A note from Leah
Welcome to SUMMER! …and welcome to a regular summer real estate market. People have a hard time remembering the volatility of recent past markets and the last THREE springs, we have had record sales numbers. Some were easy to spot. Reduced interest rates, pent up demand, and/or lack of quality supply. This month, RECORD numbers of listings (in some cases up to 30% above the month before) and sales down by 10-15%. Makes for quite a one-two punch of disappointment. OR DOES IT?
This is a great market for move-up buyers and subject-to-sale buyers but less about downsizers, unless they are willing to move into environs further out or are very flexible with the choice of home. One solution that I LOVE is the idea of less focus on 1-bedroom apartments for new construction (the majority of homes built in pre-sales since their price per square foot is the highest, as the rent per square foot is the highest) but instead, to focus on what BOOMERS want.
Build a rancher-style, semi-detached home with a big parking pad for the truck, not too far away from their doctor, friends and family. The money tied up in BOOMER homes is big and they can fund their retirement as they planned, if only they had a place to go. AND if the BOOMERS had a better option, they would open up that missing middle market for people who want better catchments and 4 bedrooms, instead of 12 bedrooms, 2 suites and 14 bathrooms.
It’s all about demographics and there is an opportunity here to build a better housing choice for our fastest growing demographic, and in turn, a better housing choice that will support more neighbourhood families. If you want that perfect “next” forever home, give us a call. Until they build more, let us help you get into the homes that are available today.
Yours in Boomer-ness. Leah Bach
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