What is Important to Boomers when Selling their House?

What is Important to Boomers when Selling their House?
What is Important to Boomers when Selling their House? | MyKCM

If you are a “baby boomer” (born between 1946 and1964), you may be thinking about selling your current home. Yourchildren may have finally moved out. Your large, four-bedroom housewith 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 currentlifestyle. Many fellow boomers have already made the move you maybe considering.

The National Association of Realtors recentlyreleased their 2019 Home Buyerand Seller Generational Report. The report revealed manyinteresting tidbits about both categories of baby boomers: youngerboomers (ages 54 to 63) and older boomers (64 to72). Here are a fewof the more interesting topics.

Percentage of Buyers whoLooked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Where Boomers Found theHome They Purchased

The two major ways buyers found the home they purchased:

  • All buyers: 50% on the internet, 28% through a real estateagent
  • Younger Boomers: 46% on the internet, 33% through a real estateagent
  • Older Boomers: 36% on the internet, 35% through a real estateagent

Distance SellerMoved

The distance between the home they purchased and the home theyrecently sold was much greater for boomers than the averageseller.

  • All sellers: 20 miles
  • Younger Boomers: 27 miles
  • Older Boomers: 50 miles

Tenure in Previous Homeof Seller

The percentage of older boomers who lived in their previous homefor more than 20 years was almost twice the amount of the averageseller.

  • All sellers: 16%
  • Younger Boomers: 20%
  • Older Boomers: 31%

Primary Reason to Selltheir Previous Home

  • Want to move closer to friends or family
  • Home too large
  • Retirement

View of Homeownership asa Financial Investment

  • 83% of Younger Boomers see homeownership as a goodinvestment
  • 82% of Older Boomers see homeownership as a goodinvestment

Bottom Line

If you are a boomer and thinking about selling, now might be thetime to contact an agent to help determine your options.

Sellers