As more Baby Boomers retire, real estate experts all across the United States are seeing more cash deals, according to a recent report from Bloomberg.
Evidently, these Baby Boomers (defined as anyone born between 1946
and 1964) are opting to purchase their homes with all cash instead of
taking out a mortgage.
Experts credit this in part to the fact that US home price gains have restored $3.8 trillion in value to home owners since 2012.
This means that a record number of Americans (including Baby Boomers)
are using that equity to help them pay cash for properties, avoiding a
home loan altogether.
Another factor is that these Baby Boomers have more money in savings, allowing them the option to pay with cash.
This is an important trend that is sure to have an effect on all home buyers, not just those who fall in the Baby Boomer cohort.