For the last 36 years, Rick and Laura Zinnick had a life in Nevada. But when their son and grandchildren decided to relocate to Oklahoma City, the Zinnicks decided to follow them, putting their four-bedroom house on one-third of an acre up for sale. The decision worked out well. That house sold for $480,000, giving the Zinnicks a windfall. They found a more manageable, one-story home in Oklahoma. The housing market recession is already ending.
The Zinnicks aren’t alone: Older buyers are prevailing in America’s hot housing market. This year, the median age for a repeat buyer — someone who has bought a home before — was 58, according to the National Association of Realtors. That’s down just a smidgen from last year’s record of 59, but it’s edging out younger buyers who are struggling to get into the market for the first time