If you’re in the market for a home in the Bay Area right now, perhaps you’ve noticed that housing inventory is very limited. According to the San Francisco Business Times, part of the reason has to do with baby boomers. Instead of downsizing in their golden years, they’re keeping put because it’s too expensive to move.
“With prices climbing to double-digit gains year over year this quickly, downsizing is less of an option,” said Vanessa Bergmark, president of Oakland-based Red Oak Realty. “Giving up the tangible benefits of their existing property to take on a bigger house payment or less available cash to live off of or invest with, doesn’t feel worth it, so they are staying put.”
Bergmark said boomers not opting to sell is contributing to the tight housing inventory and competitive bidding in Oakland and elsewhere.