The National Association of Realtors Takes a Look at the Future of Boomers and Real Estate

The oldest of the nation’s 78 million Baby Boomers turned 60 in 2006. Many of them are contemplating retirement and whether or not to sell or buy a home. According to Paul C. Bishop, a manager of real estate research for The National Association of Realtors (NAR), more than a quarter of Boomers have no plans to retire and only one quarter say they feel financially prepared for retirement. Because they expect to continue working, they will also hold off on buying a retirement home. But it doesn’t mean they are out of the real estate market completely. One thing’s for certain: Boomers love real estate. Nearly eight in 10 are home owners and one-quarter of them own additional property. Bishop says a lot can happen. Some will downsize, some will buy investment property and eventually some will buy a retirement home.

According to this study, when they do finally buy a retirement property, about three-quarters of boomers want warm weather, either the southern or western portions of the country. However, other studies indicate that over 61% wind up staying in their local community. They want to be close to family, quality healthcare facilities and cultural options. Most want an urban setting because that’s where these amenities are found. 

Bishop also found that most Boomers relied on the help of a real estate professional to guide them through their last transaction and expect to use one for future transactions as well.

Maureen McCaffrey

Office: 781-237-5000

Cell: 508-494-0811

email: mmccaffrey@PinnacleHouses.com

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