It's a fact, baby boomers want to feel connected. Many decide to downgrade after their kids go off to college or move out on their own. The size of the home they raised their family in just is too big after the kids leave. However, it's more than just the size of their living quarters that makes them want to buy again. Previously there was a preconceived idea that senior citizens retire, move to Florida, Arizona or into a community of their same demographic.
Yet there is a changing mindset emerging. Aging baby boomers no longer want to be in isolated places. Many are selling their homes and looking for a community of like minded individuals close to their own age. Like the rest of America, for the last 40 years there has been a movement going out toward suburbia. Now, statistics show there is a movement going back toward more urban areas and towns.
There are multiple factors causing the desire for urban living. Extended family living under one roof and caring for each other, low-maintenance condos, and social connectivity are reasons that top the list.
Suburbs aren't used to having to provide services for seniors. Many towns have always focused services toward children—school systems, park systems, and things like that. Now, towns are being challenged to provide support systems for seniors who are choosing to retire in the same place they raise their kids.
As more seniors shop for smaller, easy-to-maintain homes, that puts them in the same market as first-time buyers. However, seniors often have one distinct purchasing advantage. Many are selling larger homes so they are cash buyers and that makes them a stronger buyer in this current market.
Some seniors tend to be interested in homes that are completely renovated or upgraded while others look at homes that might need some remodeling because they may get a better deal. That way they can renovate the home in a way that is most suitable for their needs.
For sellers looking to market their property, there are some specific items that tend to appeal to this demographic such as, on site maintenance, alternate transportation and homes in areas where they can leave them for extended periods while traveling. Studies show this group also likes smaller quarters. They're willing to get rid of extra stuff and live freely, yet comfortably which is why condos, adult communities, and city apartments are highly appealing. According to the National Association of Home Builders, as much as 6 percent of people between the ages of 55 and 64, move every year.