TODAY'S PAPER
78° Good Evening
78° Good Evening
ClassifiedsReal Estate

Baby boomers staying put, report says

for story about how baby boomers are choosing

for story about how baby boomers are choosing to stay in their homes rather than sell for VAlerie Kellogg for LSBLOG28 ( iStock) Photo Credit: iStock Photo/

Older baby boomers are not looking to sell their homes right now unless it's to downsize, according to a recent a national report released by Coldwell Banker.

Of the 1,300 agents and brokers polled in the survey, 87 percent said the economy was delaying plans to sell. That said, 80 percent of agents and brokers polled also said that older baby boomers, those between 56 and 64 years of age,  are more likely to want to downsize than younger baby boomers (52 percent). Younger boomers are defined as between 47 and 55 years old.

Although the poll was nationwide, the figures seem to reflect the current situation on Long Island.

“My observation is that Long Island boomers are staying put, unless they are downsizing to less expensive homes," said Mary Rice, branch vice president of Coldwell Banker Residential Brokerage’s Huntington Regional Office. "They all want less upkeep and lower maintenance expense. A few already have retirement homes that they are moving to after their homes are sold.”

Comments

We're revamping our Comments section. Learn more and share your input.

More news