Age 50+ ‘Real Estate Resources’

REALTORS® who carry the Seniors Real Estate Specialist® (SRES®) designation are specially qualified to address the real estate needs of those age 50+. SRES® designees recognize that a home often is the largest and most precious asset that baby boomers and seniors have.

Thus, SRES® designees bring a unique approach to each transaction and interaction with clients. They not only offer a deep knowledge of real estate and the local and economic issues shaping market trends, but they’re also educated on issues of particular concern to aged 50+ clients.

Their special skills help such clients look at the big picture, factoring in financial issues and current and future care needs, to ensure that each client arrives at the best decision about selling a property and finding a new home.

Ready to buy, sell, rent or relocate? Find an SRES® designee near you to get started! www.seniorsrealestate.com

How Much Space Home Buyers Really Crave

The amount of desired square footage can vary quite a bit among the different age groups, according to findings from the National Association of Home Builders’ “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers.” For example, millennial and Gen X buyers desire the most space, at more than 2,300 square feet. Baby boomers and seniors, on the other hand, mostly would be happy with homes that are under 1,900 square feet.

NAHB’s study also found that more than half of all home buyers across all age groups would like to have a home with three bedrooms. Thirty percent of respondents say they’d prefer four bedrooms or more. Millennials and Gen X’ers are most likely to want a home with at least four bedrooms.

Take a look at the NAHB chart that shows the gap between current and desired home sizes among the various ages at:
“Housing Preferences Across Generations (Part II),” National Association of Home Builders’ Eye on Housing (March 17, 2016)

Home Features ‘Most Desired by Age’

Home buyers are demanding more home features that help them save energy and keep the home organized, a new study released by the National Association of Home Builders, “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers” reveals.

However, the generations – millennials (born 1980 or later); Gen X’ers (born 1965-1979); baby boomers (born 1946-1964); and seniors (born 1945 or earlier) – do show some differences in what home features they value the most. In a nationwide survey of more than 4,300 home buyers, NAHB pinpointed those differences and which features each generation most desires.

Home features most wanted by each generation detailed at: “Housing Preferences Across Generations (Part I),” National Association of Home Builders’ Eye on Housing Blog (March 7, 2016), study source.

So Much for Home Downsizing?

A recent study by Bank of America Merrill Lynch found that nearly one-third of Baby Boomers and seniors are buying larger homes in retirement instead of downsizing.

The report seems to point to an interest in larger home specifically that have extra bedrooms. One-third of retirees surveyed say a top reason they wanted to upsize was to have a home large enough for family members to visit. When adult children, grandchildren, and other family members are scattered around the country, the homes of retirees tend to function as a meeting place for extended family functions.

Some retirees may be looking for something more than just a guest bedroom, however. The multigenerational household trend is evident in the study, with one in six (16 percent) retirees saying they have a “boomerang” adult child who has moved back in.

Only 51 percent of those surveyed actually did downsize, citing greater financial freedom (64 percent) and lowered maintenance duties (44 percent) among their top reasons for doing so. The remaining 19 percent moved to a similarly-sized home.

Source: “Retiree preferences are poised to drive the housing market, study says,” L.A. Times (Feb. 25, 2015) 

Older Home Buyers Less Willing to Compromise?

Older home shoppers are more picky in their home purchases than younger buyers, according to a survey of nearly 94,000 recent home buyers and sellers.

About half of the those surveyed who were age 58 and older say they made no compromises during their recent home purchase. On the other hand, only 28 percent of the youngest home buyers surveyed said they didn’t compromise, according to the survey conducted by the National Association of REALTORS®.

For the most part, younger home buyers reported having to compromise on price, lot size, distance from job, and style of home.

“First-time buyers are starry-eyed and have no idea what they really need. They might want a five-bedroom and never use two of them,” says Stephen Melman, director of economic services for the National Association of Home Builders. Those in their 50s “are better than most housing consumers at knowing what they want — and won’t be shy.”

After all, many older home buyers have already purchased a home in the past, so they may know more about what they want and don’t want in their next home.

Source: “The Older the Home Buyer, the Pickier,” The Wall Street Journal (Sept. 30, 2013)