Posted On: January 3, 2020
In Florida, many people come to settle down and retire after their long-lived lives. This can cause a drop in homes being available in Florida over the next decade or two. Another thing about our beautiful state is that it stays warm all year. The amazing weather causes about 5% of an increase in population every year, during the fall and winter months. Those same snowbirds often choose to sell their Northern estates and make Florida their new home.
In a new study done by Zillow, we can see that about 33% of homeowners are Baby Boomers. But Zillow is estimating that around 27% of those Boomers will sell their homes within the next two decades. They are calling this possible sale storm a “Silver Tsunami.”
Those numbers are also estimated by the number of homes sold by seniors (age sixty and up) in the ten-year span of 2007 to 2017. Within that time frame, we saw around 730,000 homes released into the market each year by those of sixty and up. We could see a rise in those numbers being approximately anywhere from 920,000 to 1.17 million homes sent into the market per year.
But what does this mean for Florida?
Florida could see either a very vast rise or fall in homes available because people could choose not to retire here. Another state where people like to retire in is Arizona, and they could see the same results. If the amount of people retiring here begins to fade away, we could see a drop in housing prices because of low demand but high inventory. But with that in mind, it could go the completely opposite direction and cause the market to rise in price.
But no matter what generation you come from or if you’re a buyer or seller, we here at SETCO can help with all your closing needs. We also pride ourselves on the safety of our services, and that wouldn’t be possible without the help of Qualia.
Click below to contact your local Setco Representative and get started on your closing today.