9. December 2009 15:45
Baby boomers and empty nesters are now looking to sell their homes and downsize for the future. Could this affect the value of your large sized family home?
When looking at the market and speaking to many of the baby boomers out there, it seems that their homes are getting too big for them as their children move out. After speaking to at least a dozen baby boomers many think that its time to sell their current home in order to downsize to a bungalow or a home more fitting for a couple. But what will happen to the millions of homes in Canada that were built specifically for these baby boomers with oversized families?
The market has had a large shift in what a family is looking for now. Newer type homes look more attractive to young buyers and having 4-6 bedrooms seems to be a thing of the past, at least for younger couples and new home buyers. Within the next 10 years its possible that we could see a large influx of properties for sale that are made for very large families. Could that affect the price of your home in the future when selling it? It sure is something to think about. If you're thinking of downsizing, now just might be the right time as homes have kept their values and have risen in price. Don't hesitate to move and get the equity you have in your home before the market sees an influx of larger homes on the market!
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