Over 55 Buyers Showing Strong Confidence in Housing Market

Good News About Over-55 Home Buyers!

Since the economic meltdown of 2008, many seniors have postponed plans to sell their existing homes and move into smaller or more senior-friendly quarters.  As a general rule, seniors are looking for homes with the following characteristics:

  • Manageable size -- Most want room for returning kids, grandchildren or guests, but for many, the McMansion days are over!
  • Low energy costs - In many cases, retirement income will be more "fixed" than pre-retirement.  Who wants to risk having variable energy costs eating up a larger part of the pie?
  • Newer Homes - Newer often means more energy efficient, lower-maintenance and more "functional" housing.  In other words, less maintenance = more time and money to enjoy life!
  • Leisure and Services - Many seniors would like access to golf, social club, dining and other facilities in the neighborhoods where they settle.  Proximity to retail services is also a "Plus"!
  • Last but definitely not least -- fewer steps.  Builders have understood this for years, and senior-friendly communities often boast no-step garages, slab floors at the same level as front/rear sidewalks and more.  This design allows seniors to buy a property knowing that it will allow them to "age in place" for as long as possible.

The National Association of HomeBuilders manages an "Over 55 Confidence Index", which measures interest among over 55 buyers.  This index is currently at the highest level since it was established. This is due in no small part to the overall improvements in the housing market in the past few years.  For several years since the recession began, seniors were constrained from moving because of weak demand for their existing homes and not wanting to sell their largest asset while the market was "soft".

So, good news for seniors reflects general improvements in the housing market, which are in fact good news for us all!

Please call us if you're interested in Buying or Selling a home (senior or otherwise) in the Louisville, Kentucky area.

 

 

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