WINSTON-SALEM N.C. — According to housing experts, Baby Boomers are helping cause housing prices to go up. The Winston-Salem Regional Association of Realtors’ president says Baby Boomers aren’t selling their homes at the same rate they used to.
- This causes the shortage of available properties
- Prices have gone up 7 percent the first six months of the year
- Interest rates on homes have also risen
That’s causing the shortage of available properties which then puts the cost burden on buyers. Prices in the Triad have gone up seven percent the first six months of the year compared to the same time last year.
“They either haven’t retired because they were hit pretty hard with the last recession and so they’re staying in their homes a little longer,” says Brooke Cashion. “As a result, the Millennials and the folks who would traditionally buy these homes and update them and do all the things they want to do — they’re just not available to them.”
Along with home prices, she says interest rates on homes have also risen in the past year.