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Changing demographics could impact residential real estate

On Behalf of | Sep 2, 2016 | Residential Real Estate |

Californians who follow the real estate market might be interested in the latest study by the National Association of Realtors into real estate trends. The organization recently issued its report entitled the “2016 Home Buyers and Sellers Generational Trends.”

In the report, the organization stated that older homeowners between the ages of 61 and 90 tend to move so that they can be closer to family members, to downsize or to retire. While this may not be new, the issue is that the baby-boomer generation is large enough that some towns and neighborhoods are made up of a majority of this age group. This means that some areas could end up with excess housing stock as baby boomers move away.

This trend could mean two things. For those who live in areas with a high percentage of older homeowners, the increase in housing inventory could mean that home prices will fall as homes flood the market. By contrast, people who live in areas that are destinations for retirement could see shortages of housing supplies and heightened prices.

People who are interested in residential property may want to talk with real estate attorneys about the trends in their areas and when the appropriate time to purchase or sell their homes might be. An attorney might advise his or her client about the timing of selling or purchasing so that the client may be able to get a better deal or make more money from the home. A lawyer may also help his or her client throughout the process, including title research, researching zoning laws, negotiating the terms of proposed sales contracts and working throughout the transaction up and through the real estate closing.