Boomers are staying in their homes longer, and that’s not good for SoCal real estate
Realtors say that Baby Boomers' decision to stay longer in their homes is having a major impact on the entire housing market
For Patricia Papernak, her two-story 3,500-square foot Tudor in West Los Angeles is the perfect place to entertain, decorate and garden.
The 63-year-old marketing professional says she's "never" selling — and other baby boomers feel the same.
"I can’t think of one friend who has talked about either downsizing or selling their home when they retire," Papernak said.
But realtors say the decision to stay longer in their homes is having a major impact on the entire housing market. Home listings are down three percent from this time last year, according to the California Association of Realtors. Lower housing turnover means less supply, which is driving up sale prices.
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Lawrence Yun, Chief Economist at the National Association of Realtors