55places Identifies 55+ Housing Market Expectations in 2019 and Beyond
CHICAGO, Oct. 14, 2019 /PRNewswire/ -- For the 10,000 adults who retire each day, many are ready to embark on their next journey, often in the form of relocating their primary residence. The 55places 2019 National Housing Survey asked nearly 3,000 recent and prospective homebuyers to reveal what's important when looking for a home, community, and real estate agent, as well as other relevant aspects of the homebuying process. The respondents, 97% of whom were over the age of 55, hint at a greater shift towards destination, home preferences, and lifestyle choices.
Retirement is a Key Driver For Moving
While reasons for moving vary, the top three motivators among respondents include better amenities and social opportunities (32%), downsizing (27%), and retirement (26%). Upon retiring, top expenses are slated to go towards vacation (70%), recreation and hobbies (47%), and dining and culture (42%). And while states with moderate climates are growing in popularity, the top desired states remain static. Florida (19%), New Jersey (10%), California (9%), Arizona (7%), and Pennsylvania (5%) were marked as a likely place to reside in the next 12 months, which is no different from findings in 2018. However, non-traditional states like North and South Carolina, Texas, Colorado, Utah, are expected to see growth over the next decade.
Affordable Single-Story Living is Preferred
Cost is important when considering a new home. 25% of survey participants expect the value of their next home to cost about the same as their current one, while 46% expect their next home to cost slightly less or much less. When it comes to home features, the survey found single-story living was significant for nearly half of respondents. 48% marked it as a top feature of their new home, followed by having a garage (45%) and a modern kitchen (35%).
Home Experts Provide Value
To find a home and community, real estate experts are still invaluable. 80% of respondents are looking for their agent to be knowledgeable of the search area, and also value responsiveness (62%), and availability (32%) as top qualities. When asked about what benefits they hope to get out of an agent, 59% answered price negotiation, followed by comparable property listings (54%), and pictures and of homes and features (43%).
"The desires of active adults don't typically alter on a day to day basis or even year over year; changes evolve over longer periods of time, so the home preferences that are important now will likely continue to be so in the coming years," said Bill Ness, CEO and founder of 55places.com. "For 55+ buyers today, that means experiencing more social opportunities and community amenities, as well as finding affordable homes that provide in-demand features."
To view the complete 55places 2019 National Housing Survey, click here.
About 55places.com
55places in the number one resource for active adult communities in the United States. The website offers unbiased information, such as current home sale listings, photos, floorplans, descriptions, and third-party reviews from more than 2,000 age-restricted and active lifestyle communities across the country. 55places and its team of real estate agents are licensed experts equipped to help prospective residents find an ideal home in their dream community. For more information, visit 55places.com.
Media Contact:
Marissa Walters
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773-278-5500
Methodology
This survey was conducted online through SurveyMonkey within the United States by 55places.com from July 12, 2019 to August 12, 2019 among 2,888 55places.com users. For complete survey methodology please contact 55places.com.
SOURCE 55places.com
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