Quote:
Originally Posted by GregL
As one of those aging boomers, I can tell you that we are staying in our homes because there are no reasonably priced, smaller homes to downsize into. I would love to find a smaller Cape Cod or ranch home on a smaller lot. Lower expenses and less time spent maintaining the property. Unfortunately, the only ones available are either junk or priced very high. First-time home buyers and aging boomers are vying for the same properties. This has pushed prices to previously unthinkable levels. So us boomers are holding on to our larger homes, hoping that this market eventually reaches some form of equilibrium.
Greg
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This where we are. I bought 3/2 with a three car garage on a double lot in 2020. I got it for $40K under market because previous deals had fallen through. I also have a 2.75% mortgage, so downsizing means I'll likely pay more for less. We are house hunting in Wyoming this summer since neither of us wants to be in NW Arizona anymore. The road riding around here sucks, requiring tubeless 32s for my road rides because of road conditions. Where we live in Wyoming in the summer has incredible riding. It does get really cold in the winter, but we have a travel trailer to escape during the coldest months.
Housing prices in Wyoming are not terrible. I plan on putting 20% down and once we can move, put the AZ house on the market. When the AZ place sells, I'll restructure the mortgage by buying down the principle and shorten the length. My AZ neighborhood has many new construction homes, but they're all small on really small lots for families. My place is a snowbird palace with RV parking and BLM land across the back fence.