The thesis is that gazillions of aging Baby Boomers will be trying to downsize and sell their homes in the coming years, and a lot of them won't have buyers. As in, about a third of them.
The Captain has alluded to this possibility before in predicting the future of the real estate market. It's one of many factors suggesting that it could be a really, really long time before the housing market takes off again. It's demographics, supply and demand. Oh--and a crappy economy, where security in good-paying jobs is something Boomers tell Millennials *really did happen*.
Driving through suburban neighborhood after neighborhood along the Front Range in Colorado, you'll see that so many of them seem old as tattered books, with a lot of older people living there and few young folks moving in. Architectural styles are kind of dated. Many have deferred maintenance. Proximity to good public transportation is rare to non-existent, and cars are required for the most routine tasks. But the same is true, and worse, in other places across America.
|How cool is this?|
Buffalo and Schenectady? Hmmm.
We can't do much about demographics, but we can try to tweak supply and demand.
First, support immigration reform. Immigrants buy houses. Lots of them.
Second, love your HOA.
Third, the house you want at the price you want to pay is out there.
For Boomers, someone said to take out a reverse mortgage before it's too late. But the Captain would never go that far.
|Out with the old and in with the new!|