Finding A Home For The Baby Boomers
As the baby boomers start to loo into retiring, real estate agents need to understand what this generation is looking for in a home if they want to continue to sell real estate. Baby boomers make up a large portion of the country's population. As a real estate agent, you cannot neglect an entire generation and expect to be successful even if they are not as likely to move.
Where Will They Move To?
For those in their 20s, 1 out of every 3 will move in a given year, while those in their 50s, 1 in every 20 are likely to move in a year. The baby boomer generation is not like other generations in that many of them just are not comfortable with the idea of moving.
At one time, it was thought that the baby boomer population would eventually move to warmer climates when they were set to retire. These days, baby boomers are more interested in moving closer to family than better weather. This means, as a real estate agent, your focus should be on trying to sell a home that is close to friends and family rather than focusing on the amenities of the home itself.
What Type of Housing Are They Looking For?
Another issue that affects the decision of where baby boomers will move is affordability. When it comes to how much housing baby boomers can afford, baby boomers have 26.6% less household wealth than 10 years before. This is extremely important for real estate agents to understand. This means baby boomers are not all looking to upgrade. Many of them want a home they can comfortably afford. Making this a priority can help you sell them a house quicker.
What Are Their Options?
One way to handle the lower income for baby boomers is by providing alternative housing options. Co-housing, condos, and even shared purchases of apartment buildings are all options for those who are looking for flexible housing that is affordable. Real estate agents must be more flexible with this generation than other generations. Thinking outside the box is going to be the key to finding a whole generation of effective housing options.
By understanding the wants of baby boomers when it comes to housing, you can have a better idea of what will fit their tastes. Everything from walkable neighborhoods to energy efficient appliances are all amenities baby boomers are likely to look for in home. Staying on top of these trends will help you sell a home to this generation.