Login
The population of seniors in the United States is increasing rapidly due to the aging baby boomer generation, and some cities are experiencing more rapid growth than others. It is therefore important for real estate agents to be aware of these locales, and understand the best ways to sell to senior citizens.
Here’s some food for thought: According to Forbes, since the year 2000, the number of seniors in the U.S. has grown by 29 percent, as compared to the overall population increase of 12 percent. That’s incredible.
And, according to Pew Research Center, from the year 2010 to the year 2050, the number of seniors is expected to increase by 111 percent in the U.S. alone. It is also thought that between the year 2010 and the year 2030, the baby boomer generation will be responsible for a huge increase of seniors, but these numbers will rapidly decline from the year 2030 to 2050.
In terms of where senior demographics are booming the most today, Atlanta, Georgia is the number one spot. The percentage of seniors who were living there in the year 2000 was 7.7 percent, and by 2013, the percentage had gone up to 10.13 percent. In the number two spot we have Raleigh, North Carolina with an eight percent population of seniors in the year 2000 and a 10.2 percent one by 2013. And at number three is Austin, Texas which had a senior population of 7.2 percent in 2000 and one of 9.2 percent by 2013.
When it comes to inner cities, senior citizens are not flocking to them. From 2000 to 2010, “the urban core senior population declined by 1.5 million,” according to Newgeography. Suburbs and exurbs, however, have gained more than 2.82 million seniors.
For agents, these numbers are indicative of the hot spots to possibly focus on for sales. It is important that agents understand why the senior population is booming in these areas.
Interestingly, seniors living in these hot spots didn’t recently move there. Instead, they have grown older in the same location they have lived in for years. But even so, it seems as though seniors living in these areas are moving to different properties, even if it is within the same city, because as they age, what they desire in a home often changes.
Real estate agents should understand how to sell to these seniors in order to gain a competitive edge. Enrolling in courses that explain effective selling methods and strategies for this demographic can be extremely beneficial to agents. There are a variety of classes on this subject.
For example, one can train to earn a Senior Real Estate Specialist Designation (SRES). This was created by the National Association of Realtors (NAR). In the training course, realtors learn how to help senior citizens gracefully maneuver into a new stage of their lives. Another way to become more knowledgeable is by becoming a Certified Senior Housing Professional (CSHP). With this certification, realtors can learn the proper temperament to adopt when selling to seniors, as well as the ins and outs of senior living.
Right now, the oldest of the baby boomers is only reaching age 69. As this generation gets older, it can become more difficult for them to live comfortably on their own, or in their current homes. Reasons for this can range from developing ailments, to being uncomfortable with the size of their current property.
An advanced age means long-term care or assistance may be needed to perform everyday tasks, but according to the American Association of Retired Persons (AARP), most seniors would rather live in their own homes than move to assisted living facilities or with a family member, even if it’s difficult for them to do everyday tasks on their own. Therefore, they strive to live simpler lives, such as doing away with homes that require a great deal of maintenance.
Other senior citizens may find it difficult to reside in their two-story homes due to a lack of mobility, and therefore downsize to a one-story, and some may want to live in a smaller property because their children have moved out and the property is now too spacious.
As a real estate agent, a great tool when selling to seniors is knowing what questions to ask. For example, if they don’t drive, ask if a walking distance to nearby locations would be important to them. If they have chronic ailments, do they need to be near a medical facility? Having a list of questions typed out can make your senior client feel well taken care of and prepare you to better meet their needs.