Jan. 23, 2007 - Who's spending all the money on Real Estate?
According to NAR, the number of sellers who were at least 45 years
old or older in 2006 was 54 percent. This is the same percentage as
for 2005. This means that Boomer activity has remained consistent.
Furthermore, the age at which people reach their peak spending is
46.5. The largest proportion of Boomers was born in 1960; 2006 was the
year this group should have hit its spending peak. This may partially
account for why the market has been so strong for the last seven years
as the bulk of the Boomers moved through their peak spending years.
The current statistics also demonstrate that the prime time to
purchase a second home is when the buyer is between the ages of 50 and
60. Currently, many Boomers are purchasing second homes in the Sunbelt
with the idea of trying out the lifestyle while they are still
working. When they retire, they will sell their big family home and
make their second home their primary residence.
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DAWN LEFEVRE
Serving the
Iowa Great Lakes Area.
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DOWDEN-HINN REALTORS Broker-Associate, e-Pro Certified
Spirit Lake, IA 51360 800.373.1241 x49 Cell: 712.330.2221
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