The times they are a-changing. I have had three clients this week alone who are putting their sprawling family homes with yards and backyard pools on the market to downsize to adult lifestyle condos or bungalows. One was looking for an easier lifestyle. Now retired and traveling frequently, the carefree life of a condo dweller with no yardwork or shovelling snow was too appealing to pass up. Another couple was a little older, in failing health but still very independant, wanted a smaller space with no stairs, easily modified for potential mobility concerns in the future, and closer to family members for ongoing support as they continue to age. Still another was looking to shrink the house now that the kids were gone, but expand the garage and workshop- to allow him to pursue his favourite hobby now that he is retired. Every client had a different future plan and lifestyle requirement, but had one thing in common; the kids have long moved out, so they no longer needed the big house in the suburbs. I think we are going to start seeing this more and more, as people are re-prioritizing their lives and really choosing to live their lives the way that they want to. Many young boomers trading their suburban home for newer urban condos- often pricey locations, but the downsize on the property allows them to upsize location. Others can move out to their dream home in the country, now that the daily commute is no longer a factor. Today's boomers are anticipating their future needs, an easier task when they have the financial means to be more proactive than their parents were able to do. And these buyers aren't reliant on the mortgage rates- they pay cash.
There are many different options for these new buyers, but what we do know is- they can afford to do whatever they want, so we want to be responsive to their needs, or else somebody else will.
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