The latest publication from the Senior Advantage Real Estate Council (SARECŪ) highlights the unique homebuying and selling challenges facing today's baby boomers as they segue into their senior years. "Baby Boomers: The Next Generation Seniors Market - Trends that Impact Seniors' Home Buying and Selling Habits" is the second in a series of informational reports produced by SARECŪ. "Today's baby boomer is far from the typical real estate client," said Nathan Booth, senior advisor to SARECŪ. "Many from this generation are experiencing the unique situation of becoming caregivers to their parents while raising children and planning for their own retirement."
The baby boomer generation, born between 1947 and 1964, is the largest demographic group now contemplating its senior years, according to the report. Those born in 1947 will be 57 this year, while the number of boomers and seniors will increase by 87 percent over the next 15 years. Last year, 41 percent of all home sellers were 55 years old or older. That number is expected to increase as more boomer homeowners become empty nesters, according to the report.
"Intelligent real estate planning can be one of the most important issues impacting boomers' financial security," Booth said. "In addition to meeting their own real estate requirements, baby boomers also are in need of identifying a REALTORŪ who can provide their parents with appropriate living options. For seniors who have not bought or sold a home in many years, the real estate transaction process can be overwhelming." The report also revealed that there is a significant increase in the number of senior second-homebuyers. This trend is expected to continue with the boomer generation, as an increasing number hit their retirement years.
Copies of "Baby Boomers: The Next Generation Seniors Market - Trends that Impact Seniors' Home Buying and Selling Habits" are available upon request to RELATORSŪ by calling SARECŪ at (800) 500-4564.