Many Baby Boomers purchased real estate for the first time in the early 1980s, when the median price for homes was significantly lower than it is in 2014. Now that a large percentage of these individuals have paid their original mortgages in full, and home values have gone up significantly over the course of 30 years, they are selling their existing homes for huge profits and purchasing retirement homes with the cash earned from selling.
An article published on Bloomberg.com on
"Home sellers often prefer to sell their homes to individuals offering to buy the properties in cash instead of with mortgages. So in a bidding war, the cash buyer is often the one who wins. I'm hoping that prospective home buyers will not read the article published on Bloomberg.com and get discouraged. I believe that Baby Boomers are looking to purchase very different types of properties than younger people - especially people in their 20s and 30s, and new families with young children."
"The Bloomberg.com article discusses the fact that a large percentage of Baby Boomers are looking for real estate in rural communities or areas that cater to older adults. So, younger individuals or families looking to purchase homes with mortgages are not necessarily going to be competing with cash-in-hand Baby Boomers." -
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Read the full story at http://www.prweb.com/releases/2014/06/prweb11930037.htm
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