The real estate industry has always been one of trends. One only needs to look back over the years to readily identify the numerous trends that have asserted themselves at different times. One of the more recent trends that we have seen is many younger professionals leaving the city for the suburbs. This is partly due to their want to raise children in a more sheltered atmosphere and because of rising property values within the urban core. Conversely one of the newer trends that we are experiencing is the baby boomers who are now mainly empty nesters are buying property in the urban core to get away from higher maintenance homes and into areas with a lot of extra assets and convenience.
The move actually makes a lot of sense. Years ago the boomers left the city to raise children in the relative peace of suburbia. They built or renovated homes to be bigger and more family oriented. Now, with their children reaching their 30's the boomers are finding themselves with these huge empty homes and a ton of equity. This huge amount of saved up equity as most boomers own their homes and have taken care of their mortgages, this has enabled them to pay the higher cost of new development condos and lofts in the downtown core. Some have chosen to move there altogether selling their suburban homes, purchasing in town and still pocketing a nice amount of money in the transition. Others have chosen to keep both and enjoy the flexibility of having two locations to operate their lives from.
This move has, of course freed up a number of suburban homes to fulfill the needs of the younger generation that is seeking to leave the city to do as their elders did 30 years ago. The benefit of this is that there are already a number of homes that have been specifically designed for the raising of families. Essentially it is a win-win situation all around. What will be really interesting to see is if the pattern repeats itself in another 20 years or so. We only have to wait and see what the future trends will be.
Gary Ashton is a real estate broker specializing in Nashville real estate. To search for homes in Nashville, check out the Nashville MLS listings. For more info contact Gary today.
Comments(0)