Aging in Place Buyers

Selling Real Estate for the Downsizing “Aging in Home” Buyers, otherwise known as;

“The Baby-Boomer” Market

From 1946 through 1964, there were approximately 79 million babies born in the good ‘ole USA.  Most of us are still around. Yes, there were more than a few who “dropped out”, literally.  Good music, bad acid…, and a few more were went MIA, but in general there are still about 65 million baby boomers about to slow down a bit.   We are now in that stage of life most yung-uns’ would consider,… ahem,… old.   If you happen to be one of us, you probably already know that many of us are now seeking to downsize our homes for that “now” far more affordable purchase option since the crash.   So what if we don’t have equity in our current house, we want a smaller payment anyway.  Many of us are seeking a home that we can spend the rest of our days in…comfortably, with all the accoutrements that fit our aging lifestyle, and our aching backs. In the old days, mom and dad were put in a "rest home" or sanitorium to live our our days. Not anymore.  “Aging in Home” is the new buzz word, and, “No old folk’s home for me”, is the latest battle cry of baby boomers today.

If you not a “baby boomer”, pay close attention since this new “aging in place” buyer may be the largest market segment for the real estate industry in the coming years.  Sit tight and pay attention young whippersnapper and maybe you will learn a bit from an old dog.   You see, quite a few of us still have a considerable amount of money saved even after the stock market took most of it, and plenty more still have good jobs who are about to retire into the hills somewhere and live out their days in not so peaceful harmony; yep, we still love our sex, drugs, and rock-n-roll, although the drugs we take today are usually medication for blood pressure and high cholesterol.  So if you plan on staying, or becoming that successful Realtor, you should understand who the largest buyer segment on the horizon is, and  if you want a piece of that action you better know  a little about what we are looking for and what we really need, to make our golden years comfortable.

Rule Number 1: Please, No Stairs

I was born in 1957. My wife in ’62. We both go to the gym three days per week and walk 4-5 miles per day.  We are generally healthy unless my weekend warrior habit gets in the way.  Nagging injuries keep my orthopedic surgeon’s country club account current.  I’m thinking I’ll slowdown in about ten to fifteen years.   My current abode is just under 4,000 square feet; a two story Spanish/Mediterranean beauty in the suburbs. Hillside setting, northeast facing view of the valley, 28,000 foot lot. Seven bedrooms, although we have converted a few for better use, since there are only three of us left.    My wife and I are raising our last child in the home she was born in twelve years ago.  When she goes off to college in a few years, we’ll sell the place and downsize, to a “one story” bungalow or rancher somewhere a bit more fitting to our lifestyle. I am thinking about starting a vineyard.  My wife, just five years younger than me, already despises our stairs. Up and down twenty seven times a day.   Remember; No stairs, and.. no front steps or raised porches.  We want a flat and easy entrance, in the front and the back yard. Don’t show me something on a steep hilly street either. The top is OK, but not anywhere on the way up.  Just getting out of the car on my steep driveway today is hard; I can’t imagine how tough it will be, “once I get old”.  I want easier access to everything too.  All my storage bins require a ladder to get to, and the kitchen cabinets need slideouts so my wife doesn't have to get down on her knees to find stuff.

So, do you know anything about Universal Design?

"What?", you say!  "Universal Design!   Now I'm supposed to know even more about the properties I'm selling?"  While most real estate agents have heard a little about the American Disabilities Act, (ADA), most have never heard of Universal Design.  ADA accessibility, and the products associated with its requirement accommodate people with disabilities, while Universal Design takes accessibility a step further, by asserting that homes should accommodate all people, including those of different ability, height, and age.  Universal Design means true accessibility.  Understanding and explaining how the houses you are showing your baby boomer clients may incorporate Universal Design WILL help you sell that property to your clients. Understanding what types of product are available and how easily they can be incorporated into their new purchase, will help you sell that property FASTER.   Having the competitive edge of knowledge concerning Aging in Home, and Universal Design, will make you a far more successful Realtor.  Seeking qualified and knowledgeable business partners to assist your clients in the design and upgrade of their new purchase to accommodate their specific needs and requirements will absolutely increase your probability of reaching the success you desire in the coming years.  Now, add in the over 49 million additional Americans with some type of disability and with your new found tools you now can market to a very large segment of the buying population.  Spend a little time researching and learning how you can incorporate "ADA" and "Aging in Place" into your marketing plan. You will be amazed just how important these subjects are to your potential clients.

Bristol Restoration provides rehab and remodel construction services for the real estate industry.  In the past six years we have restored or rehabbed over 8,000 residential properties for Realtors and their clients.  Bristol offers real estate professionals “Aging in Home” and ADA upgrade options for their clients that can be financed directly into a FHA 203k loan or through other financial products that can be added on top of a purchase, for baby boomers seeking to “age in place” in the home you will sell them.   For more information on the products and services Bristol offers, contact your representative.