To follow up on the Who Is Your Favorite Reverse Mortgage Spokesman post, I thought I’d point out that apparently the 50 and older crowd would prefer Oprah as their real estate agent over “The Donald”. This comes from a survey conducted by ERA Real Estate as part of its annual home ownership survey of adults aged 50-plus nationwide.
The survey asked questions to baby boomers and seniors to get their view on the housing market, future moving plans, as well as home buying and selling preferences. Below are a few of the highlights from the survey:
- Of the one in five thinking about moving in the next five years, 65 percent would consider a single family home.
- Three out of four say it is important to be near their family when considering their next move.
- For those in the market for a second or vacation home, nearly half (45 percent) would buy such a property for other family members.
- About one-quarter (24 percent) of survey respondents said the reason they would buy a new home would be to upsize compared with 15 percent last year.
- Only 11 percent would consider purchasing a condo, townhouse or apartment.
- Active adult communities are becoming more attractive, only 2 percent were considering such a home last year compared with 6 percent this year.
“With more than 77 million baby boomers approaching retirement, it is critical that we provide valuable real estate information that is going to help them successfully prepare for retirement, while at the same time, capture their thoughts on the current real estate market,” said Brenda W. Casserly, president and chief executive officer for ERA Franchise Systems LLC. “As one of America’s leading real estate companies, it is our responsibility to know our consumer, and more importantly, respond to their needs with products and services that will enhance their experience with ERA.”
The survey provided some good information however I was surprised that it didn’t ask any questions about the financial situation of the people polled. The financial situation of baby boomers and seniors is very important when questions like these are asked. But with that being said they are trying to sell more real estate, not provide reverse mortgages. To read a copy of the press release click the link below.