ERA Today Realty Blog - Southern Maine Real Estate News & Events

What are the characteristics of Today's mature real estate buyers and sellers.........

Mature Market

Baby boomers are a quickly growing community in the real estate market. This market tends to retire later and many are buying secondary homes in record numbers. Gaining knowledge in this area can prove your worth to this customer.

Seniors Resist Roaming When Choosing a Home

If you're a senior, you've got lots of company. Over half of all U.S. heads-of-households are over 50 years of age. Seniors also have lots of financial clout; people over 50 years old own over 75% of America's financial assets, 80% of the savings, and over 50% of all corporate stocks¹.

Despite all of their financial power, when it comes to choosing their next home they probably won't make a major change. According to a survey conducted for ERA Franchise Systems LLC by Insight Express, most seniors want single-family homes and choose independence over communal living.

There's No Place like the Old Neighborhood

They also don't want to move to distant retirement villages. Most prefer to live within 20 miles of their current residence, about half within the same county. And seniors don't take the decision to move lightly. The U.S. Census Bureau reports that less than 5 percent of people 55 and over move in any given year. Contrary to what you may think, the main reason for a long-distance move at 55+ is to be closer to family.

What they do want in your next home, according to a National Association of Home Builders and Countrywide survey, is a low maintenance, accessible, easy-to-navigate detached one-story home in a desirable neighborhood, with top-quality amenities that offer opportunities for a luxurious "stay-cation" with your extended family.

That doesn't mean seniors never want to get away; the majority of vacation and investment properties are purchased by people 55 and over¹.

Seniors are Surprisingly Tech Savvy

The survey conducted for ERA Franchise Systems LLC also found that seniors want access to high-speed Internet service and other smart-home technologies that promote communication, safety, and security.

That's right, high speed Internet. The survey revealed that participants age 55 and older consider the Internet to be an essential tool for researching properties. The Web was ranked the second most popular homebuying research tool, just edged out by actually "touring potential neighborhoods."

And nearly 70 percent of seniors considering a home purchase in the near future cited "photos and virtual tours" as the top tools for researching real estate online.

Seniors Value Real Estate Professionals

Although many seniors view Internet searches as a crucial first step, they still view a qualified real estate sales associate as "the most influential professional" during the entire homebuying process, according to the survey.

ERA Values Seniors

Specialized certification programs also assure seniors that ERA® Affiliated Sales Associates are capable of serving them. ERA Franchise Systems LLC is one of the first global real estate franchises to deliver the Seniors Real Estate Specialist (SRES) designation in a virtual classroom. Offered through the Senior Advantage Real Estate Council (SAREC), the course was developed to educate sales professionals about the special needs and concerns of senior home buyers and home sellers. Click here to find out more!

¹ = Source: TeamERA.com "New Thresholds"

Demographics:

Born 1922-1945
	Core Values: dedication, sacrifice, honor, duty before pleasure, conformity
	Spending Style: save and pay cash
	10 percent of the workforce
	Only 5 percent of American seniors actually spend their final years in nursing homes

Born 1945-1964
	Core Values: dedicated, committed, career-oriented, community involvement
	Spending Style: "Buy now, Pay later."
	44 percent of the workforce
	66 percent of luxury homebuyers are from the baby boom

Market Trends:

	1922-1945 – Save and pay cash
	1945-1964 – Buy now, pay later
	- Top 10 Brands: Marriot, Xerox, U.S. Postal Service, Kmart, L.L. Bean, Revlon, Kenmore, Delta Air Lines, United Airlines and Folgers
	1964-1980 – Cautious, conservative Todd Harvey www.EraTodayRealty.com