional organizers touch their things. ... But this rigidity can hold them back from moving, because no real estate agent wants to market their property in a cluttered condition,” Tyson says.
-- Incorporate some fun into your home-sale prep work.
You’ll gain more momentum in your quest to ready your home for market if you can make an otherwise boring project more interesting.
For instance, Silber suggests you consider what he calls “the fishbowl game.” Take a copy of your to-do list and cut the paper into pieces, one task per piece. Then, when you have a block of time to move forward, place all the pieces in a bowl and pick out one at random to start your day. After that task is done, reach into the bowl for the next one.
Another of Silber’s ideas is to stage a “presale party.” Just as you’re launching into home prep, send out invitations to friends for a fest scheduled to occur right before your home is listed.
“Knowing your friends will be coming over and seeing your house when it’s ready will give you a stronger drive to get going. You’ll get more done in a shorter period of time if you can visualize your friends coming in to celebrate the completion of your work,” he says.
(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)