55+ housing community is recovering. What are they looking for?

By
Mortgage and Lending BK 0904164 NMLS 6274

The turmoil of the financial market and economy in recent years changes many consumers’ retirement plans.  However, recent news from the National Association of Home Builders (NAHB) was well received.  There has been improvement in the third quarter of 2013 in the 55+ housing market.  This represents the highest 3rd quarter numbers since the inception of NAHB’s 55 Housing Market Index.

There was a strong increase shown in all segments – from single-family homes, to condos to multi-family rentals.  This confidence factor is great for the 55 housing sector as it shows that buyers and renters are interested in communities that offer the lifestyle they desire. 

NAHB Chief Economist David Crowe also indicated that, like other segments, these improvements are linked to greater likelihood of consumers selling their current homes – this allows them to buy a new home – or move into a place that meets their current needs.

The NAHB’s,  “What Home Buyers Really Want” study asked home buyers to choose their top 3 characteristics that would impact their purchase decisions.  Their findings indicate that

                -65% indicated “living space and number of rooms to meet your needs”

                -39% indicated “energy-efficient features” were important to them

 

This survey also showed us that 83% of homebuyers feel that contractors with specialized designations are “more professional and credible” and 78% felt that they “provide better quality work and craftsmanship”.  It also indicated that three out of four say they “provide better service levels” and are ‘more reliable”.  Over half also feel that they are “worth paying a higher price for”.

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Comments (2)

Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

Apparently they are not scared anymore, but I would never say it's fully recovered. In South Florida 55+ communites come a dime a dozen and are very difficult to dump.

Feb 05, 2014 02:56 AM
Peoples Mortgage
Gilbert, AZ

I agree, they aren't scared anymore but most of Florida is tough due to saturation. The majority of our business is in Arizona and the rest of the western states.  We currently don't have the same kind of saturation. 

Feb 11, 2014 12:56 AM