What is Important to Boomers when Selling their House?
If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms 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 to72). 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.
Planning to Retire? It Could Be Time To Make a Move
Planning to Retire? It Could Be Time To Make a Move. If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs....
You May Have More Negotiation Power When You Buy a Home Today
You May Have More Negotiation Power When You Buy a Home Today Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has...
Reasons To Sell Your House This Season
Reasons To Sell Your House This Season Some Highlights If you’re planning to make a move but aren’t sure if now’s the right time, here are a few reasons why you shouldn’t wait to sell your house. The supply of homes for sale, while growing, is still low today....
Reasons To Sell Your House This Season
Reasons To Sell Your House This Season Some Highlights If you’re planning to make a move but aren’t sure if now’s the right time, here are a few reasons why you shouldn’t wait to sell your house. The supply of homes for sale, while growing, is still low today....
Homeownership Is an Investment in Your Future
Homeownership Is an Investment in Your Future There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President...
What’s Going on with Home Prices? Ask a Professional.
What’s Going on with Home Prices? Ask a Professional. If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices...
Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market
Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because those higher rates impact how much...
Winter Home Selling Checklist
Winter Home Selling Checklist Some Highlights As you get ready to sell your house, focus on tasks that make it inviting, show it’s cared for, and boost your curb appeal. This list will help you get started, but don’t forget, a real estate professional will provide...
Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays
Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about...
Top Questions About Selling Your Home This Winter
Top Questions About Selling Your Home This Winter There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be...