In the course of my job as a real estate agent in the area I work with quite a few 55+ baby Boomers looking to move or considering a move to the area. Most seem to have similar requests in what they are looking for in a home.
NAHB and Metlife surveyed them to confirm their true desires. Except for the the median price they expect to pay ( $189,426 ) which is way off the Williamsburg median price. Most of the other finding ring true.
So what are baby boomers looking for in the real estate market? And what are they actually willing to pay for?
here are some the key findings :
- Where Are They Now? Roughly 9% of the respondents live in an active adult age-restricted community, 7% live in a community that is not age-restricted but where most buyers are 55 or older, and 28% live in an independent living community. However, many would consider other options.
- Stay or Go? About two-thirds of respondents (63%) plan to age in their current homes, while 12% plan to buy another home. About one-quarter (26%) are not sure.
- Suburban Life Preferred: The majority of respondents prefer a home in a suburb, with 32% wanting to live in close-in suburbs and 31% in outlying suburbs. In comparison, 28% prefer a rural community, while only 9% want to live in a central city.
- One-Level Living: Respondents overwhelmingly prefer a single-story home (79%) over a two-story home (15%) or a split-level home (7%).
- “Same-Sizing” the New Home: The median size of the respondents’ present home is 1,886 square feet, compared to the median 1,903 square feet they want in a new home. More than half of respondents (51%) prefer three bedrooms, while 18% want four or more bedrooms. About three-quarters prefer the master bedroom on the first floor.
- Downsize on the Price: The median price respondents expect to pay for their next home is $189,426, which is less than the median price of $198,119 paid by those respondents who bought a home within the last three years. This compares to their current home, which has an average market value of $267,401.
- Top Five Inside Features: The five features rated most important were: washer and dryer in the home/unit, storage space, windows that open easily, master bedroom on the first floor in a two-story home, and easily usable climate control (thermostat).
- Green Is Good, but Not Key: About one-quarter of 55+ respondents do not care about the impact building a home has on the environment. While another 23% said they are concerned about the environment, it does not drive their decision to purchase. Only 12% said they would pay more for an environmentally friendly home. Respondents are willing to pay an average amount of $6,732 (median $4,000) if it would save $1,000 annually in utility costs.
- Top Five Green Features: Respondents cited energy-efficient appliances (79%), followed by solar heating (63%), water filtering systems (58%), allergen-free/chemical-free building materials (42%), and open space (37%).
- What’s Close By? Most respondents listed proximity to a shopping center as influencing their choice of a new community (57% noted it as Somewhat to Very Important), followed by proximity to a hospital/doctor’s office (55% rated it as Somewhat to Very Important).
- Online Is a Must: Technology features are important to 55+ consumers, with 83% of respondents rating high-speed Internet access as Somewhat to Very Important. Also earning high ratings were home security systems and structured wiring (a system of low-voltage wires designed to carry electronic signals throughout a home).
- How Buyers Are Paying for Home: Nearly half of the 55+ respondents (41%) prefer a 30-year fixed loan when purchasing a new home, followed by a 15-year fixed loan (38%). A small number (5%) preferred a reverse mortgage, some type of adjustable rate loan (5%), or an interest-only loan (3%).
- Less Maintenance, More Family Are Top Motivators: Builders were asked to indicate their 55+ customers’ motivations for relocating. Sixty-three percent of builders reported a desire for a maintenance-free lifestyle from their customers, 46% a desire to move closer to children/family, and 32% a desire for lower living costs.
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Do you agree with these findings ?
What are you looking for in a retirement home ? Please comment below…
Are you searching for 55+ homes in Williamsburg or Yorktown VA ? Click here to search homes for sale.
Hampton Roads VA ?
Or email for weekly email updates on all available homes in 55+ communities in Hampton Roads VA or Williamsburg. John@MrWilliamsburg.com
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| This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, www.WilliamsburgsRealEstate.com and www.MrWilliamsburg.com, were created as a comprehensive resource about living in Williamsburg and Hampton Roads Virginia, with the hopes of selling a house now and again. You can reach him at 757.254.8136 or John@MrWilliamsburg.com. |
Download the full report here from Metlife
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