Survey reveals insights from recent and prospective homebuyers
The aging American population means that the housing market for over 55s has a positive outlook but what does this growing cohort of buyers want from their next home?
A new survey digs down into the preferences of older homebuyers including their top desires for where to live and what they need from their real estate agents.
Better amenities and social opportunities (32%), downsizing (27%), and retirement (26%) are the top three motivators for a move; and the top destinations remain the ever-popular choices of Florida (19%), New Jersey (10%), and California (9%).
That said, non-traditional states including North and South Carolina, Texas, Colorado, Utah are among the states that are gaining interest among aging Americans and should see growth over the next decade.
The National Housing Survey from 55places, the online resource for active adult communities in the US, polled around 3,000 recent and prospective homebuyers, 97% of which were over 55.
"The desires of active adults don't typically alter on a day to day basis or even year over year; changes evolve over longer periods of time, so the home preferences that are important now will likely continue to be so in the coming years," said Bill Ness, CEO and founder of 55places.com. "For 55+ buyers today, that means experiencing more social opportunities and community amenities, as well as finding affordable homes that provide in-demand features."
A quarter of survey participants expect the value of their next home to be about the same as their current one, while 46% expect their next home to cost slightly or much less.
Single-story living was significant for nearly half of respondents with 48% ranking it as a top feature of their new home, followed by having a garage (45%) and a modern kitchen (35%).
Real estate agent requirements
Asked what they need from their real estate agents, 80% of respondents said they are looking for knowledge of the search area, value responsiveness (62%), and availability (32%) as top qualities.
When asked about what benefits they hope to get out of an agent, 59% answered price negotiation, followed by comparable property listings (54%), and pictures and of homes and features (43%).
