Will the next housing crisis be because of baby boomers?
In today’s housing environment, there are surprising factors that baby boomers, born between 1946-1964, will be three times more likely to be carrying mortgage debt as of 2015 at age 60 years or older compared to 1980 according to U.S Census Bureau Data stats.
As of 2016, there were 74 million baby boomers alive and by 2030, when all baby boomers will be between 66-84 years old, there will be 60 million predicted to be alive. So with interest rates changing from 3.41% in 2016 to 4.62% recently for 30-year fixed-rate mortgages — and affordable housing being eliminated due to higher pricing (and that the new Millennial Generation is beginning to buy) — the next generation of seniors will have to be more creative with housing. One creative approach to housing is by living in helper units on their children’s properties in the future, such as granny flats or casitas — or buying a smaller home in another area. Downsizing or staying in their current home becomes the daunting task and question.
Maximizing your current home’s value by preparing is essential; do so with your building contractor, financial planner, accountant and Real Estate Agent. I’m here to help recommend any of these people and more or get you a free analysis of your home’s value. You can reach me at JohnASilvaRE@gmail.com or 619-890-3648.
Los Angeles has had a 20% year-over-year increase for July, while San Diego is lower due to the size difference compared to LA. But the time may be now to rehash any questions, if you are on the fence about selling now.Whether you may have a financial burden or may be ready to cash out, I have options to maximize your situation. Message me today for a very short no-pressure consultation. 619-890-3648 or JohnASilvaRE@gmail.com.
Large 3-Bedroom, 2-Bath and 2 Private Covered Parking Spaces!
Just Listed | 11911 Royal Rd F, El Cajon
Offered at $359,000
SUPER CLEAN, Meticulously Cared For & Upgraded! Just Move-IN! NO popcorn ceilings. Master Bedroom Has vanity w/walk in closet & shelves. Newer A/C & Forced Air Heat 2015. Recently added in the beautiful efficient kitchen are cook top/oven, fridge, micro wave plus Dual Pane Windows through out. Parklike settings out of most windows. Water & sewer included in HOA. Enjoy Nice community large pool, park and playground area for toddlers to teenagers, continue w/small gatherings in the evening-BBQ in Patio.
Contact me for details or to view this move-in ready home! (619) 890-3648
Super Clean Home! Come check out Great Country Home, Call NOW to set appt! 619-890-3648
9243 Single Oak Dr | Lakeside, CA
Seller will Entertain Offers between $499900 – $525876
REDUCED! YOUR “Country Road Where YOU Belong” HOME with large corner usable lot in a great area! Awesome relaxing covered patio for entertaining & huge backyard for kids yard games, RV, etc. Resilient vinyl siding, big garage with workspace for hobbies, & rear roll-up door to large covered port & out building. Inside, the ultimate lady or man cave for several uses: library, utility, media/music, video games, etc. This clean home has newer roof, windows, CFA & heat. Enjoy cozy fire on cold nights in or outside!
Location, location! Large premium corner lot on cul-de-sac in popular area of Eastlake! This beautiful home has all the bells & whistles: wide entry, soaring ceilings, 2 fireplaces, separate living, dining, family, & laundry room. Original owner; recent upgrades/remodel in kitchen, bathrooms. Including pavers in big backyard — the perfect spot for family gatherings or relaxing. Best Buy Home: all you have to add is your special touch. Don’t wait till it’s too late — this home run is going, going, gone!
As a homeowner, you typically want to make the place your own by doing home improvements. But what projects are usually done? And for #MoneyMonday, we’ll look at how it’s paid for.
Projects are typically done on a large scale. Here’s what gets tackled:
43% focus on outdoor projecs
31% are bathroom remodels
28% on the unfortunate home repairs
26% done on kitchen remodels
16% narrow in on the garage
5% are about the pool
And how are they paying for it? A surprising 62% of homeowners tap into their savings! (Way to go, financially savvy owners!) For those who don’t have the cash resources, they turn to the following to cover their house project: