There has been a recent trend in home buying that is making buying a new home more difficult. If you are on the hunt especially in Colorado, you are seeing this. There are many factors that can be attributed to the shortage of houses, the popularity of buying a home in Colorado, and why the market is so cutthroat. However, one of the biggest reasons for the shortage of homes to buy across the country is as simple as people are staying in their homes longer.
Goodbye Starter Home
More and more people who decide to buy homes now are looking for long term homes. The thought process used to be that you could pick up a smaller home and then grow as you did. When you decided to have kids, this was when you would sell your home and buy a bigger one. This is no longer the case. There are just not enough homes to buy anymore. Instead of blaming Millenials like we so often do for everything, we can turn our eyes to the Baby Boomers.
Boomers are too Healthy
Blame it on healthcare, good genetics, or the changing trend in elderly living. More and more Baby Boomers are not only living longer, but they also are not moving. Sure, lots of 55+ communities are being built and are a huge hit, but the trend of downsizing is not happening as often. Baby Boomers like staying in their bigger houses and do not want to compete for smaller houses. They have the means and resources to stay in their homes, which is helping to cause a shortage of homes.
Build It and They will Come
Can’t find a home to buy? Just build one. This is a great idea except for finding land to build the house on, and labor to build the house is getting harder and harder. It is just short of a miracle how fast new homes and communities are being built up along the Front Range. But, just a peep of one being built and the homes and land are being sold in the concept phase.
With all of these trends happening in the market the best thing you can do for yourself is to make sure you have an Agent that knows exactly what is going on in the area. This is why having a C3 Agent, with so many local resources on hand, can help you achieve your dreams of buying, selling, and navigating the murky waters of real estate. There are so many factors to consider when needing to buy or sell. Like who would have thought that a generation made out of love would be hogging all the houses now? It’s a good problem to have.