Baby Boomers may be creating a Housing Glut

posted by iHeartMedia's Scott Crowder - 

Despite National Woes, Housing Prices Hit New Highs

Beginning in 2011, Baby Boomers started turning 65 at the rate of 9,000 per day. Boomers own 40% of the houses in the U.S. and they're starting to sell them. Real estate experts worry about a glut of houses Boomers want to sell that Gen-Xers and younger can't afford.

Real estate agent and YouTuber Kerry Grinkmeyer says, nationwide, there's a glut of luxury homes.

"We have homes that are in the million dollar range that have been on the market for as much as ten years; it's a problem."

Texas Loan Star's Laith Daik says we're seeing some of that in Houston.

"A lot of families are moving from suburban areas, from bigger houses, into inner city areas where they can enjoy a different quality of life."  

Experts say health issues and death will force more and more Baby Boomer homes on the market and they simply won't be able to get as much as they expected for those houses.

Daik says Millennial buyers aren't as willing to buy a "fixer upper" as past generations did.

"The sellers that are spending time and actually updating their home and putting an updated home on the market are going to command a much higher price."

 In some markets -- but Daik says not as much in Houston -- an onslaught of Baby Boomer homes hitting the market could cause a "housing bust."

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