We are all Seniors Real Estate Specialists but each of us serves a slightly different segment of our market. As we learned in our training, there are significant differences between the wants and needs of our clients 65+ and those between 50 and 64. The younger group of 78 Million Baby Boomers is the current target market for a litany of products, services and new home communities.
During this market downturn that has challenged even the most optimistic Realtor, I remind myself on a daily basis - Boomers are not yet retired! Well, maybe some of them are retired, but in reality the oldest boomers at 62 are still actively engaged in their careers, putting children through college or graduate school and trying to replenish retirement funds. All we have to do is look within our own ranks. I'd be curious to see a study of the percentage of Realtors over the age of 60 and ask them if they feel retired.
Baby Boomers are not Seniors and they don't all want the same lifestyle when they do retire. They are less likely than their parents to up and move to Florida and more inclined to stay right where they are. Boomers most likely to move when they do retire are the ones that have been moved several times during their career and ended up living far from their children and grandchildren. If their family is still concentrated in a geographic area like the Northeast or the Northwest, more than likely that's where they will search for their retirement home. If their family has scattered, however, that opens a lot of possibilities.
My take on the future real estate impact of retiring Baby Boomers is a direct result of focusing on this market for the past 5 years. So far they fall into one of the following categories:
- No intention of moving or selling their current home, but may very well buy a second home in an area where they have vacationed with their family.
- Buy a future retirement home and use it as a vacation getaway until that time comes.
- Plan to move closer to friends and family when they retire, but not necessarily to the same town or state.
- Will move to lower taxes and enjoy an active lifestyle without moving too far from home.
There are variations on all of these themes, but I find that most of my Boomer Buyers do fall into one of these general categories.
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