Seniors and the Housing Market

Seniors are demanding housing, but are also contributing to an important and growing quantity of housing in supply. Younger buyers are beginning to purchase houses that older homeowners are seeking to sell. An experienced chicagoland real estate agent can help make taking these steps move much smoother. The household closures are continuing to exceed that of household building, meaning that the market releases more housing units into the supply than it sells. The high number of people from the baby boom era will expand the number of seniors in the next two or so decades, and this will also expand the number of homes being released into the market over the next four or so decades. This will create new challenges as well as new opportunities for housing policies in years to come. The increase is likely to hit the hardest in the Northeast and Midwest housing markets. It is important to have a chicagoland realtor that knows what is to come so he can guide you through the buying/selling process.

         Regardless of the economy and policy, Echo Boomers will account for up to 80 percent of the occupied housing bought by people under 65 before 2020. Resulting demand would help houses that are currently vacant or that are suspended  from the market. Having a chicagoland realtor who understands this demand will be a terrific asset while looking for a new home.

         In the chicagoland area, as people age, they tend to find themselves in retirement communities, but still have a home that they would either like to pass on to their family or even put on the market. A chicagoland realtor can help make these dreams a reality.

Robert Rizza has been a realtor in Addison for over 20 years and has good insight as to where the market is going, and how you can make the best of it.