AOL: Baby Boomers Launch Remodeling Boom
The first wave of Baby Boomers turned 65 last year, which will have a significant impact on real estate and the nation's housing market. Not only should home sales increase, but hammers and nails will be flying as homes change hands from older to younger owners, while the home remodeling industry strikes it rich.
In fact, home remodels could be in for their best years ever. According to the Joint Center for Housing Studies at Harvard University, home owners over age 55 comprised a third of all home sellers between 1997 and 2007. That is a trend that experts say will only increase over the next 20 years as more Boomers retire.
And home remodelers have it made in the shade because if the Boomers sell their homes and move, younger buyers are extremely likely to remodel. If Boomers decide prices are too soft to sell and stay put, they are likely to adapt their home for old age, adding in more lighting, elevators, and principles of universal design. So the home remodelers win either way.