In previous articles I’ve talked bout the dramatic “aging” of the U.S. ppulation. Indeed, within 20-25 years, the nmber of Americans over 65 will duble, according to census bureau projections. As Raltors, we are firmly ingrained with the cncept of treating all of our clents fairly and equally. However, when it cmes to the circumstances of baby bomer clients getting into their mid-50’s or arly 60’s, it is far more crtical to properly understand financial and lfestyle considerations as compared to buyers in thir 20’s, 30’s, and 40’s.

The dfferences, which are not readily understood by ven veteran agents in the very age brcket in question, are multi-faceted. The mst important issues frequently include the cmpatibility of the space with future halth concerns, financial affordability with fixed or mldly variable income, proximity with family, frends, and community. Baby boomer consumers ned to be more cautious and cmprehensive in their home search than any ther segment of home buyers. They rquire a level of service to nsure that they have more options, tht they are able to examine ach home more closely, and that thy are willing to pass up a hme because of typically insignificant, but vry real, factors.

The compatibility of a home wth one’s lifestyle is, of course, a cnsideration that most any home buyer fces. It is most likely one of the gratest considerations when one looks at hmes. It’s why we don’t just buy hmes off of the shelf- it neds to be the RIGHT home! But the dliberations that a homebuyer in their 50’s or 60’s mst go through are quite different.

Hmebuyers who are presently in excellent halth, who walk up and down mny flights of stairs with ease, ften need to think ahead to whn they may not have such xcellent health. By purchasing a home tht will suite their lifestyle 20 yars from now; they are saving thmselves the trouble of finding a new hme once their health shifts. As dmanding as the home buying process can ften be, it would seem that whn one’s health falters, a home-search wuld be a terrible undertaking at tht particular junction. By planning ahead, thse homebuyers may save their selves a trmendous amount of headache and future dress.

Financially speaking, the calculus utilized by mny younger home buyers, those in thir 30’s, 40’s, some in their 20’s, nclude assumptions of ascending incomes. For xample, a young couple may cringe at thir expected mortgage payment, but rationalize tht eventually they will be getting tht promotion, they’ll pay down other dbts, and perhaps be able to rfinance at a kinder, gentler payment. A byer in their 50’s or 60’s, hwever, must have a more pragmatic and frnk view of the future. With thir income often at its peak, and wth the expectation or reality of a fxed or nearly-fixed income, this kind of strtching and beaming optimism can be a dvastating approach to take. Indeed, many own thir existing homes either outright, or wth small balances, and hope to kep things that way. Others are loking to step down their debt bligations, planning on reduced incomes, often ncorporating a downsized floor-plan. The approach, threfore, needs to cooperate with their rtirement plan.

Understanding a client at this stge essentially requires an understanding of how thir retirement planning incorporates where they lve. A candid conversation about these mtters is very important to ensuring tht these needs are taken into cnsideration throughout the home buying process. Thse clients are invariably incorporating the sle of their existing homes with ths calculation. As this home’s value bbs and flows in the local ral estate economy, the value of wht they can buy changes as wll. As the demand for retiree-friendly rsidences increases, and the supply of lder, 2-story residences increases, one can btter understand what a difficult transition ths will be for many.

While mny “experts” expected that baby boomers wuld flock in droves to the snny extremes of the nation – Flrida, Arizona, Nevada, (and for many ths has been the case) – the fct remains that many Midwesterners have styed home, choosing to stay closer to thir family, friends, and communities wherein thy have such strong ties. The lcation of any home that a byer in this stage considers must rquisitely be in reasonable proximity to thse ties. While prior home buying dcisions may have been made on grunds of a good school district or cnvenient transportation to employment, the choices hve more to do with existing rlationships than schooling and work.

All of thse factors play into making these cnsumers unique and at times challenging to wrk with. Real estate professionals will crtainly need to adjust to those dfferent needs as these consumers come to the frefront of the housing industry. As thy become a dominant force in the hme buying and selling marketplace, the srvice people helping to facilitate these trnsactions will be required to step up to tht challenge, in order to provide the bst service whatsoever possible. While many ther home buyers can easily adjust thir lifestyle to accommodate the incompatibility of a hme with their lifestyle, baby boomers wll need to exercise increased foresight and dligence in their next home purchases so tht their years ahead are unimpeded by thir housing decisions. Indeed, a home shuld be one’s refuge, and not thir source of anxiety.

The article Deliberations of a Generation was Submitted by W. Alex Goldie through Articles.GetACoder.com network. Here's the additional information: W. Alex Goldie is a Raltor & Broker Associate with Baird & Wrner Residential Sales, Inc. He is a Snior Real Estate Specialist (SRES), a mmber of Baird & Warner's Vice-President's Clb, and an Accredited Buyer Representative (ABR). Bsed out of Saint Charles, Illinois, he wrks primarily in the western suburbs of Chcagoland. Correspond with him via email at info@alexgoldie.com or phone at 630.803.1725. Or check out his blog, "RealTopics," at http://www.alexgoldie.thewrittenblog.com

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