The "Oracle of Wall Street", Meredith Whitney, told DailyMail.com that there will be a "Silver Tsunami" over the next several years, when seniors and baby boomers will downsize and sell their homes.
“People who have not sold their house in the past decade will ultimately either need to move or want to reduce their overhead expenses and want a smaller home,” she told DailyMail.com. “That's typically 51% of people over 50, which is roughly 30 million units."
Whitney, who predicted the 2007 real estate market correction now predicts that senior downsizing is going to be a "multi-year phenomenon".
Please share with seniors you know.
Bob Willis is licensed in the state of California, DRE# 01788371 Berkshire Hathaway HomeServices California Properties
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