Baby boomers are becoming seniors at the phenomenal rate of 10,000 per day or 80 million people per year. By 2020, 80 million people in the U.S. will be 65 or older. Many will uproot to flee ice storms and frost heaves (not here in Kingsburg), move closer to the kids and grandkids, or seek gated retirement communities for security and social activities.
According to the U.S. Census Bureau, The percentage of people who changed residences between 2010 and 2011 – 11.5 percent – was the lowest recorded rate since 1948. But again, studies show that the economic and population indicators don’t take into account the pent-up demand of families who have “doubled” up in this current recession. When the economy does improve and the glut of foreclosed homes lessens, the senior market and all those baby boomers will become a boon to the real estate industry.
Speaking of a glut of foreclosed homes, we still have not seen the predicted wave of distressed homes hitting the Kingsburg market. Our indicators show that they are looming on the horizon, just haven’t made it to the street level yet. The new stimulus bill is intended to keep homeowners from losing their homes, so we will see how this one plays out in the next several months.
As you can see in the CMA (comparative market analysis) to the right of this blog, our inventory of available homes for sale in Kingsburg continues to drop each month. November we had 37 available, December was 36, January was 28 and February dropped way down to a whopping 16. We Sold 12 homes in January and 12 in February, traditionally very slow months in the real estate industry. Business is good!
Don’t forget the 18th Annual Car Show scheduled for April 21st from 10:00 am until 4:00 pm brought to you by the Kingsburg District Chamber of Commerce. Friday night festivities include a Cruise Night with The Beach Band performing at 6:30 …. all in downtown Kingsburg on Draper Street.
Please feel free to call us if you have any questions regarding the real estate market or lending. We are here to help!