What’s Important To Baby Boomers When Selling Their Home?

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home.  Your large house 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 to 72). 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.

 

Source:  Keeping Current Matters

 


Crystal Coovert is a Florida-licensed Realtor® at Michael Saunders and Company in Punta Gorda, Florida. Crystal is a member of the Punta Gorda/Port Charlotte/North Port Realtors® Association and chairs the 2019 Leadership Academy; Florida Association of Realtors®; National Association of Realtors®; Women’s Council of Realtors and is Program Director; is a Certified International Property Specialist (CIPS), a designation achieved by only a small percentage of Realtors® worldwide, as well as a Seniors Real Estate Specialist (SRES), Pricing Strategy Advisor (PSA), Short Sales and Foreclosures Resource (SFR), and At Home With Diversity (AHWD).

Crystal can be reached by phone or text at 941-322-7133  or by email at CrystalCoovert@MichaelSaunders.com.


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