Even in a seller’s market, some baby boomers are having a hard time selling their big homes. The primary reason: millennials prefer more minimalistic living.
Realtor.com recently reported that boomers who are trying to sell the big home they’ve had for years are out there house hunting for the same type of home new homebuyers in the millennial generation are looking at. Both prefer a smaller, more modern home with an open floor plan in more urban suburbs and cities.
Millennials in particular are searching for more walkable towns in the suburbs and those that have many urban amenities, such as bike lanes, nearby shops and restaurants, and social events. They are shying away from the traditional giant homes with big back yards. They desire less to maintain with more to do in the area.
As a result, some real estate experts think that baby boomers may end up getting stuck with their giant homes or at least have a harder time selling them now.
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