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Here’s what Matters to Baby Boomers when Selling their Home

If you fall into the category of “baby boomer” (born between 1946 and 1964), you might currently be thinking about selling your home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult or require too much time. You may be ready to move into a home that better fits your current lifestyle and/or needs. Many fellow boomers have already made the move you may be considering.

In a National Association of Realtors report.  The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First 

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

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

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

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

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

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

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

Primary Reason to Sell their Previous Home

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

View of Homeownership as a Financial Investment

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

My personal message to you…

If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options, let’s get together today to explore your options. 

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