What is Important to Boomers when Selling their Home

Baby boomers selling homeWhat is Important to 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.  Have your children finally moved out?  Your large, four-bedroom house with three bathrooms no longer fits the bill. Are the taxes and utilities getting too expensive?  Or maybe cleaning and repairs are just getting to be too difficult.  It could be time to consider 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 its 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

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

Your home shouldn’t be a burden.  There are many great options in Summerville including some 55+ Communities with amenities that fit your lifestyle now.  Are you a baby boomer interested in selling your current home or buying something new?  Let me help by answering any questions you have so you can determine your options.  Call me today to set up a no-obligation appointment.  I’m happy to help and I’m just around the corner.