The Minneapolis housing market has been booming so much that it’s been allowing people who’ve been yearning for something smaller than the large home they had been living in, to be able to make the transition more smoothly than ever before.
MINNEAPOLIS, June 08, 2017 – This year’s real-estate market has been booming through the first half of the year, with sales of condos and co-ops especially strong. According to a monthly report issued by the National Association of Realtors, condo/co-op sales have grown considerably year over year since 2015.
This is in large part thanks to baby boomer and silent generation buyers that are more interested in the hassle-free lifestyle that comes with rightsizing to a smaller or more convenient home. They have been purchasing these types of properties all over the country. Sales in the Midwest have increased 12.5 percent alone over the past year as more and more empty nesters have been buying condos, townhomes and smaller houses.
“Those choosing to purchase a smaller home are realizing the benefits of less maintenance and lower costs, especially in the later stages of their life,” said Art Hays, owner of A.D. Hays Group, a realty company specializing in helping older generation buyers relocate and find new homes. “Rightsizing to a condo or smaller home, carries fewer headaches and chores like lawn maintenance, upkeep and huge property taxes.”
Because of the lifestyle change that is often associated with downsizing, it can sometimes carry a negative connotation. However, those thinking of making the switch should look at this as a positive – after all, when one gets rid of unneeded, excess space, they can gain so much more in convenience, amenities and savings. Instead of thinking of it as downsizing their home, today’s boomers are thinking of it as “rightsizing”.
When children leave for college, many parents are left with extra rooms and un-used spaces. They subsequently choose to turn those vacant areas into recreational rooms for exercise, movies or billiards, which may sound good in theory, but can sometimes actually be a bad idea.
While it may be an adequate way to cope with newly emptied space, it’s often an expensive and unpractical choice for those who are nearing or in retirement.
Rather than taking the time to install an aerobics studio in their college-aged kid’s bedroom at their home in the suburbs, empty nesters are deciding to purchase smaller, hassle-free condos, townhomes or smaller house that’s closer to downtown or a city center, and go to the studio located down the street.
Instead of spending their money on remodeling the basement into a home movie theater or billiards room, they may move to a townhome, with no basement to maintain or stairs to climb, and head to the movie theaters or the nearest pool hall in town.
When people decide to rightsize, they have more time freed up that was previously reserved for mowing the lawn, cleaning the gutters, shoveling the snow and other household duties. Small home living can open up more free time to enjoy new hobbies, and their often urban location means buyers are closer to restaurants, grocery stores and other retail options.
“While condos, townhomes and smaller homes may not be the best for all types of people, they’re skyrocketing in popularity right now among older generations, especially in the Twin Cities” said Hays. “That’s because they tend to be more affordable, higher-quality and in a better location, while requiring less maintenance overall.”
For more information, visit www.adhaysgroup.com.
