Baby Boomers and the Real Estate Market
A survey was conducted with over 1,333 respondents, about 96.3% of Coldwell Banker Real Estate Professionals said that they had dealings with Baby Boomers. Boomers, born between 1946 and and who count more than 76 million. Some boomers are choosing to work past the age of 65.
Let us look at the baby boomer housing trends by age.
For Early Boomers (47 to 55 years)
About 35% of agents admits that younger baby boomers are interested in the purchase of a second home. About 52% of agents reveals that younger baby boomers tend to downsize more. The research reveals that baby boomers are selling their current homes and shopping for larger homes as revealed by 31% of the respondents while 82% says that younger baby boomers prefer a single family home. 49% of agents say that boomers who want to downside do as a result for a quest for a simpler life style, while 87% of agents have baby boomers clients who are looking to own or already own investment property.
For Late Boomers (56 – 65 Years)
80% of agents admits that as compared to younger baby boomers, older baby boomers are likely to downsize as compared to 6% of older baby boomers who are shopping for larger homes. 22% of agents reveals that older baby boomers are more interested in purchasing a second home, while 47% admits that single family homes are preferred by older baby boomers. 47% also say that late baby boomers prefer a condo or a town home, while 27% say that they prefer an adult community.
Selecting A Neighborhood
Boomers prefer homes close to a health care facility and this is considered important as admitted by 66% of agents. 34% of agents say boomers admits that proximity to parks is important while 11% of agents say proximity to colleges is preferred by boomers. Boomers also need proximity to transportation as admitted by 24% of agents while 66% of agents say that boomers admit nearness to family is important. 68% of agents say boomers need proximity to shops and restaurants.
The Economy And Baby Boomers
The economy has had its toll on boomers selling their homes. 87% of agents agrees to this and findings reveal that boomers are less likely to sell their homes as compared to older times.