Friday, February 27, 2009

Young Homebuyers Can Learn from the 55+ Market

Photo by Carlito_Brigante on Flickr.

According to a NAHB article, the 55+ market is holding up slightly better than the market in general. That's no surprise to me, for the reason is very clear, and all you first-time homebuyers and young homeowners can learn from the consumers in the 55+ market. Although it's hard for these consumers to sell their current homes, they are in a good position to buy homes because they have spent years accumulating wealth, built up their equity, established good credit and have seen long term appreciation in their current homes. These people tend to sell their current homes and move to 55+ active adult communities, like The Club at Clove Lakes Park on Staten Island that is low maintenance and has all the necessities they need within the community. Listen, it's tough for me too, but I know there is a light at the end of the tunnel. The fact that the 55+ community has been through a similar recession in the mid 1970's and they are sitting better than everyone else right now, that should bring you comfort that in the long run you will be OKAY as well. HAPPY FRIDAY everyone!!

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