Boomers keep the market hot
From Times wire reports
Home sellers’ concerns about rising interest rates helped drive the residential real estate market to new heights in California in 2004, with baby boomers dominating the market and accounting for 74% of all home sales, according to the California Assn. of Realtors’ “Survey of California Sellers.”
“Because of its size and current life cycle, the boomer generation is likely to play a significant role in the housing market over the next several years,” said association President Jim Hamilton.
A typical California home seller was married, was 47 years old, earned nearly $135,000 annually and had sold a home at least once before, the survey found.
