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Boomers Drive Market
by: Candy
May 18, 2006
For the last five years or so, the "experts" have been baffled by record real estate markets and a bubble-proof real estate economy. Population growth and interest rates alone can't explain the unprecedented national passion to own property. What they have missed is an underlying major factor driving the market.....the Boomers.
The Baby Boomer generation are Americans born between 1946 and 1964. This generation have been found to own their own homes more than the national average. More Boomers own second homes than the national average. The theories behind this trend are many but the dominant one is that the Boomer real estate dealings are in response to the tax code.
With Boomers being "investment savvy", more are purchasing a vacation home or seasonal property with the intention of eventually making that property a primary residence. Current data shows that four of ten are following this strategy surpassing the one in five vacation-home buyers that originally bought with this intent.
“Some boomers will take advantage of generous capital gains exclusions from their taxes when they sell their primary residence, and then place themselves in the position of being able to convert a vacation home into their new primary residence which would later become eligible for the same tax treatment.Then, if their needs change in the future, they’ll be able to take the capital gains tax break after they have lived in that home as their primary residence for two out the five previous years. It becomes a great way to build and protect a
nest egg.” said David Lereah, the National Association of Realtor’s chief economist.
So if you're ready to make South Florida your destination, let me help you make that dream come true. Now is truly the time to take advantage of all we have to offer in Florida real estate.
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