70% of Baby Boomers Say The Home They Retire In Will be the Best They've Ever Owned

According to a Better Homes and Gardens Real Estate, baby boomers (ages 49-67) are generally optimistic about living outside planned retirement communities. The survey found that 57% plan to move out of their current home, and 70% believe the house they retire in will be the best home they’ve ever owned.

“With approximately 77 million boomers in the U.S., it’s quite significant for our industry to see that this population has so much positive anticipation for the home in which they will be retiring – and for the majority, their aspirations involve making a move,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate.

Among boomers who feel more confident about achieving their ideal retirement lifestyle compared to five years ago, the top factor is having a retirement lifestyle plan (49%).

“This generation is actively planning a comprehensive lifestyle plan, taking into account the type of home and community they want to live in, as well as the option of continuing to work or taking advantage of travel and entertainment opportunities,” says Chris.

Approximately 1 out of 4 boomers surveyed is likely to buy a second home to use during retirement. On the selling side, 31% of boomers are more likely to want to sell their home now than they were five years ago, suggesting a renewed confidence in the real estate market.

Read the full article at floridarealtors.org.

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Coral Gables Market Update

The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

Current Market Conditions in the Gables

Over the past several months, the number of homes on the market for sale, in the Gables, has been decreasing, ever so slightly. Since May of 2019, the number of homes for sale has decreased by 8%. Even though, for that same period, the number of homes sold is down by 13%, the number of homes going under contract is beginning to rise by 2%. This could be a positive thing. For all those homes in the Gables, priced under $1M, there is a slight bit of positive information, as well. The total number of homes on the market has been decreasing by about 10% over the past three months. Comparing the July 2019 numbers with July 2018, the number of homes sold is up by 15% and the number of homes going under contract is up by 38%. The same thing holds true for all those homes priced over $1.0M. Inventory has been coming down slightly, over the past three months. The number of homes sold is down by 12%, but the number of homes going under contract is up by 14% In conclu...

Four times a year, Jeannett publishes " Jeannett's Journal" which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update on what is going on in the Gables, when it comes to selling single-family homes.. Click here to Jeannett's Journal.

S & J Journal

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