CBS News Real Estate Trends in Dallas-Fort Worth
1. Upgrading Living Spaces
Who doesn't desire a bigger home if they can pay for itit? Apparently older baby boomers. A meager 5% of surveyed agents reported that those in the 54-65 age range are looking to flip their current domicile for newer digs.
Conversely, 31 percent of the queried real estate professionals reported that younger boomers, aged 47-55, would like more living space. This trend shows no sign of slowing down.
2. Taking a Step Back
Shockingly, the roles seem to reverse on this trend, especially as commercial real estate moves into more conservative urban spaces.
Although the weak economy and anemic housing market are certainly a factor, apparently it doesn't all come down to money. Only 28 percent of the agents said their clients were motivated by finances. Many just want a simpler life. Growing suburbs include North Richland Hills, Colleyville and more.
3. Weekend Homes, Lake Houses, Luxury Real Estate and Homes for Sale and More
Once again we find a marked difference in the buying patterns between the two groups of baby boomers. Only 19% of participating agents alleged that older clients are in search of a new home. At the same time, 28% said that younger boomers are interested in acquiring additional residential real estate in Dallas.
Again, we may be able to infer that younger boomers are more likely to have children at home, which would make the search for vacation homes more attractive, as well as the desire to invest in the future. Older boomers may be more likely to have a look at the depressed housing market - and stay away.
4. Housing Ownership
Roughly 47 percent of commercial real estate professionals said that older boomers are not interested in the single-family home, which may relate to the downsizing trend. Instead, this group is looking for condos or townhomes with less maintenance and upkeep requirements. Rentals are also quickly becoming popular among baby boomers. These shifting demographics apply not only to Dallas-Fort Worth, but the entire country.
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