The Great Senior Sell-Off Could Cause the Next Housing Crisis

[Chuckanut]

As I recall we baby boomers are going to sell off all our stocks and drive the stock market down, down, down for several decades. Now, we will be doing the same to the housing market. No doubt all of these predictions are 100% accurate.

Looks like a buying opportunity for our kids and grand kids.

 

[haha]

+1000 Who are we to say what somebody else needs, when you think of it?

Deciding what others need, and therefore get to keep, is pretty much the essence of modern redistributionist democracy. Nothing better differentiates the 19th century from the last and current centuries.

Look at the latest budget. "You over there don't need all this, but these deserving folks over here do. Only one fair way to repair this."

I am beginning to have a new, helpful way to identify demagoguery. Frequency of the word "folks" in interviews and speeches. Looking back, I don't think anyone has ever used the word folks to me, who wasn't trying to manipulate me.

Ha

 

[Amethyst]

Even as a young coot, my hobbies and their supplies filled one of our 4 bedrooms. I've always viewed work as a support system for life's real purpose: hobbies!

Amethyst

(Emphasis added). ESome of these old coots have hobbies that require a room or two, .

 

[DeborahB]

Interesting post! Come to think of it, this year I will turn 65, so I will qualify to have my property tax assessment frozen for life. As long as I don't move, my property will never be assessed at more than it is right now. That is a good motivation to stay put, since my property taxes are very low.

Or to move NOW before your birthday!

 

[haha]

I don't think many seniors will be sold. Who would buy them?

 

[F4mandolin]

There is a difference between need and want. Although.....the middle ground is what gets fought over. I play golf, ride a bike, play mandolin...all expensive. Do I need them....no. Do I want them...yes.

 

[W2R]

There is a difference between need and want. Although.....the middle ground is what gets fought over. I play golf, ride a bike, play mandolin...all expensive. Do I need them....no. Do I want them...yes.

In musing over your post above, it occurred to me that the definition of "need" is pretty nebulous. Really, I suppose that I don't strictly NEED much more in housing than a refrigerator box under a bridge, if that, since New Orleans has a relatively benign climate. But will I settle for that? Not on your life. I WANT a nice place that I can feel is a wonderful, comfortable, beautiful home, and the home that I have seems like that to me.

I don't think many seniors will be sold. Who would buy them?

Too many wrinkles!

 

[gerrym51]

(Emphasis added). Echoes of recent pronouncements from certain "public figures". I'm with those who say the folks who live in the house, who have decided to spend their own money to buy it, are likely best positioned to know what they need. Some of these old coots have hobbies that require a room or two, or they enjoy having their kids/grandkids/friends stay the night on occasion.

i meant needs=in the minimum sense-not in the you really don't need it sense.

 

[samclem]

In musing over your post above, it occurred to me that the definition of "need" is pretty nebulous.

Absolutely. I suppose when we get to Mazlow's first level we've met our "needs." 2000 calories per day, some clothing and suitable temps and we're done.
One person asks: "Why does he need that?"
Another asks: "If I've got the resources, why shouldn't I have that?"

I think it's fine that most people need to go through life a rung or two above mere "survival" level.

 

[Moemg]

I don't think many seniors will be sold. Who would buy them?

I would ! There is a huge need for single straight older men in Sarasota . I would start an escort service ( no sex) and roll in the money .I can picture all those older women scanning my website for the perfect escort to the opera or the ballet !

 

[Independent]

I don't see how seniors selling houses could cause a "crisis". It would be a slow, long term process that would tend to slow price increases, not generate a sudden price drop.

Many people will stay in the old home for sentimental reasons,
they'll discover they still want the extra space for kids and grandkids even if it's just a week per year,
they'll discover that now that they are both home all day they both want the space to get away from each other.

 

[Chuckanut]

Look at the latest budget. "You over there don't need all this, but these deserving folks over here do. Only one fair way to repair this."

I am beginning to have a new, helpful way to identify demagoguery. Frequency of the word "folks" in interviews and speeches. Looking back, I don't think anyone has ever used the word folks to me, who wasn't trying to manipulate me.

You folks think to much. You folks are dangerous!

With apologies to Shakespeare.......

 

[timo2]

There has been articles about the future glut of boomer houses for at least 10 years. I used to buy into that statement, but I keep seeing big new houses getting built in the new subdivisions. So maybe one day, but not today.

I used to work in the mining industry, and moved from remote little 'town' to remote little 'town'. Many of the other folks I worked with would buy a house in the location, but then be unable to sell it when they were transferred, because these places were small and remote. The company often ended up buying the house. Having unsellable houses has always happened in rural areas. If one travels around the north central prairie of the USA you will see many old abandoned farm houses in remote areas. One clue as to when they were last occupied is if they have a power line to the house or not.

Also, I've had two different elderly relatives who would not leave their homes even when they no longer could take care of the house or themselves. It was not until they each hurt themselves at home that we were able to get them to a proper care facility (directly from the hospital in both cases). Those homes were a wreck needed to alot of repair to sell. On the other hand, I used to travel alot, and the airport van I regularly used would sometimes stop at one particular retirement apartments. The van would pick up a couple in their 60s who had sold their house and moved there as soon as they retired. That was their base, but the spent most of their time traveling. After they were dropped off one time, all of us boomers in the van were jealous, and said that is what we wanted to do, rather than our parents, who thought of retirement places as warehouses of death.

 

[timo2]

I am beginning to have a new, helpful way to identify demagoguery. Frequency of the word "folks" in interviews and speeches. Looking back, I don't think anyone has ever used the word folks to me, who wasn't trying to manipulate me.

Ha

I've notice the increase in the use of the word 'folks' also, but attributed it to the negative reaction big shots get when they use the phrase 'you people'. Pretty much everyone hates that term. Apparently we need a version of the spanish 'ustedes" in English.

 

[Tyro]

Looking back, I don't think anyone has ever used the word folks to me, who wasn't trying to manipulate me.

Uh-oh... Then I may be in for a boatload of misconstruance; I've used the word my whole life. Folks is folks.

Tyro

 

[audreyh1]

I've notice the increase in the use of the word 'folks' also, but attributed it to the negative reaction big shots get when they use the phrase 'you people'. Pretty much everyone hates that term. Apparently we need a version of the spanish 'ustedes" in English.

Y'all

 

[obgyn65]

I have already told my girlfriend, who is 8 years younger than me, that she will get the condo in case something happens to me. In the meantime, I plan to stay here. No need to downsize or upsize. I understand that many seniors with large houses they can no longer afford or live in will have to downsize in the next few years.

 

[tryan]

Any assumption that every senior will sell thier home is significantly flawed. Real life examples are my MIL and mother ... both in 4br homes alone and wanting not only maintenance but IMPROVEMENTs. First floor access to bed and bath so they can stay "forever" AND have the room to invite thier clan to the house when needed.

Any talk of downsizing results in the evil-eye ... end of discussion.

OTOH ... if they all die at once ...

 

[REWahoo]

I am beginning to have a new, helpful way to identify demagoguery. Frequency of the word "folks" in interviews and speeches. Looking back, I don't think anyone has ever used the word folks to me, who wasn't trying to manipulate me.

You old folks are always thinking 'conspiracy theory'...

 

[REWahoo]

Y'all

You'uns

 

[sheehs1]

Any assumption that every senior will sell thier home is significantly flawed. Real life examples are my MIL and mother ... both in 4br homes alone and wanting not only maintenance but IMPROVEMENTs. First floor access to bed and bath so they can stay "forever" AND have the room to invite thier clan to the house when needed.

Any talk of downsizing results in the evil-eye ... end of discussion.

For now, I would not want to move out of my home either. At 57 I don't have to and I am still doing all the yard work, stripping and staining decks, cleaning the house etc. I anticipate needing some help within the next 10 years though!

When I put an addition on 15 years ago, it was a first floor master suite and a rather large one at that. 900 square feet that included walk in closets, large bath and wide hallways so a wheel chair could navigate.

Neither of my parents went into a care facility and they could more than afford to do so. I don't plan to either. Granted there could be unforeseen circumstances that require me to do so but hopefully not.

I know more elderly people who are NOT in a care facility than those that are. My mother's 95 year old friend is still in her 4 bedroom, 2 story home (chair lift) and does not want to go to a care facility either. She can still drive!

Childless couples (understandably) seem to have the most concern.

 

[Bestwifeever]

You'uns

Youse guys.

I'm going to yell "Folks get off my lawn!" from now on.

 

[gardenfun]

You'uns

My favorite from all the British shows I'm watching on Netflix:

You lot

 

[Tyro]

I've notice the increase in the use of the word 'folks' also, but attributed it to the negative reaction big shots get when they use the phrase 'you people'. Pretty much everyone hates that term. Apparently we need a version of the spanish 'ustedes" in English.

Y'all

Except that 'ustedes' is plural, and 'Y'all' is singular (the plural of 'Y'all' being 'All Y'all')

How to Use Y'all Correctly - Southern Slang

Tyro

 

[Tyro]

Any assumption that every senior will sell thier home is significantly flawed.

Agreed, however, the assumption that every home will -- eventually -- be divested is pretty much a lock. Some may still be passed on through multiple generations, but I would think the number (and number of generations) is decreasing.

Tyro