While most people stay in their homes for over 10 years (closer to 13 years), many are staying much, much longer. But no one lives forever. We are all aging. Many at a certain age feel compelled to downsize, no matter the tax savings for staying put, aging-in-place or otherwise.
Recently I've seen multiple properties where the description boasts "first time on the market in 20,30, 40, 50 years and more". End-of-chapter-inventory is probably the only classification of resale home inventory that is truly reliable. Yes, we are living longer these days but for almost everyone that moment arrives when they sell their home. Some sell their home earlier to fund retirement as for some it's their only substantial investment. The majority of homeowners in larger cities are wealthier, certainly in the Top 25% of wealth in the US. Areas that have large retiree or older populations may deliver the most of this inventory, but this has been somewhat delayed as we age longer. It was accelerated during the worst of Covid which impacted the elderly most.
Chapters end at many stages during life. Being single and getting married, the end of a marriage via divorce or early death, kids arriving, kids heading off to college, retirement, etc. These end-of-chapter/beginning-new-chapter moments for my clients allow me an opportunity to help my sphere anticipate and navigate these moments calmly and intelligently. It's another moment where professional agents can add real, tangible value in their advisory capacity.
