In 2000, the U.S. Census counted 35 million people over 65 years of age. Every seven and a half seconds, somebody turns fifty, and they still have half their lives ahead of them by most estimates.

Most seniors are homeowners, and as many as one fourth are on the move. The AARP estimates that over 80 percent of people over 50 own their own homes and from age 55 to 64, nearly 26.1 percent moved. Of those over age 65, nearly 22.8 percent moved.

That's a lot of homebuyers and sellers who can be clients for a long time to come.

Seniors are ready and willing to hire Realtors who are knowledgeable about their special needs and concerns, but unfortunately, most Realtors don't know what those needs and concerns are and haven't a clue about how to fulfill them. For example, about 41 percent of all home sellers are 55 percent or older, and they have a lower median income than younger sellers, but when they sell, their homes net more cash, a median of $211,800 which can have significant tax and estate-planning consequences. When they repurchase, they tend to put down a lot more money, enabling them to either buy more expensive or second properties, which helps explain why nearly 68 percent of second home buyers are over the age of 55.

Jennifer Dodge, vice president and managing director of the Senior Advantage Real Estate Council would like to see all Realtors learn to appreciate this unique segment of homebuyers and sellers.

The more you learn about them, she says, the more you can be surprised. "The biggest surprise that they don't all relocate when they retire," says Dodge. "The assumption is they move to another state and that isn't the case. Only 23 percent relocate and many retire in their homes."

One of the biggest mistakes Realtors make with seniors is assuming that they are working with the children of the family. "Seniors can be offended when a Realtor assumes that the children are making the decisions," says Dodge. "We assume that they are moving to assisted living or retirement communities, but they don't move to cheaper, smaller places, they tend to live in single-family homes. The interesting thing is that some builders are building single-family homes in retirement communities now.

The real lesson is that seniors can't be lumped into generalities, says Dodge. But it does help if Realtors know that there are some generational differences among seniors, which account for many attitudes and behaviors.

Published: January 30, 2004

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