"Baby Boomers Shake Up Housing Market with Profitable Sales"
Baby Boomers are dominating the housing market, with first-time buyers making up only 32% of home sales, down from 38% since 1981. Repeat buyers, who tend to have more money on hand, have a median age of 58. Older buyers are more likely to have generated wealth from selling a home, have better credit, and can make more attractive offers, creating a difficult market for first-time buyers. Boomers are buying more homes than expected, adding to the already competitive market, and are often in competition with first-time buyers for smaller, low-maintenance homes.