No longer are homebuyers purchasing homes they plan on retiring in, meaning movement is certain in the real estate market, according to a real estate industry survey.
A recent survey of home buyers by Fulton Research & Consulting, Inc., showed that more than half of homeowners plan to move when they retire, meaning real estate executives can look to more market inventory.
“When you combine a high intent to move with the very large number of Baby Boomers in or approaching their retirement years, it means increased interest in active adult housing,” says Dan Fulton, president of Fulton Research.
Key findings of the “Today’s Home Shopper Survey”, which polled more than 1,000, includes:
- 53 percent plan to move upon retirement
- 24 percent of the active adult market (ages 55 to 64) plan to more than 30 minutes from their current home
- 22 percent of the active adult market will move between 30 and 60 minutes away
“Moves within and beyond metro markets provides a large number of prospective homebuyers for both infill and outlying active adult communities. Active adult prospects are experienced home buyers who need to be well understood in order to satisfy their needs and desires. The types of homes and communities they seek vary widely,” the survey states.
The survey covers issues relevant to current market conditions, including:
- Preferred lifestyle by buyer profile: Urban/Suburban/Rural
- Community amenities that influence home purchases
- Type of active adult community preferred: All ages, Age-oriented or Age-restricted (55+)
- Essential “must have” features in a new home
- Home design trade-offs
- Anticipated changes in home values