A burgeoning trend for Baby Boomers: re-locating to cities. These retirees are, in part, abandoning their suburban homes to become caregivers for their grandchildren and be closer to their own children.
However, instead of sacrificing privacy by moving in with their children, they are re-locating to their own apartments or condos nearby. In a role reversal, their Generation Y(Gen Y) children often purchase, co-sign or rent these spaces for their parents.
The best jobs are located in urban areas. This means the highly skilled and educated flock here to start, or restart, their careers. That their parents swiftly follow makes sense.
So how can agents capitalize on this knowledge?
First, acknowledge the urban population growth trend. Then augment your thinking to understand that as young families move to the centers of population their parents will follow and relocate. Thus, every sale or rental negotiated with a person relocating to the city has the great potential of producing another sale or rental to a relative. If you solicit that family information, follow up periodically to produce results.
Today, when buying is often cheaper than renting, encourage clients to consider purchasing that second home nearby as an investment. Today’s low price of homes along with historically low interest rates means it’s an opportune time to buy in the city ahead of the real growth to come.