Seniors Real Estate Specialist in Novi Discusses Housing Trends for Baby Boomers

For years, real estate experts have been predicting that huge numbers of baby boomers will sell their homes as they reach retirement age and downsize. In fact, some experts have even predicted a potential housing bust when seniors unload their homes in large amounts and create an oversupply.

We don’t know exactly what the future holds but we do have a few recent studies that may surprise you. Baby Boomers may not be putting their homes on the market as soon as you think.

According to last year’s Royal LePage Boomer Trends Survey, 59% of Canadian baby boomers plan to renovate their home instead of selling their family home and downsizing.

And a 2017 survey by AARP revealed that 87% U.S. of baby boomers indicated they plan on staying in their homes upon retirement.

Also, research from Houzz found that baby boomers are embracing the idea of making home upgrades that allow for aging in place.

Some of these upgrades include, master bath remodels that incorporate accessibility features such as low-curb shower entries, grab bars and walk-in tubs.

In addition to these utilitarian features to help aging in place, Houzz research reveals the installation of many luxury features such as rainfall shower heads, mood lighting, and heated toilet seats.

And baby boomers aren’t the only generation who are remodeling their homes to accommodate aging. Twenty-one percent of younger homeowners (ages 25-54) are remodeling their homes to plan for future aging needs.

Are you or a family member approaching retirement? Will you put your home on the market or stay in your family home?

Seniors considering upgrading their homes have these key considerations:

1.  How long do you plan on living in the house?

2. What are the cost of the projects needed to remain living in the house? Is it affordable?

3. Do you have the time, patience and fortitude to manage the construction process?

4. Are there independent senior living options that already have the conveniences and updates you desire?

What is a Seniors Real Estate Specialist?

A Seniors Real Estate Specialist (SRES) is qualified to address the needs of home buyers and sellers over the age of 50. The SRES designation is awarded only to REALTORS® who have completed specific educational courses on how to guide seniors and their families with their real estate decisions.

A Seniors Real Estate Specialist can be helpful in exploring your options when it comes to updating your existing house. Why?

  • Trained agent who is knowledgeable about options for seniors.
  • Network of contractors to easily get quotes/bids for the improvements you are considering.
  • Knowledge of the market and what upgrades will add value to the home.
  • Works with a senior community specialist who knows the ins and outs of communities near you.

Looking for a Senior Real Estate Specialist in Novi, Michigan?

Tracy Wick is a Seniors Real Estate Specialist in Novi with over 25 years of experience as a real estate consultant and client advocate.

Whether you plan on staying in your family home, or preparing it for the market, Tracy can help guide you through your staying in place plan, home renovations or new home search ensuring that your most important transition is the right one for you.