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Construction of affordable starter homes is failing to keep pace with the number of first-time house hunters. At the same time, more homeowners are resisting the siren song of selling to these potential buyers in order to move up or downsize. It's a trend called "rising tenure length."
Owners are staying put. There’s no single reason why and there’s no single age group increasing home tenure. However, early in December 2019, a HousingWire (HW) headline shouted that Baby Boomers — born from 1946 to 1964 — are “likely to gridlock” home sales in 2020. HW cited the leveling out of home prices and economic unpredictability as central factors keeping older homeowners in place.
Move ‘Em On, Head ‘Em Up
Well whoa! HW should maybe also consider that moving down can be almost as expensive as moving up, affordable homes styled for retirement are in short supply in many markets, and a lot of older homeowners want to age in place where services and neighbors are familiar.
HW’s headline might stir the theme song of the cowboy TV series Rawhide (1959-1965) in Boomer brains. The show featured a lot of cattle drives, Clint Eastwood as a tough cowhand and lyrics like “Move ‘em on, head ’em up.” Many Boomers might also feel like channeling Eastwood in Gran Torino by growling, “Get off my lawn.”
But according to a December 2019 article in MarketWatch, anyone who can hang in there long enough will have access to a market influx of about 1.17 million boomer homes a year between 2027 and 2037. They call this projected event the “Silver Tsunami.”
Millennials Staying Put Too
To be fair, it’s essential to note that many younger homeowners also are staying put. Favoring a buy-once-and-stay approach, many have lived with parents longer than expected to save for down payments on bigger homes.
In a December 2019 article predicting a tough housing market in 2020, CNBC interviewed realtor.com Senior Economist George Ratiu, who said supply will be a greater problem than price this coming year. Ratiu stated that waiting longer to buy homes has caused Millennials to buy up at the outset of homeownership.
Avoiding Migrating Near or Far
CNBC also noted analysis of U.S. Census data by the national real estate brokerage Redfin showing that property owners today generally remain in a home for 13 years, and that this statistic is an 8-year increase over 2010.
Writing at the science news website Phys.org, migration researcher Thomas Cooke echoed Ratiu’s point about millennials buying homes they can grow into. Cooke added that many millennials are finding it difficult to move up due to a complex array of reasons, including carrying a heavier debt load than previous generations.
Furthermore, Cooke said, long distance moves are complicated by the fact that most millennial couples have dual incomes. Major relocation needs to accommodate both their jobs.
Cooke concluded that avoiding migration and putting down roots in one location is becoming the norm. It’s a choice with beneficial outcomes, he asserted, such as deeper social and community connectedness. So, forget that other famous lyric from Rawhide about “rollin’, rollin’, rollin’.” Homeowners of many ages are now stayin’, stayin’, stayin’.
The Pantone Color Institute has a certain knack. The design company gets a feel for the mood of the year to come, and shapes design trends to match it.
It takes cues from new kinds of materials we use. It considers our social media platforms, upcoming sports events and the sights and sounds that receive international attention. Pantone has selected a color each year for more than 20 years.
For the Start of a New Decade, Pantone Picked Classic Blue
Classic Blue has a timeless and universal appeal. It's a shade of azure that brings to mind a calm, expansive marine horizon or an afternoon sky. Or perhaps bright tiles, crafted by artisans of Mediterranean and semi-tropical climes.
Classic Blue is a primary color with an approachable feel. It has a reassuring presence. That's exactly what Pantone was going for in 2020.
The 2020 Color of the Year Is Refreshing Yet Traditional
Beautiful interior touches in Classic Blue evoke calm and connection, and a sense of the enduring as we pass the 2020 milestone.
Silver and white accents make blue feel clean and attractive, simple yet elegant. Blue brings a sense of peace, clarity and tranquility to a home, fostering relaxed interactions.
No matter whether you avoid or embrace smart home technology, your can create space in your home for the "true blue" we trust.
Especially If You're Selling in 2020, Classic Blue Is Perfect for Adding Timely Flair
Think gentle off-white for bathroom wall sconces or a sink or tub, framed by blue-and-white mosaic tiles.
Imagine a blue wall setting off a bright, polished-nickel kitchen faucet. Kitchen border tiles or mosaic tile flooring in blues, whites and golds evoke the long sunny days of a youthful summer.
You Don't Need to Spend a Lot on Renovations
Classic Blue makes for striking accents even in small touches. It might inspire your choice of bowls to place atop a crisp, white kitchen shelf. Use blue ceramic coasters on a white, black or gold table. Or paint the door in Classic Blue, adding bright contrast to the entryway against a white exterior.
In an era of conflicting ideas and rapid changes, blue brings a sense of dependability that naturally pleases guests and puts home buyers at ease.
Choose Classic Hues to Sell Your Home This Year
When Pantone chooses its annual Color of the Year, a variety of industries showcase that hue: interior decorating, travel, filmmaking, manufacturing, marketing, packaging and graphic design. Tap into the mood of today when thinking about accents and updates.
Ready to get your home looking great for selling this year? Contact us for more tips!