Have you heard about the rise of "silver splitter" divorces? How can we best serve them?
Wow I knew divorce rates were rising nationally but didn’t have a clue that among US adults ages 50 and older the divorce rate has roughly doubled since the 1990’s by 109%! According to a March 2017 Pew Research report divorce is becoming less common for younger couples and the so called “grey” divorce is on the rise!
Why would boomer –aged couples be calling it quits?
According to experts at the American Bar Association there are 5 reasons:
- Woman now work and have earned their own retirement assets and income
- Lack of financial security and debt
- Empty-nest syndrome
- Dating websites
- Marital dysfunction
Life expectancy is now longer and those stuck in an unsatisfying or less-than fulfilling marriage are less willing to stick it out than decades before.
According to the Huffpost, a 2015 study from the American Sociological Association found that 69% of divorces among the “gray” couples are initiated by women! I was astounded by this percentage but more women are working, independent and desire a better quality of life. They are educated, have work skills and are able to take care of themselves and many are eager to be on their own.
With so many boomer-age couples divorcing how does this affect the real estate market? For most they will sell their home to obtain their equity to spit up or one will buy the other out. One will rent or buy, one may keep the home or both may be buying another residence that best fits their new lifestyle. Either way this means there is a new segment in real estate that needs to be serviced.
When you think about it maybe its easier to work with this group than a divorcing family with young children or teenagers in the home. One thing for sure it is imperative to listen closely to both parties and work for both, not taking sides..be there to get what both are desiring, a win/win transaction. Taking a professional approach about the process and communicating to both parties always ensures both parties to be receptive and cooperative. For spouses who have not been active in the workforce there are challenges they will face and we must be sensitive to their issues.
I‘ve been experiencing transactions with “silver splitters” and I feel I’ll be working with more and more with the divorce rate moving upwards. I’m a good listener and take time to understand my client’s needs. I have references in hand and proven solutions and systems in both buying and selling. I’m a business manager who will guide you through the process and help you make the important decisions whether you’re buying or selling or both.
I offer professional guidance serving residential home buyers and sellers. Reach out to me at 512-346-1799 or firstname.lastname@example.org and let’s talk and see how I can help.