For several years now there has been a prediction of a Silver Tsunami, this wave has nothing to do with global warming but the prediction that homeowners that are 65 or older will start selling their current homes and moving towards smaller homes or other Senior living options.
As we started to live longer and healthier lives there was a trend to stay in your current home longer than normal and home availability crisis that was exacerbated by Covid -19 has kept seniors in their current homes way longer than anyone anticipated.
This so called Silver Tsunami has been predicted for many years but has not materialized but with 1 in 6 Americans now being 65 or older it seems inevitable that we will see many more sell. In recent AARP 51% of Americans over 50 would like to downsize , this could bring 30 million homes to market over the next 5-10 years.
As these homes start to come to market it should open up more opportunities to millennials that have been shut out by low inventory and high prices.
Will you be ready when this wave of homes come to the Market?
Comments(2)