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Curious about the “Silver Tsunami” and its impact on the housing market? Let’s unpack this. The term “Silver Tsunami” refers to the expected wave of older Americans (baby boomers) changing their housing needs as they age. It’s been a hot topic online, with many speculating that as baby boomers downsize, there’ll be a flood of larger homes on the market. This could really shake things up in terms of supply and demand.

However, experts are now saying the Silver Tsunami might not create the big splash everyone expected, especially not in 2024. Why’s that? Well, a lot of baby boomers aren’t keen on moving. HousingWire highlights that this wave of housing changes hasn’t really started yet, and it might not kick off anytime soon. In fact, AARP data shows over half of adults 65+ want to stay put and age in their current homes.

So, if you’re thinking the market will be swamped with homes from baby boomers selling up, think again. Mark Fleming, Chief Economist at First American, puts it nicely: “Demographics are never a tsunami. They trickle.” That means any changes in the market due to baby boomers will likely be gradual and spread out over years, not all at once.

Bottom line: The Silver Tsunami is more of a slow wave than a sudden flood in the housing market. It’s something to watch, but don’t expect it to turn things upside down in 2024.

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