National Survey Probes Trends, Characteristics of Older Home Buyers

Nearly half of all mature consumers use the Internet as part of the home buying process, while most these homebuyers stay within their home state when they retire, according a research report released that details home purchase behaviors of the 50+ market. Key differences in behaviors emerged between “younger” seniors, those ages 50-64, and “older” seniors, those 65 or older.

“Moving Forward: 50 and Beyond,” sponsored by the Senior Advantage Real Estate Council® (SAREC®), explores the buying trends of 50+ consumers who purchased a home within the last six months. The survey was conducted in September. 

The survey reports that, of those home buyers who use the Internet, nearly two-thirds (61%) did so to locate a specific Realtor®, 92% utilized the Internet to research comparable prices, and 19% went online to learn about specific neighborhoods where they might move.

“While the prospect of retirement is an exciting time for most seniors, many have not planned for the economic issues that arise as a result,” says Dr. Nathan Booth, senior advisor to SAREC®. “For seniors choosing to remain in the workforce, or even retire early, help is needed in finding the best and most prudent use of the resources available to them in real estate. It has become increasingly important to understand the changing and emerging buying and selling habits of senior homeowners.”

The survey also revealed that not only did most 50+ homebuyers stay within their home state (82%), they moved less than 100 miles from their previous home. Younger seniors tended to move farther away from their previous residences than did older seniors. Of those senior homebuyers who did move to a new state (18%), the most popular choices were, in order, Florida (26%), Texas (11%),  Arizona (8%), Nevada (7%); and Virginia ( 6%).

“Moving Forward: 50 and Beyond,” is available to SRES® members for $9.95, and to non-members for $19.95. To order, go to www.seniorsrealestate.com. [Return to top]