Baby Boomers and Real Estate

By
Real Estate Agent SL3287291

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.

Comments (14)

Rosemarie Heindel
Harry Norman Realtors - Big Canoe, GA
Rosemarie Heindel

John...it sounds like you have a nice business going of capturing Northern clients.  Keep up the good work.  3-4 open houses a week during peak season is very smart.

Dec 12, 2015 12:58 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

John- all Boomers aren't alike, are they.  Yes, I now many who still want plenty of room for visiting family so they need the pool and extra bedrooms. 

Dec 12, 2015 01:43 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Rosemarie, Thanks for the comment. When we get an understanding of the consumer we will work with it is easier to develop a plan that meets their needs.

Dec 12, 2015 02:32 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Kathy, you know the Boomers coming to Florida and no they are not all the same. Flexibility comes into play. Many come with the idea they will have a lot of family and friends coming to visit and want to be prepared.

Thanks  for the comments.

Dec 12, 2015 02:35 AM
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

John,
We are finding that baby boomers don’t care what was forecast for them. They have their own ideas of how to retire.

Dec 12, 2015 10:47 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

David Gibson, I think you are correct. Boomers will do what they want and not be put in a box.

Thanks for your comment.

Dec 12, 2015 10:53 AM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

John - It is important that us agents know our clients and what they are looking for in a home. Sounds like you have a pretty good handle on the baby boomers coming to your area to retire.

Dec 13, 2015 03:49 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Troy, I agree with you in that it is extremely important to know the consumer we are working with. People want us to listen to them.

Thanks for commenting.

Dec 13, 2015 07:44 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, I know my neighbor sold and moved to Bradenton, and they still miss the neighborhood.  Interesting they are buying larger, and understand the 3 car garage!

Dec 13, 2015 11:12 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Joan, it is not easy to leave a community you have know for a long time. 

Thanks for your sharing your comments.

Dec 13, 2015 11:15 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

John

Your insight on the baby boomers and real estate is right on point.

Good luck and success.

Lou Ludwig

Dec 14, 2015 11:13 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Lou. We work hard to know what the consumer wants.

Best wishes.

Dec 14, 2015 07:43 PM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi John Wiley ,  I know exactly what you're talking about.  I am a Baby Boomer and I live in northern Indiana and for years, I spent my Winters in places like Cape Coral exhibiting at many of the Art Festivals in Florida.  I love your area.  Most of the buyers from the midwest like Chicago head for the Gulf side of Florida, while the NE and New York area settle on the atlantic side.

Dec 16, 2015 10:37 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Larry, you understand what is going on in SW Florida. However, change is happening. Many from the NE have found the Gulf side, especially Cape Coral. I deal with many of them. Great homes for the lower price here.
Thanks for your comments.

Dec 16, 2015 10:49 AM