Why focus on the Senior market? - cont
- Baby Boomers are making housing decisions & they have money!
- Estimated 10,000 baby boomers are retiring each day – trend will continue for next 18 years.
- Three types of Real Estate transactions will explode!
1.Downsizing/rightsizing
2.Second home – seasonal living & investment/rental income
3.Wealth transfer to heirs upon death – trust/probate sales
- They are not as “tech savvy” - much less likely to “Uber” buy a home with a phone app. They value personal relationships with people they trust!
- Average ages (national):
~ Real Estate Agent: 59 years old – many agents can relate to this demographic
~ Mortgage Loan Officer: 51 years old
~ Homebuyer: 31 years old
~ “Old school” sales efforts (door knocking/personal networking) still work!