Baby Boomers Trends + Colorado Real Estate MarketPosted on Jan 03, 2018
Baby boomers practically invented the comfortable, large suburban homes so familiar in director John Hughes '80s teen films. But retiring boomers have the challenging task of selling their large suburban homes in a Colorado real estate market that values smaller, starter-style houses. According to an article by CNBC.com, larger homes often take longer to sell. Moreover, if you spent a lot of money on home improvements, it's even tougher to find qualified buyers. Before spending money on improvements, check with a Colorado real estate agent to find out more about the demand.
Finding a qualified buyer
By working with an experienced real estate agent, it's possible to zero in on the qualified move-up buyer who has the means to afford a more expensive home. For the most part, first-time buyers and younger people drive the real estate market. Members of Generation X who felt burned by the housing decline often rent, continue to live in their smaller home or see a more affordable house. Experts point out that leaves baby boomers with a smaller pool of buyers when they want to make as much as they can from their large estate home.
Figuring out where you stand
If you own a home that is between 2,900 to 4,000 square feet, you live in a larger single-family home. About a quarter of all listings on realtor.com fall into the large single-family home category. CNBC reports that larger homes receive fewer views than other homes on the market. Also, larger homes sell 73 percent slower, which translates into about 50 days. When selling a larger home in Colorado, take the longer timeline into account. If your neighbor sold a 1,200 square foot bungalow in three days, don't expect your McMansion to sell as quickly.
Although many homes sell for the appraised value, it's not always the case with large homes. Older homes are sometime outdated which turns off potential buyers. On the other hand, if you pour a lot of money into upgrades, today's buyers can't afford to give you a good return on your money. The best advice is to spend money on smaller projects such as small kitchen remodeling projects, interior and exterior painting. When shopping for a Colorado home, consider larger properties. Take time to consider the taxes and insurance as well as other costs. At Team Lassen, we want our buyers and sellers to move to the next stage of their lives. Whether you want to start a family in a first home or sell to downsize, we can help. For more advice on Colorado real estate trends, please contact us.