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  • Writer's pictureRachel Barrasso

Where is the Silver Tsunami?

If you're looking to buy a house now, you're definitely experiencing the fact that housing affordability is at an all time low. Prices have continued to rise in Tucson almost continuously since the housing crash in 2008. The pandemic which brought in extra low mortgage interest rates only exacerbated escalating housing costs. Wages haven't kept up with inflation and the cherry on top: there is no inventory. But don't worry, experts have been talking for years about a forthcoming silver tsunami. What is a silver tsunami and what can we expect? Let's find out!

The silver tsunami is a term given to describe the baby boomer generation selling off their homes en masse to make way for younger generations to enter into homeownership and possibly start a family. With the youngest boomers turning 60 now, experts have predicted that they will want to sell their large family homes and move into something more affordable and easier to maintain. Experts predict that anywhere between nine million and 20 - 30 million homes will come on the market in the coming years thanks to baby boomers opting for smaller houses or apartments/townhomes.

However, what we are seeing now is that seniors want to stay in the homes they've owned for 30ish years. There are plenty of services and resources available nowadays to help with nursing care, rides, etc. for the elderly who need a little extra help. Also, they have grown attached to their homes and belongings and don't want to let go of memories attached to their houses. Add in the fact that many older homeowners own their homes outright or have a mortgage rate below 4%, and the result is that those homes just aren't going to be hitting the market anytime soon.

So, what can you do if you're a first time homebuyer or someone looking for a bigger home? Be patient. There is low inventory but people are always going to be moving, so just wait it out and you will find something! If you want to be a little bit more proactive, have your amazing agents (us!) reach out to a neighborhood you're interested in and we'll let the homeowners know that we have a buyer looking to move into the neighborhood! You never know who has been on the fence about a move! Good luck out there!

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