Baby Boomers - those fabulous folks born between 1946 and 1964, are expected to spend $1.9 trillion (or more!) on home purchases. People are not only living longer, they are living better than ever into their retirement years, and their housing wants and needs are unique. Read on to learn what this segment of buyers is seeking, and how to appeal to their must-have list in a future home purchase.
For early boomers (those born before 1956), many have settled into retirement or are on the cusp of doing so. They've weathered the recession - an economic phenomenon with a major impact on retirement savings; for this and other reasons, many still work part time - whether by choice or necessity. Compared to past generations, this group is more active beyond retirement, including sports, political or community involvement and of course spending time with grandchildren.
Well over half - about 60% - are likely to stay near home when making a future move. The advent of social media has diminished the importance of in-person community to a certain degree as a priority for younger generations, but boomers still value a network of connections including friends, doctors, hairdressers, church ties and familiar brick and mortar retail options - facets of life they've taken time to nurture and sustain that are not easily replaced in a new setting.
For those who can afford it, younger boomers are investing in second homes in warmer locales like Arizona, Georgia and of course Florida, planning ahead for their second home to become their primary residence after retirement. Sales in resort areas have increased 57% in the past year, indicating continued national economic growth as well as a desire to begin to build post-retirement community and connections in advance of this time in their lives. Smart planning, boomers!
Master plan communities are more enticing to boomers than old school retirement communities, offering a vibrant mix of ages and family groups; many retirees are looking for community life and connections across generations, especially if their own children, grandchildren or extended family don't live nearby.
In terms of amenities, builders are appealing to this generation by building more homes with main floor masters, ranch style homes and built in user-friendly smart technology so buyers don't have to navigate the tech marketplace, but have programmable thermostats and Bluetooth friendly door locks already in place.
No longer real estate novices, Baby Boomers are savvy home buyers who know what they want and have a taste for high end finishes. Many are interested in downsizing a little in square footage, but want something more than the tiny postage-stamp sized home they may have grown up in mid-century. They are seeking functional floor plans with an efficient use of space. They also desire low maintenance; they are capable of minor home repairs and then some, but have also likely spent significant time and money repairing or updating former or current homes and want something less demanding to carry them through their golden years.
Move in ready homes with smart floor plans, chic finishes (granite counters, stainless appliances, wood floors) and functional features (built in sprinkler systems, walk in showers, convenient pantry and linen storage) are what today's Baby Boomer real estate buyer is looking for.
If you (or a boomer you know and love) are planning a real estate purchase or listing in the near future, contact us to learn how much a commission free real estate transaction with TRELORA can save you. We're revolutionizing the real estate industry one transaction at a time, and we'd love to help you protect your current or future home equity.