Many older people refuse to sell because they cannot afford a similar property in their neighborhood. That makes the market tight for young buyers. Article by Naveen Athrappully from The Epoch Times.
As a 61 year old, last of the boomer gen, I resemble that remark.
Especially in California, where, selling would mean much higher property taxes . Our home is just a couple years from pay off and my hubby just retired after 36 in education (fought the GOOD FIGHT the entire time).
There are too many reasons as to whether a person would want to sell or not. Perhaps the biggest reason, is that selling and relocating is a very, VERY big job. There has to be a significant incentive in order to make the move. #1 Want to cash out on the equity, #2 Want to downsize/too much home to maintain #3 Want to permanently get out of the cold winters #4 Want to get out of their neighborhood because of the "neighbors" #5 Want to move out of a blue state #6 Want to move to a state with no income tax #6 Want to move to a state that caters to disabled veterans #7 Want to live in an RV and travel the nation #8 Move closer to relatives #9 Move closer to necessary medical facilities. #10 Can no longer afford the property taxes, insurance or HOA fees. Whatever the case, you have to weigh the costs versus the benefits.
I would think one of the LEAST likely reasons is because they cannot afford a similar property in the neighborhood. If you move from CA to Oklahoma, you can afford ANY house in the neighborhood.
As a 61 year old, last of the boomer gen, I resemble that remark.
Especially in California, where, selling would mean much higher property taxes . Our home is just a couple years from pay off and my hubby just retired after 36 in education (fought the GOOD FIGHT the entire time).
Wisdom says stating put is prudent.
There are too many reasons as to whether a person would want to sell or not. Perhaps the biggest reason, is that selling and relocating is a very, VERY big job. There has to be a significant incentive in order to make the move. #1 Want to cash out on the equity, #2 Want to downsize/too much home to maintain #3 Want to permanently get out of the cold winters #4 Want to get out of their neighborhood because of the "neighbors" #5 Want to move out of a blue state #6 Want to move to a state with no income tax #6 Want to move to a state that caters to disabled veterans #7 Want to live in an RV and travel the nation #8 Move closer to relatives #9 Move closer to necessary medical facilities. #10 Can no longer afford the property taxes, insurance or HOA fees. Whatever the case, you have to weigh the costs versus the benefits.
I would think one of the LEAST likely reasons is because they cannot afford a similar property in the neighborhood. If you move from CA to Oklahoma, you can afford ANY house in the neighborhood.