Today’s Ask the Expert column features Matt Vernon, Home Loans Sales Executive with Bank of America.
Q: What are the top three ways to tackle new challenges in preparing baby boomers for the current housing market?
A: With low inventories of homes for sale and rising mortgage rates, making the decision to purchase a new home is becoming more top-of-mind for baby boomers.
As such, the baby boomer segment represents sizable opportunity for real estate professionals, especially given that more than 37.6 million people, approximately 79.8 percent, aged 55 and over live in owner-occupied homes, according to the U.S. Census Bureau; Housing Tenure by Household Type and Age of Householder 55 Years and Over, 2011.
However, there are new challenges this segment is likely to face in today’s current housing market. To ensure prospective baby boomer homebuyers are receiving the guidance and information they need, real estate professionals should consider the following tips.
