Baby Boomers not downsizing could be helping to create sellers’ market

Homeowners across the country are staying in their homes five years longer (about 13 years) than they did in 2010, according to a new analysis by Redfin.

Texas Association of Realtor past chairmen Shad Bogany said when older Americans who want to downsize, go out looking, they're finding less house costs more.

"Seniors are moving, but I think it depends on what type of house. Is the master up, or is the master down? Do they have a pool and they don't swim? Are they trying to get closer to the hospitals?" said Bogany.

He said Baby Boomers with two story homes are quicker to downsize.

"I would like to downsize, but when I go out and look at new home prices, I'm paying more money for less house, I might as well stay where I'm at," said Bogany.

He said once higher interest rates hits, more people will stay in their homes and will tighten the market. The ripple effect is that it doesn't allow the first-time home buyer entry into the market, so they're having to buy new homes, not re-sells.

Homestead exemption in Texas makes it easier for older residents to remain in place.

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