Baby Boomers Benefit from 2020 Surge in the Property Market

Baby Boomers Benefit from 2020 Surge in the Property Market

ZUNE TH

S AT TA R

Baby Boomers Benefit from 2020 Surge in the Property Market Whilst there is a growing number of millennials who are entering the property market, the majority of sellers on the market are in the baby boomer generation.

During the pandemic the property market boomed – with demand outstripping supply – which resulted in a market that greatly favoured the seller. Therefore, baby boomers and older homeowners greatly benefitted from the situation.

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THE MARKET CONDITIONS THAT WERE CREATED IN 2020 MEANT THAT SELLERS GOT 99% – IF NOT MORE – OF THE ASKING PRICE, AND THE AVERAGE PROPERTY WAS ON THE MARKET FOR ONLY THREE WEEKS BEFORE A SALE WAS AGREED.

During the pandemic the property market boomed – with demand outstripping supply – which resulted in a market that greatly favoured the seller. Therefore, baby boomers and older homeowners greatly benefitted from the situation.

Baby Boomers Sell Up As lower mortgage rates, more buyers and fewer properties for sale pushed up prices on the property market, older homeowners were able to take advantage – selling their properties quickly and at higher prices.

The market conditions that were created in 2020 meant that sellers got 99% – if not more – of the asking price, and the average property was on the market for only three weeks before a sale was agreed.

The most common reason for selling was to move closer to loved ones, with most baby boomers hoping to buy a similarly-sized home in a different location.

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FOR FURTHER INFORMATION ABOUT THE PROPERTY MARKET, VISIT THE BLOG OF ZUNETH SATTAR.