Archive: November 2008
It is no secret that the Baby Boomers are changing the concept of retirement living. Whereas older generations flocked to Florida or moved to nursing homes, Boomers are redefining the retirement living landscape. Many retirees will pick up and move to a new home or a new state. But the fact is a majority of Baby Boomers will stay put right in their existing homes. A study conducted by the AARP noted that 71 percent of people 45 and older “strongly agree” that they wanted to remain in their current home when they retire.
In the past year, real estate prices have continued to fall and a record number of bargain-priced foreclosures have popped up on the market. As a result, many sellers are giving up on going it alone and instead are using the help of professional real estate agents. Last year, just 12 percent of homes were sold by the owners (FSBO). That number is down from a high of 18 percent in 1997.