In the hottest real estate market since the peak before the Great Recession, home sellers are calling the shots. Most of those sellers are baby boomers—and they’re making out like bandits.
Sellers made a median $66,000 on the sale of their homes—a $6,000 increase from the previous year, according to the National Association of Realtors® 2021 Home Buyers and Sellers Generational Trends Report.
The report covered only the early months of the COVID-19 pandemic, as it was based on a survey provided to people who purchased a home from July 2019 to June 2020. About 8,200 new homeowners responded to the 131-question survey.
“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards,” says realtor.com® Chief Economist Danielle Hale. Those who are selling homes can use the profits to help them buy new ones, she adds, pointing out that they’re “generally better equipped to deal with market conditions.” Read More>