Baby boomers delay selling, but desire second homes

The fragile economy is causing more baby boomers to delay selling their homes, even though they want to, according to a new survey from Coldwell Banker Real Estate, which surveyed about 1,300 agents to gauge home selling and buying behavior among the baby boomer generation.
However, there is still a strong desire for investment properties and second homes among this generation.
Among the survey’s findings:
• More than one-third (34 percent) of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.
• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home, while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers looking to downsize, their primary reason is for a simpler lifestyle.

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