Baby boomers and retirees can't sell those big dream homes

Younger generation just not interested in buying up the big homes that are custom-built

Jim Hanzo
June 18, 2019 - 9:01 am

It's a problem that is happening with more frequency these days.  Baby boomers and retirees build their huge dream home, then, later on, decide it's too much house, but they can't find a buyer.  The younger generation is just not interested in a house that big and the home sits on the market.  

These houses are usually custom built," said real estate analyst Arthur Sterbcow.  "People usually want to build their own dream homes, maybe not necessarily share someone's else's ideas, so we are seeing, I guess we are seeing a bit of a slowdown in some of the upscale properties."  

Sterbcow says many of the younger folks who have been lucky enough to make some good money, are looking to spend on not so much the biggest house right now but maybe other luxuries, excluding real estate. 

"If the home were built so they were attractive to a large swath of the population and not so highly customized then they will sell pretty quickly, but you'll have some properties with some unusual color schemes or decorating schemes but some folks perhaps have a lot of money and just don't know how to spend it fast enough and maybe overdid some things in the houses and now they can't get their money back out of it," Sterbcow added. 

The good news for buyers is the market is strong and buyers can usually pick up these big homes, eventually at a real good price.  

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