Baby boomers seeking active adult communities
Baby boomers, currently age 48 and 66, exploded on the scene just after World War II. They cheered on Martin Luther King Jr.’s quest for civil rights and burned their bras for equal rights; they came of age during Vietnam, assassinations, Watergate, and “American Bandstand.” Now, they are creating their own real estate trend.
Boomers’ real estate choices and the industry’s response led to a research project by the MetLife Market Institute and National Association of Home Builders. Their report, “Housing for the 55+ Market: Trends and Insights on Boomers and Beyond,” is based on U.S. Census data and examines “trends that emerged during a six-year period from 2001 to 2007,” according to theMatureMarket.com.
The data showed that although most 55+ households do not reside in age-restricted communities, that number rose from 2 percent in 2001 to 3 percent in 2007, and one of the main reasons for purchasing in age-restricted communities was a desire to own a higher quality home. Design and appearance are important factors in choosing an agerestricted community, and buyers age 55 to 60 are rapidly seeing the appeal of these communities since many of them include social and physical activities, clubhouses, and no outside maintenance.
Prudential, Fox & Roach Realtor Jill Iris, who specializes in listing and selling homes within 55-plus communities, said “the aspects PDQY fiQG VR DSSHDOLQJ DBRUW 55+ communities — low maintenance, active personalized lifestyle, peaceful yet stimulating environment — are the ones potential buyers should consider and question before purchasing such a property. Prior to making an offer, buyers should review the HOA documents, understand the monthly fee, what type of clubs, activities, and amenities are available, how are children, pets, and visitors treated, what types of housing are or will be available, the cost of utilities, the cost and availability of upgrades, how stable the builder/developer is, and whether new construction or a resale property might BHWWHU fiW WKHLU QHHGV.
Buyers should understand that the agent at the community is working for the owner or builder/developer. On the other hand, a buyer’s agent works only in the buyer’s best interest, and in PennsylvaQLD WKH DJHQW KDV D fiGUFLDUY responsibility to the client. A buyer’s agent is a buyer’s best resource to help him/her through the process, get all questions answered, and ensure fair treatment.”
A rising trend towards 55plus communities for the generation that made a major impact on society requires specialized real estate marketing skills. Contact a Realtor IRU KHOS LQ fiQGLQJ DQG BUYLQJ into one of these communities.