Smart Downsizing and Baby Boomers

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A recent The Washington Post article noted that Baby Boomers are “smart sizing” instead of “downsizing” their homes (https://magazine.realtor/daily-news/2019/09/25/older-home-buyers-are-opting-to-smart-size-over-downsize). We have worked with many buyers over the years who are ready to downsize, and we have a few points to consider for what we think of as smart downsizing.

Lifestyle communities are a draw for those looking to downsize. In Durango, it is not about age restriction, but it is about lifestyle, especially in the higher price ranges. We see many people downsizing into expensive neighborhoods that offer a lot of lifestyle options. For example, this happens in Edgemont Highlands, Twin Buttes, and the newer communities in the Animas Valley. These communities have higher price ranges, so one of the reasons for the higher ages is the “success” of the buyers, and typically their higher net worth from a lifetime of working. There are exceptions, but many buyers that are raising families, saving for college, and earlier in their careers do not have the ability to buy in these neighborhoods. A lot of those older buyers have downsized from much larger homes.

Here are a few other points to consider for smart downsizing:

  • Master Bedroom: When thinking of retirement homes, there are a few factors that make a long-term home ideal for Baby Boomers. Most retirees want to live in a home with the master bedroom on the main level. Even if you move into a home that isn’t your “forever” home, if you think it’s likely you’ll stay in the home long term, a master bedroom or single-level home is a smart choice to avoid stairs.
  • Garages: Many Baby Boomers want garage space to store their toys. We see this especially in Durango, where people have canoes, bikes, boats, skis, ATVs, etc. A bonus would be a place to store a trailer or motorhome.
  • Smart Spaces: Hobby rooms off the garage, an open concept living area, and lots of light are other factors that appeal to many Baby Boomers. They oftentimes like to use the space in their homes differently than previous years. Whereas at one time they may have preferred two living areas, this need may have shifted as couples become empty nesters and gravitate more towards one main living area.

There is no “one size fits all” for downsizing, but we do see many Baby Boomers search for these trends as they downsize. Durango offers extensive lifestyle and price-point options, and as we discussed last week townhouses and condos offer a simplicity that may be ideal for some Baby Boomers. As always, we are available to talk about your needs and help find the right fit for you. We will be hosting an open house this Saturday from 10-12 at 37 Lizard Head Drive. Stop by and say hello!