Much of the focus for people in the real estate business over the past few years has shifted to millennials with good reason. However, the second-largest population of homebuyers nationwide is still baby boomers, and as such, real estate professionals need to know what it takes to market to them as well.
While each client is different, industry experts say there are a number of trends which emerge time and again. Emphasizing properties that fit boomers' general criteria may help agents facilitate more real estate sales from both sides of the transaction going forward.
For instance, when boomers look to buy homes, they tend to not to trade up so to speak. These days, there's a roughly equal split between boomers buying homes that are smaller than, larger than, or equal in size to their previous residences. As such, there's no "right fit" for all boomers. However, it's also worth noting another trend among this older generation of buyers is they want more financial flexibility after making a purchase, so finding a property that fits those parameters will be vital.
Further, it's important for agents to know the most common reasons boomers look to sell their properties. About 1 in 4 boomers say it's specifically because they have "too much house" and look to downsize. Meanwhile, about 1 in 3 sell because they want to be closer to family and friends.
Consequently, when agents market to boomers, it's vital that they show off two things in particular: the independence that buying or selling can provide, and the convenience that can come with buying a newer property in particular.
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