The 2010 NAR Profile of Home Buyers and Sellers reveals some interesting insights into home ownership among buyers age 65 and up.
Clearly, this age group believes in the value of home ownership – 92 percent of buyers aged 65 and older were repeat buyers. They also prefer living in single-family homes; the survey showed that 64 percent of buyers in this age group purchased a single-family home, while 14 percent purchased a townhome and 11 percent an apartment or condo.
Many of them are motivated to move by personal connections – 28 percent wanted to move closer to family and friends. Twelve percent wanted to downsize and 10 percent moved because of retirement.
Long-term Value Ask a Realtor® to compare the motivations and priorities of their older and younger clients. Talk to older home buyers about what owning a home means to them at this stage in their lives and whether that has changed over the years.