The baby boomer generation (born between 1946 and 1964) will have a significant impact on the housing market over the next several years. Baby boomers currently account for 40% of U.S. households but hold 54% of household wealth. Experts predict that this group will spend $1 out of every $4 on new home purchases or rent in the next five years.
According to research by The Demand Institute, two-thirds of baby boomers don’t plan to move anytime soon. Of those who are planning a move, 54% are looking to downsize, while 46% are looking to upsize, looking for a more ideal home to retire in than their current property.
If you’re a boomer thinking of moving, you may be asking yourself how you can get top dollar for your current home. Whether you are retired and on a fixed income, or experiencing sticker shock when shopping for a new property in the current market, you need to make every dollar count.
Conventional wisdom dictates that a home should be in tip top shape before it’s shown to sellers (conventional wisdom would be right). Of course, that means cleaning and decluttering, making any needed minor repairs, sprucing up the landscaping, and so on.
One question you may be asking is, “Should I renovate before I sell?” While it’s definitely something to consider if your house is older and hasn’t been updated in a while, the short answer is, “It depends.” Continue reading