Older adults nearing or in retirement are plotting housing moves for their “golden” years, says a recently released realtor survey.
This is good news for realtors throughout the lower Hudson Valley who desperately need an influx of new housing inventory like the contemporary-style home shown above to market to buyers, often young families and those looking for larger homes.
It turns out that “57 percent of boomers plan to move out of their current home and 70 percent believe the house they retire in will be the best home in which they have ever lived,” says Better Homes and Gardens Real Estate.
The report says that baby boomers, defined as those between 49 and 67 years old, are more confident about achieving their ideal retirement lifestyle compared to five years ago. And that one in four of them are likely to buy a second or vacation home.
These baby boomers, says Rita Van Buren, an associate broker with Better Homes and Gardens Rand Realty in New City, are looking to remain in the local region to be near family, friends and resources from shops and medical facilities.
“They are looking for a lifestyle change not necessarily a financial downsize,” says Van Buren. “They want to stay in the northeast. Years ago people went south to Florida or the Carolinas. Now they realize they don’t want to leave family and their community.”
“It is a lateral move it is not about downsizing financially, not to stay here,” she adds. Shown above is a listing at 30 Pecan Valley Drive in New City. The sellers are a baby boomer couple who is looking to move into a nearby townhouse complex. The 5 or 6 bedroom home features a large custom kitchen and open floor plan. The house is listed with Van Buren at $749,000 and is MLS# 551239.
Adds Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, that commissioned the report:
“With approximately 77 million Boomers in the U.S., it’s quite significant for our industry to see that this population has so much positive anticipation for the home in which they will be retiring – and for the majority, their aspirations involve making a move,” she said. “Baby Boomers are known for being a hardworking, trailblazing generation. As they have done with every other major life event, they are marching head-on into retirement with big plans and no desire to change pace. Our study shows that Boomers continue to surprise with nuances of what they care about and what they are prioritizing.”