SO, Now You're Retired...

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

You've worked hard, raised a family and now you've reached that new destination called Retirement. The house seems bigger than it did when the kids and their friends were growing up. Maybe it's because there are only 2 of us rambling around the homestead. Different thoughts cross your mind about downsizing, moving to a different climate or just a smaller place with less maintenance. "What do I need to know?" 

 

What Is Important To Boomers When Selling Their House?

What is Important to Boomers when Selling their House?

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

  • All buyers: 50% on the internet, 28% through a real estate agent
  • Younger Boomers: 46% on the internet, 33% through a real estate agent
  • Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

  • All sellers: 20 miles
  • Younger Boomers: 27 miles
  • Older Boomers: 50 miles

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

  • All sellers: 16%
  • Younger Boomers: 20%
  • Older Boomers: 31%

Primary Reason to Sell their Previous Home

  • Want to move closer to friends or family
  • Home too large
  • Retirement

View of Homeownership as a Financial Investment

  • 83% of Younger Boomers see homeownership as a good investment
  • 82% of Older Boomers see homeownership as a good investment

Bottom Line

If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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Tags:
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investment
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retired
downsize

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Rainmaker
4,870,348
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Doug Dawes good advice and interesting stats here..... and the one to call for guidance when selling your home is Doug Dawes.... he's a well-versed agent with a firm handle on his marketplace, the Topsfield MA area.

Jun 10, 2019 03:01 AM #1
Rainmaker
1,404,170
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I find it interesting that of all buyers, only 44% started their search online. I had always heard it was a much higher number. I also thought it was interesting that the average move distance for older boomers was only 50 miles. Where I am, in NY, it seems many people move to Florida, South Carolina, Tennessee, Arizona, etc., - way more than 50 miles.

Interesting info!

Jun 10, 2019 04:05 AM #2
Rainmaker
3,523,803
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Doug. There are many reasons to dowsize and some of us looked forward to it.

Jun 10, 2019 05:01 AM #3
Rainmaker
3,168,586
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Doug. Retired in Florida and moved back to Chicago to be with my son. Just the opposite of what many do. Downsized space and upsized monthly out flow to accomplish this. We went against the flow. Works for us! Enjoy your day!

Jun 10, 2019 05:14 AM #4
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Barbara Todaro 

Being a Boomer, I found the article interesting myself.

Jun 10, 2019 05:26 AM #5
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Kat Palmiotti 

Statistics are what they are only statistics and can be interpretted in many ways

Jun 10, 2019 05:28 AM #6
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Sheila Anderson 

When Pam & I bought our house in 1985 we had already determined we would not be moving SO we purchased a home that would serve us in retirement. We could have used more rooms when the boys were younger but now that they are on their own the house is big and small enough for us in retirement.

Jun 10, 2019 05:31 AM #7
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Wayne Martin 

Whatever works best for each of us is what is best

Jun 10, 2019 05:32 AM #8
Rainmaker
1,154,488
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Doug Dawes - I downloaded the reports.  Thanks for the link!

Jun 10, 2019 06:13 AM #9
Rainmaker
5,264,652
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We predate those baby boomers but are looking for a retirement residence.

Jun 10, 2019 10:16 AM #10
Rainmaker
1,847,567
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Doug -  those stats do stand to reason.  There is are lots of considerations on downsizing for sure.  Boomers are spending time sorting it out.

Jun 10, 2019 10:22 AM #11
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Sheri Sperry - MCNE® 

You are most welcome. I hope you find them helpful

Jun 11, 2019 05:10 AM #12
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Roy Kelley 

Are you planning on staying in MD? Best wishes for finding a place that suits you

Jun 11, 2019 05:11 AM #13
Rainmaker
733,341
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hey Grant Schneider 

Pam & I sorted it out almost 35 years ago when we purchased our current home

Jun 11, 2019 05:12 AM #14
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Rainmaker
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Doug Dawes

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