Baby boomers are snatching houses out of the hands of millennials
The desire for more space in an era of remote work sparked a housing boom that soon morphed into a historic inventory crisis. Home prices shot up, reaching a record high ofin June, and cutthroat competition ensued. Bidding wars, all-cash offers, and higher down payments became the norm of a housing frenzy.
Those most likely to emerge victorious are longtime homeowners. As the Zillow report states, their equity gains give them the ability put in an all-cash offer over younger buyers, one of the key strategies for winning a bidding war. "Whether downsizing or moving to a new town, baby boomers being more active means competition that previous generations did not have when buying their first home," Jeff Tucker, a senior economist at Zillow
."And older buyers have the advantage of a lifetime's worth of savings and home equity to leverage in a competitive offer."Buying a home right now is already challenging enough, especially for millennials, who have been boxed out of the housing market for a whole host of other reasons.
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