Baby boomers delay selling, yet desire second homes

The fragile economy is causing more baby boomers to delay selling their primary residence – even though they want to – according to a new survey from Coldwell Banker Real Estate which surveyed 1,300 agents to gauge home selling and buying behavior among the baby boomer generation.

That said, there is still a strong desire for investment properties and second homes among this generation.

“The baby boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real estate decision,” said Jim Gillespie, chief executive of Coldwell Banker Real Estate. “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that those boomers who are financially secure are actively seeking to buy their retirement home, or a second home, and they are taking advantage of the opportunities and value available in today’s market.”

Among the survey’s findings:

• More than one-third – or 34 percent – of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.
• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers who are looking to downsize, their primary reason is for a simpler lifestyle.