"First-time homebuyers have been hesitant to enter the real estate market due to high prices and mortgage rates, choosing to wait for an inheritance. Baby boomers are expected to pass on $19 trillion in real estate over the next few decades, with a majority of Americans anticipating an inheritance. However, experts caution against banking on inheritances, on account of their unpredictability and potential risks."
"Risks of waiting for an inheritance: Delaying homeownership to inherit a property can lead to missed opportunities for equity growth, tax benefits, and financial stability. Uncertainty of inheritances: Inheritances are unpredictable in timing and can come with complications such as tax liens, property taxes, or family conflicts. Benefits of buying now: Purchasing a home now can provide opportunities for equity growth, tax advantages, and stability, especially in today's housing market."
Inheritances from baby boomers are projected to transfer roughly $19 trillion in real estate in coming decades, and many Americans anticipate receiving property. Expecting an inheritance can lead first-time buyers to delay purchasing, but inheritances are unpredictable in timing and can include complications such as tax liens, property taxes, and family disputes. Delaying homeownership to await an inheritance can forfeit potential equity growth, tax benefits, and long-term stability. Buying a home now provides opportunities for building equity, taking advantage of tax rules, and securing housing stability. Families benefit from proactive planning and clear expectations to avoid conflicts over shared inheritances.
Read at SFGATE
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