beyond sticker shock

[H165]

Boomers are not moving out of their homes as they grow older therefore limiting inventory in many markets.

Those darn Boomers…

I'm a boomer, in California. If I had purchased the house next door (it sold yesterday), and sold my same-model house for the same price at the same time:

1. My property taxes would have doubled - forever.
2. It needs a $275K cleanup and remodel
3. Fees and expenses of my sale would have exceeded $80,000
4. Fees and expenses of my purchase would have exceeded $10,000
5. My purchase escrow fee would have been around $3,000
6. My moving costs would be around $5,000

Why would I move?

[rllink]

Originally Posted by Slothead56

I may get this wrong but I remember seeing something recently that Boomers are being blamed for the rapid increase in home prices. As I recall the logic was as follows: Boomers are not moving out of their homes as they grow older therefore limiting inventory in many markets.

Those darn Boomers…

At least in my case there could be something to this. We raised two kids in our three bedroom, one and a half bathroom house. We always talked about getting a bigger house. We certainly could have afforded one, but for some reason we never did. We paid it off decades ago, taxes are cheap, the kids grew up and moved out and now it is just the right size for the two of us. We've gotten it just like we want it. Our friend, who is a real estate agent, always wants to sell it for us. She says "bungalows" like ours sell in a day. We live in a bungalow. We raised two kids in a bungalow. I love it, I live in a bungalow. At this point, the only thing I would gain if I bought something else would be a bigger bill for housekeeping.

[Murphy Slaw]

It's fun to say bungalow.

Bungalow...

[rllink]

Originally Posted by Murphy Slaw

It's fun to say bungalow.

Bungalow...

I know.