Banking on baby boomers
Real estate brokers in the Tahoe-Truckee area are noticing a trend among baby boomers as they become empty nesters and are looking to downsize or upgrade homes.
“About 75 percent of my buyers fit that profile,” said Mark Moore, a broker with Tahoe City-based O’neal Brokers. “It’s definitely a boost to the market.”
Moore said most of his clients are from the Bay Area and are looking for homes in North Lake Tahoe to accommodate their new role as empty nesters ” parents whose children no longer live at home.
“Some of my clients already own condos up here, but are looking to buy a home because they’re able to spend more time here now that their kids are gone,” Moore said.
Moore said Lake Tahoe’s active environment is attractive to the boomer generation.
“This is an active place for seniors, but also they want their kids and grandkids to want to come visit them, so Tahoe accommodates both aspects,” he said.
A recent nationwide survey by Coldwell Banker supports Moore’s outlook.
“In many instances, empty nesters are no longer content to remain in the same home from marriage to retirement, and our brokers are seeing this impact in their local markets,” said Bob Bronswick, president of Coldwell Banker Residential Brokerage in the Sacramento-Tahoe region, in a released statement.
In his personal experience, Moore said he can relate to the trend as he and his wife recently purchased a smaller home after their youngest moved out.
“We want something more private with less yard maintenance,” he said.
Truckee’s housing market is noticing a similar trend with empty nesters; however, primary and secondary homeowners are moving in a different direction, said Lynn Richardson, a broker with Coldwell Banker.
Rather than relocating to the region because of an empty nest, Richardson said she’s seeing more Bay Area homeowners sell their second homes because their children are grown and they are no longer using their mountain retreats.
Additionally, a number of Truckee’s primary homeowners who have had their children move out of the house are moving out of the snow.
“We’re seeing more of these folks leave the area to move out to the Sierra Valley, or warmer climates or even cheaper areas,” Richardson said.
Whether moving into or out of the Tahoe Truckee region, Moore said it’s good to see the baby boomer demographic having an impact on the market.
“We’re really banking on the baby boomers,” Moore said.