Ok Boomer. Now You are Gonna Ruin the Housing Market

originally posted by: Lysergic
So, what to do about this, Boomer problem?

I would also like to know what should be done about this
"boomer problem".I am a baby boomer and my grandchildren
are millennials.

a reply to: St Udio

My house is about 2200 square feet and my basement could
be made into a small apartment.

a reply to: Blue Shift

Yeah,you're right,just have to wait for us boomers to start
dying off.Maybe that's why some states have been looking
into euthanizing older and disabled people.

a reply to: strongfp

Everybody wants to sell their house for more than they paid for it.
That's why they say invest in land.

a reply to: lakenheath24

Lucky me, I have no grandchildren.
My house is paid off years ago and will be left to my three sons.

originally posted by: Gothmog

Ok Boomer. Now You are Gonna Ruin the Housing Market

How ?
I imagine most "boomers" have either paid their house off , or have plans to do so .
Now 2nd mortgages are a different subject altogether .

Aside from my dad, who's a young Silent Gen old guy with vastly different financial priorities than the average Boomer, the going thing among ones we know isn't paying off mortgages, it's refinancing the house to death.

Of all the older folks/parents of folks my age I know across the income brackets, only my dad's house is actually paid off & owned outright. Everyone else is languishing in payments still. It's my conversation anecdote as much as the next guy's anecdote that says all the Boomers they know are free & clear of payments. Which should tell people to look at the hard numbers are judge from those, not your personal experience, right? Because that's what some smug dolt would come back with as a response to me anyway.

A quick internet search says only 41 percent of Boomers paid off their houses, the rest still haven't. That doesn't bode well for the argument that the Boomers couldn't possibly have a significant hand in a real estate crash, come on now.

www.forbes.com...

In 2017, it was 49 percent paid off their mortgages. Something's going in the reverse here. Again, doesn't bode well for the Boomers Can't Crash The Market claim.

www.reuters.com...

Also doesn't bode well for them that they don't have ENOUGH retirement savings, and are quitting work anyway like some miracle's going to save them from a big slap in the face from reality. That's more than a little unwise, aging is expensive and that $100-and-some-odd grand mediocre average isn't going to last long.

www.fool.com...


My dad's always been insanely frugal. All his homes and cars were bought in cash, Always, no excuses. Even the RV we had was a cash buy. His savings are slim now on account of paying for my severely disabled youngest brother's OOP medical costs insurance doesn't cover, but his savings are still significantly better than the average Boomer's. Chalk it up to someone from an era where money wasn't plentiful knowing how to work it like a boss in his favor. For someone who's savings were non-existent not too long ago, and have bounced back with a few well-timed investment choices, I'd say he's doing pretty good. The Boomers lost that know-how edge, it seems.

a reply to: Sillyolme

I plan on selling mine sometime in the future as a
fixer-upper.I don't want to go through the expense
of remodeling just to sell.I already have some that
want my house as is now.

originally posted by: Sillyolme
a reply to: strongfp

Everybody wants to sell their house for more than they paid for it.
That's why they say invest in land.

That's exactly what my dad did to recover from medical costs for my youngest brother -- invested his savings remains in undeveloped property again.

He's sitting on a nice nest egg now.

Wait Wait Wait Wait Wait Wait..................

.............. More homes going on the market will "RUIN" the housing market?

They will be plentiful and therefore more than likely..... *GASP*...... Affordable?

Oh dear, the *ing horror.

originally posted by: lakenheath24
Ahh...kinds like hipsters have rebuilt downtown detroit....yet the burbs are getting bulldozed. Except some would call.that gentrification....others progress.

a reply to: putnam6

Yep but that "gentrification" has brought businesses back downtown and midtown, though here the Burbs are doing well too. All areas North South West and even the east side too. But we have had a population influx that helps everything

originally posted by: mamabeth
a reply to: Blue Shift

Yeah,you're right,just have to wait for us boomers to start
dying off.Maybe that's why some states have been looking
into euthanizing older and disabled people.

I'm not against it. If a person has lived a reasonably full life and all they have before them is painful lingering illness with no hope of getting better, and medical costs are going to consume any wealth they might have accumulated for their families, if not encouraged, then pulling one's plug should be understood as a viable, rational option.

originally posted by: Blue Shift

originally posted by: mamabeth
a reply to: Blue Shift

Yeah,you're right,just have to wait for us boomers to start
dying off.Maybe that's why some states have been looking
into euthanizing older and disabled people.

I'm not against it. If a person has lived a reasonably full life and all they have before them is painful lingering illness with no hope of getting better, and medical costs are going to consume any wealth they might have accumulated for their families, if not encouraged, then pulling one's plug should be understood as a viable, rational option.

Right on, time to bring Logan's run into reality.

originally posted by: mamabeth
a reply to: Sillyolme

I plan on selling mine sometime in the future as a
fixer-upper.I don't want to go through the expense
of remodeling just to sell.I already have some that
want my house as is now.

I'm a Gen X'er. I'd love to buy my grandma's house when she passes because I'd love to keep it in the family. We've done the Thanksgiving and Christmas parties there since 1980 when I was a year old. She's 95 now and can't be there by herself so she goes between my parent's and my Aunt's house every 6 months as they take turns caring for her.

The house is very special to me and when she first started living between mom and my Aunt, I would drive the 30 minutes it took to get to her house and sit on the porch while I drank a large coffee from Dunkin. For her last 4 or 5 years there, I would go visit almost every single day and get my ass kicked in Scrabble 2 or 3 times a day. She was the only one who could ever beat me. When she dies, she wants her house sold so the money can be split between her 3 remaining kids and a couple of her grandkids. I'd rather buy the house but unfortunately, I'm kind of between a rock and a hard spot. 1) It's a big house with 4 acres in the last nice area of Shreveport with very little crime but I don't know how long that will last as the crime riddled areas have been slowly closing in since the 90's, and 2) it hasn't been updated since around 1985 so although it's like taking a step back in time, it needs to be updated and I can't afford it.

Her land also has a cottage that sits on it, and that hasn't been updated since before the house. While nothing is broke, it's bound to happen sooner than later.

originally posted by: hopenotfeariswhatweneed
Right on, time to bring Logan's run into reality.

Carousel! Renew!

From my observations, in this life you really want to avoid outliving your 1) body, and 2) money.

originally posted by: Blue Shift

originally posted by: hopenotfeariswhatweneed
Right on, time to bring Logan's run into reality.

Carousel! Renew!

From my observations, in this life you really want to avoid outliving your 1) body, and 2) money.

Im in trouble then.

Don't worry zoomer king Trump is going to kill the anchor baby rule and China will come get all there corrupt expats, also when the wall is done, time to drain the 11 million rats out.

Expect housing availability to surge driving down prices.

a reply to: Nyiah
Yeah , refinancing a home is a trap , set by finance companies

Our home is valued in excess of one hundred ninety grand.. It could drop down below a hundred grand in a couple of months if things get rough and even to half of that if the US goes into a full depression. I owe nothing on it, so I am not going to worry what it is worth. We are not selling it anyway, I will hand it over to the daughter probably. People put too much emphasis on monitary value, our most valuable things are stuff we inherited from our uncles and aunts, and parents. They have little value but they are not for sale anyway. My kids would love all those antiques, they will get left to someone who is not just going to sell them and blow the money. When people put more value on the almighty buck than their family it makes me depressed, it was not always easy to keep all of these old things from deteriorating.

I am putting conditions on inheriting this house, it has to stay in the family for at least thirty more years....sold at a maximum price of half of it's tax value....and only to one of my offspring or their kids.

originally posted by: Nyiah

originally posted by: Sillyolme
a reply to: strongfp

Everybody wants to sell their house for more than they paid for it.
That's why they say invest in land.

That's exactly what my dad did to recover from medical costs for my youngest brother -- invested his savings remains in undeveloped property again.

He's sitting on a nice nest egg now.

Just a word of caution to some reading this. While it is a worth while investing tool; its not fool proof. You need to do your homework.

My grandfather did the same, made some money on some of the properties. But three properties in Florida are still sitting long long after they have been brought and my grandfather passed away. The area in which he purchased them never developed like it was supposed too and so the properties where never worth what he paid for them. Taxes are cheap so we just hold them now.

originally posted by: LSU2018
a reply to: lakenheath24

Y'all forget that the Baby Boomer generation is one of the last great generations. They believed in family values and traditions

< snort > I can't believe I didn't spot this gem earlier. Forgot about the feminism wave of the 70's, did you? The one that said work was more important than raising those kids you just had to have, and dump that hubby, there's better fish in the sea!

I find the claim of them having family values & traditions as if to say other generations before or after them didn't, laughable at best. The Boomers had a pretty substantial rate of career moms crop up, and a hell of a serial marriage kick.

The Silents/parents of the Boomers, now they stuck with traditions. Their kids, however, bucked 'em.