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Why do seniors choose to relocate?

It used to be that a family stayed in a home for 50+ years moving out only when necessary, but times have certainly changed. Couples and individuals are healthier longer and when they decide to move, it’s not necessarily a move to live with a child or into a senior living facility. 

The National Association of Realtors’ 2021 Generational Trends Report shows the changing priorities of today’s seniors.

  • 1/4 or more of seniors surveyed cite the desire to live closer to family and friends as their primary reason for relocating.  The second most cited reason is that they consider their existing home too large.
  • More than 1/2 of seniors surveyed say their top consideration when looking for a neighborhood is the quality of the neighborhood. Coming in second is its proximity to friends and family and third is its convenience to shopping and health facilities.
  • When asked about factors causing a buyer to move, 1/4 of 66-74 year olds and 1/3 or 75-95 year olds say a household members health is the primary reason.
  • Among those considering senior-related housing, today’s seniors are looking for detached single family houses located in a suburb.

Understanding what seniors want and need in their next homes is what Senior Real Estate Specialists do best. They specialize in knowing what homes and communities work best for seniors who want accessibility, convenience and security in their future neighborhood.

The survey also revealed that seniors contact agents as a first step in the home search process, take the longest (an average of 10 weeks) to search, and ultimately view fewer homes than younger home buyers. Seniors want a realtor with the expertise to make the homebuying process as stress-free as possible.  Atlanta Seniors Real Estate is one of the best at understanding how best to serve senior homebuyers. Contact us for a complimentary consultation to learn how we can help you with your next real estate transaction.

Click here to contact Hilary Walker
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The real estate boom and the baby boomer

If you’re a baby-boomer or senior and you aren’t sure what to do about downsizing, you’re certainly not alone.  In a recent Atlanta Seniors Real Estate survey, we found:

  • 67% of respondents are planning to move
  • 40% of respondents say they will be downsizing
  • 40% say they’re looking for an owner’s suite on the main level or a ranch style home

With inventory low, you know you can easily sell your home, but what then? Where do you go? Will  you be able to find a home that meets your needs? And, with interest rates on the rise, you’ll likely be paying more than you expected just a few months ago.

So, is this a hopeless situation for seniors hoping to sell and move into something smaller?

Absolutely not.

One positive for seniors is that they have seen much higher interest rates in their lifetime, so the fluctuations aren’t as much of a shock to them as it is to younger buyers. And the plusses don’t stop there.

Atlanta Seniors Real Estate owner and Senior Real Estate Specialist (SRES) Hilary Walker, says her clients are in a strong situation if they can just find a home they like and are comfortable moving into. She explains, “In the case of these kinds of buyers, interest rates don’t bother them too much since, in most cases, they plan to use the equity they have in their current home to purchase the next home or they only plan to keep the mortgage for a few years before they pay it off and live mortgage free. In a couple of cases, they are choosing to use a Reverse Mortgage to help stretch their wealth, therefore, the interest rate is not an issue since they can choose not to make any mortgage payments on a monthly basis.”

True that higher interest rates will not necessarily mean more houses on the market, but it may mean 10 offers instead of 20. So, don’t hesitate to begin the process and sign on to work with an SRES agent who is familiar with all of the issues associated with baby-boomers selling and buying real estate.

Contact Hilary Walker today for a complimentary consultation.

>>You can still participate in the Atlanta Seniors Real Estate survey and qualify for a $25 Visa Gift Card. Click here to take part in the brief survey.