Seniors Are on the Move in the Real Estate Market

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Seniors Are on the Move in the Real Estate Market

Seniors Are on the Move in the Real Estate Market | Simplifying The Market

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.Seniors Are on the Move in the Real Estate Market | Simplifying The MarketThis, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:Seniors Are on the Move in the Real Estate Market | Simplifying The Market

Here are some highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible.

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josephinetraina
josephinetraina
Josephine’s passion for the beauty and history of Charleston and her depth of knowledge of Charleston’ real estate inventory have made her the Broker of choice for incoming residents of the “Holy City”. As a MD Preferred REALTOR and DRS Agent, she is an advocate for medical professionals, assisting them and their families, guiding them to make an informed decision and excellent real estate investment. As a former Relocation Director, she has an intimate knowledge of the industry and understands what consumers need when relocating to a new city. With over 25 years in the real estate industry and a Broker in the States of South Carolina, Georgia, she handles first-time home buyers to seasoned investors, from historic homes, beach bungalows or condos or lofts. Dedication to understanding clients’ individual needs, putting each client at the center of the process and providing exceptional real estate experiences are the mainstay of her business. Josephine’s goal is to deliver superior service with insight and innovation, realizing that “Owning A Piece Of The America Dream” is the heart of everything we do. As a former managing Broker and Business Development Manager, her focus is on marketing, negotiating the sale and keeping on top of all of the little details that bring a client's transaction to a successful close. She continues to educate herself and hone her skills in order to provide the highest level of professionalism to her clients.

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