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Baby Boomers leaving big homes on the market that millennials don't want to buy

Posted at 1:25 AM, May 01, 2019
and last updated 2019-05-01 10:51:37-04

LAS VEGAS (KTNV) — Like a lot of millennial homebuyers, Agaton Ybarra-Rojas uses apps and websites like Opendoor to make his search easier

"Whenever I have free time, I'm on my phone trying to find a property,” he said. “Whenever its available. Whenever I have free time. I'm definitely looking for something."

But thanks to another generation known for its impact on U.S. trends, his search could be more difficult than expected.

"Yeah it’s been a little tough to find the previously-owned homes."

Back in February we introduced you to baby boomer Howard Kline who was looking for a new home.

"We looked at some real dogs,” Kline said “And were grossly overpriced. They should be on one of those fixer upper shows."

Kline and his wife did something a lot of baby boomers are doing.

"We've downsized from a much larger home.”

According to the Wall Street Journal, homeowners of Kline's generation are leaving a glut of those older homes that are just sitting on the housing market, especially in the sunbelt states like Nevada.

Charmaine Prospero, a real estate broker at The Prospero Group, has noticed the trend here in Las Vegas.

"A lot of Tuscan-type properties. That was the trend before, said Prospero. “The bigger the better. The more rooms the better. And we had an influx of that not only in Vegas, but in California and everywhere around the country when the economy was great."

They are larger homes a lot of millennials don't want or can’t afford to buy.

"They like the smart homes. And nicer, more modern kitchen. It doesn't have to be big as long as it has all of those aspects, Prospero said.

In general, even when they can afford it, millennials shy away from large homes.

"They don’t like to furnish a lot of rooms. And these homes have the formal living and the formal dining. The party house. And are literally what the millennials are trying to steer away from."

And it’s not expected to get better anytime soon as boomers get older and fewer of them have kids of any age living at home and they look to downsize as they age; it’s likely more of these houses will end up on the market.

“We have about 1100 homes that are four to five bedrooms right now. That are 3500 square feet and larger. So, it’s a lot of homes.”