Allen Tate CEO Pat Riley says every home needs a plan to keep current
Curious what the Baby Boomers have been up to? Not much of anything, at least when it comes to real estate – and therein lies the problem.
The Boomers are quietly laying low and staying put, many in homes they have lived in for more than a decade. Because Baby Boomers are healthier and living longer lives, they are choosing to downsize much later than previous generations.
That’s assuming they downsize at all. Of the 75.4 million living Baby Boomers (born between 1946 and 1964), 63 percent have no plans to move again, according to a study by the Demand Institute.
In the November-December issue of Carolinas Market Update, a bi-monthly real estate video series produced by the Allen Tate Companies, President and CEO Pat Riley talks about the Baby Boomer bottleneck.
“The lack of action by Baby Boomers is causing a disruption in the food chain – one of the real causes of inventory shortage in today’s market,” said Riley.
And while a majority of Boomers have no moving plans, Riley urges them to have a plan for their home – to keep it updated.
“The time will comes when the Boomer either wants or needs to sell. Homes that have been kept updated and current will sell much faster and at a higher value than homes that have been allowed to remain the same and are dated,” said Riley.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends and predictions about the real estate market in North and South Carolina.