Baby Boomers-Real Estate-Trends, Part 2

By
Real Estate Agent SL3287291

In Part 1 of this 2 part series on Baby Boomers-Real Estate-Trends, we looked at 3 of the current trends:

1. They want to be Independent

2. Boomers are into family and want to be near them.

3. Boomers are becoming money conscious.

 

In Part 2 we will look at 4 more trends:

 

4. Boomers See a Need to Reduce Housing Expenses.

     We will find that Boomers for the main part are home

     owners and have been for several years. 

     According to a report by Fannie Mae, Baby Boomers 

     possess tremendous wealth, over $6 trillion in home

     equity. Yet many will face financial insecurity in 

     retirement.

     The majority of their wealth comes from owning a 

     primary residence. So they know that their largest asset

     is in their home.

     To reduce their housing expenses they are looking at 

     "downsizing" a term that does not always convey a

     positive image for them. Thus, I refer to it as "rightsizing"

     which means they will look for a home that fits their need

     and their wallet.

     Part of their motive is to free up some of the equity to be

     able to travel and enjoy their family. They also look ahead

    to the possible medical costs that will arise as they age.

 

5. Boomers look for a home that has modern conveniences.

    They want a home that is easier to take care of and will

    not require all their energy and time.

    They may find a house that is older but has the look they 

    would like but it needs to be upgraded and possibly 

    modified to meet future needs. Most are going to look for

    a single story house to eliminate stairs.

    They may want a nice upgraded kitchen and energy

    appliances.

6. They would like a Neighborhood that is user friendly.

     They want to have some stores close by, even prefer to

     walk or bike to them. They like to walk for exercise and

     want a neighborhood that is pleasant and enjoyable for

     their walk.

     Boomers have caught on to the coffee shops and pastry 

     shops and enjoy walking or biking to spend some time

     in a place where they can socialize with others.

7. Boomers will Invest in their Home.

    Many realize that as they age, moving is not much fun.

    When they search for their home (never to move from)

    they are thinking about what many call "aging in place"

    a term I prefer not to use, instead I refer to it as "thriving

    in place".

    In order to make this home work well for them, they will

    gladly take some of the built up equity from the sale of 

    their previous house to add comfort and style as well as 

    making their home more age-friendly.

Trends are just what they sound like, a temporary direction.

Things never stay the same and things happen that can 

change or direction.

For now, these are the trends I see occurring in the Baby Boomer generation. 

 

For more information about Lifestyle Transitions and how John Wiley can assist you:

Senior's Real Estate Specialist

    

 

    

 

Comments (18)

Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thank you for sharing this information!  Have a great Thursday!

May 25, 2017 05:12 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Kristin for your comments.

Best wishes.

May 25, 2017 05:41 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

John, 

This is a great series you're writing and will be very beneficial to those who are making major decisions when it comes to making the transition. As I was reading this, I couldn't stop thinking about my parents who are no longer here but would have greatly appreciated having someone like you to guide them, especially since I wasn't an agent when they were alive. 

May 25, 2017 07:24 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Patricia,

You have shared the reality from your own experience with your parents.

Transitions in life are not easy, but that is why I educate myself to be a Resource of the Resources.

Thanks for you comments.

May 25, 2017 07:32 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi John, It has been my experience that most baby boomers are savvy when investing in real estate.

May 27, 2017 09:40 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Sybil Campbell Thanks for commenting. I agree that most Baby Boomers know what they want, we just need to be prepared to assist them.

May 27, 2017 10:05 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi John - this is good informtion for understand what Boomers consider essential.

Jun 01, 2017 02:29 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Grant, as with any niche it is important to determine what really matters to the consumer.

Jun 01, 2017 04:35 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning John - aging in place is is something being organized in many communities. 

Jun 21, 2017 09:24 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Grant Schneider Aging in place is becoming a popular idea. I prefer to call it Thriving in Place. It sounds more positive to me.

Thanks for the comments.

Jun 21, 2017 10:39 AM
Cindy Logan
Mark 1 Real Estate Advisors - Huntington Beach, CA

John, thanks for this.  I lived in a big house for years and have no desire to ever live in one again.  I'm now looking at a smaller townhome closer to the beach.  No yard maintenance, HOA's cover the exterior.  Aaaaah...  Paradise!  

Jul 06, 2017 05:35 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Cindy Logan you are indeed an example of how so many Baby Boomers are "Right Sizing" their home. And like you, many are thinking ahead and making preparations such as no outside maintenance chores.

Thanks for adding to this conversation.

Jul 07, 2017 03:52 AM
Cindy Logan

You're welcome!  


 

Jul 07, 2017 08:32 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

This is such great information, John, as so much of our population is approaching (or already there!) the age of needing to downsize. It's a tough new chapter to begin in life but, once there, it is truly paradise! 

Jul 29, 2017 06:59 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Debe Maxwell, CRS You are correct. We have a large and growing number of people who are part of the 55+ community. I like to discuss "Right sizing" as so many people struggle with the concept of having to downsize.

Aging is really our goal for life and it is great to help people as they go through the process.

Thanks for commenting.

Jul 29, 2017 07:05 AM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Millions of baby boomers have homes with equity and will be considering a move to a new home that meets their changing needs. This segment should be part of almost every agent's marketing strategy.

Sep 05, 2017 03:18 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Dave, you make a great point. There are many with equity and that can lead to finding the Best fit home to move to.

Thanks for sharing.

Sep 06, 2017 09:05 AM
Kate McQueen
Realty Associates Texas - Cypress, TX
Tailored service for your real estate needs!

Thanks for the post, John.  As I was reading this I thought "Wow, John really thinks about his clients and what they want."  Good for you, I'm sure your clients appreciate you!

Sep 21, 2017 07:27 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Kate McQueen, REALTOR® thank you so much for the kind words. I do strive to put the consumer first, and yes, many do appreciate the attention.

Sep 21, 2017 07:31 AM