August 8, 2013
Boomers Moving to Condos, Townhomes, Making Room for Single Family Home Buyers to Move In
With the lower mainland’s aging workforce, baby boomers are not just growing up and retiring – they’re retiring and downsizing! The real estate market is already becoming affected by the trend of Baby Boomers selling their single family homes to downsize and move into a lower maintenance solution, like a townhouse or condo.
The baby boomer generation is now between ages 49 and 67 and accounts for almost 30% of the population – perfect age for retiring and making plans for the next phase of their lives, often turning to multiple dwelling units like new condo developments and townhomes that have added benefits included, like included water and hot water, grounds maintenance like lawn and garden care, security, and property management. And in the lower mainland, there is certainly no shortage of amazing condos, both new developments and existing structures.
For the baby boomer home seller who isn’t sure what to ask for their home, it’s important to arm yourself with some knowledge. One Flat Fee offers a Comparative Market Analysis to provide you with an evaluation of the prices of properties similar to yours that have been recently sold in your area. An analysis like this provides you with a solid idea of your property’s accurate market value so that you know exactly how to price your home.
Economist Julie Ades points out that 2011 census data show that the prevalence of living in a single-detached home starts declining after the age of 55:
Because baby boomers are often transitioning to smaller dwellings including condos and townhomes, it’s important that this generation understand how the real estate market has changed if they’ve been in their single dwelling family home for some time. With the proliferation of discount real estate, baby boomers should be aware of the difference between traditional Realtors® and discount Realtors®.
Discount Realtors® charge for specific services a la carte, which means that home sellers know exactly where their money is going, whether it be signage, photography, MLS® listings, an MLXchange® listing, realtor.ca listings, and more. Because the structure of discount Realtors® allows them to close many times more sales than a traditional Realtor® while retaining the ability to offer the same desired services, home sellers now have an exciting alternative to the stale traditional commission structure and are able to experience a higher level service.
While deciphering the differences between traditional Realtors® and discount Realtors®, one must keep in mind that traditional Realtors® may or may not adjust their commission to make it seem like the home seller is getting a deal, while a discount Realtor® has no commission to begin with, offering a set price for set services, which means that the home seller gets the deal before the conversation even begins.
One Flat Fee offers three distinct packages to help you choose the best method to sell your home. List on MLS® for only $1499 or go with a Full Service package for just $3499.99. We specialize in providing Flat Fee MLS® listings for homes for sale by owner in Vancouver, BC, throughout the lower mainland and the remote regions of British Columbia.
