PART THREE – WHO’S BUYING IN TODAY’S MARKET?
Empty Nesters / Retirees
– – This is the 3rd in a three-part series as we look closely at what attracts and motivates today’s buyers at different stages of their lives. We will look at the first-time home buyer, the move-up buyer, and the empty nester or retiree. What are these buyers looking for? Where they are moving? How might a seller position their home to attract them?
Who Are They?
The retiree’s average age is 61-64 years of age. They have lived in their current home on average for over 15 years. If they had children, often the house in which they currently live was purchased with the needs of their children in mind. Now that their children have moved out, their desires for their living space and location often change.
You may be surprised that according to the National Association of Realtors 2022 survey, 65% of this age group still desired a single-family home over a condo or townhome. This may be due to a more active lifestyle, the desire to accommodate children/grandchildren, or even elder parents staying for extended visits.
Another surprising fact is that they often don’t downsize but instead right-size into a layout more conducive to age in place, prefer move-in ready, and often change to a location with more walkability or closer to family. They spend more, too, with an average purchase price above $500k.
Check out some of our recent sales and listings as examples:
Classic empty nesters, kids are grown and now out of the house
Offered the buyer association lifestyle in a single-family villa.
Move-in ready, in walkable city lakes location.
Be in touch if you’d like to get a plan in place for buying or selling in 2023! EMAIL US.