Every day something like 8,000 to 10,000 Baby Boomers reach age 65. I have been working with many of them here in Florida and have learned a great deal about the way they think.
I had assumed that they would be moving to Florida from the Northern states. And that has been shown to be true.
I had assumed that they would be downsizing from their previous house. And that has been shown to be False.
What is going on with Baby Boomers?
Baby Boomers bought homes back in the 80's and stayed put until retirement. They built equity and have pensions.
Tired of winters in the North, they decide to get out and move to Florida.
When we discuss what they are looking for in a home, many of them are not looking to downsize. They are looking at 3-4 bedrooms, pool and on the water so they can boat.
They also want a 3 car garage.
Why a 3 car garage I ask. Florida does not have homes with a basement and their Northern homes did. And those basement were loaded. They, therefore, need more storage space.
Baby Boomers are also big on motorcycles. They have two cars and 2 motorcycles and believe me they will not park the motorcycles outside.
Another interesting trend for Baby Boomers is the way they look for Real Estate in Florida. They come down during Season which is January, February and March. They rent a nice home with pool on the water for that time period. Then they spend a lot of time driving neighborhoods and looking for Open Houses. That is why I do 3-4 Open Houses per week during that time period.
Now the frustrating part.
At the end of the Season, they go back North to get their house ready to Sell. They finally get it on the market and Sold. Then they come back ready to buy. That process, from Seasonal looking to ready to buy, can take a year. So it is very important to keep in touch during the process. I set them up so they are getting new listings through out this time.
When they sell and come to buy, they are serious and ready to go to work. Many of them are Cash buyers which can make the process go faster.
It is so important to understand the mind set and personality of the people were serve.
So for me, I am glad to know how Baby Boomers and Real Estate function together.