Seniors

Overview

When older buyers are ready to move, they are ready to move. These are buyers and sellers who generally move to make a lifestyle change, to downsize, or for medical reasons or death of a spouse. Many have already been longtime homeowners, but it may have been many years since they were involved in a transaction. It is up to you to guide them through the search and sale with extra attention to what may have changed about the transaction process from years past. More servicers are available than ever  to help seniors make the transition to a new home, including help with decluttering and repairs as well as packing and unpacking services.  

References

NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.


What do seniors value?

2020 Home Ownership: Rates by Age 

  • 65+:     80.7%
  • 55-64:  76.4%
  • 45-54:  72.0%
  • 35-44:  63.9%
  • < 35:    40.2%

Source: Homeownership Rates By Age (U.S. Census Bureau, Oct. 27, 2020)

Housing Trends of the Over-50 Demographic

4 Senior Housing Changes Expected to Remain After the Pandemic (Millionacres, Nov. 1, 2020)

Which Older Adults Have Access to America’s Most Livable Neighborhoods? An Analysis of AARP’s Livability Index (AARP Public Policy Institute and Harvard Joint Center for Housing Studies, Oct. 2020)

The New Retirement Living: More Baby Boomers Shun Housing Mega-Developments (CNBC, Sep. 21, 2020)

After Covid-19: What Housing for America’s Oldest Could Be Like (Forbes, Jul. 23, 2020)

The Short- and Long-Term Implications of COVID-19 for Seniors Housing (National Real Estate Investor, Apr. 13, 2020)

Housing America’s Older Adults 2019 (Joint Center for Housing Studies of Harvard University, 2019)

Working with Seniors

The Ultimate Guide to House Hunting for Aging Adults (Redfin, Oct. 30, 2020)

A Pandemic Upshot: Seniors are Having Second Thoughts About Where to Live (CNN, Sep. 17, 2020)

Unsellable Houses Leave Older Homeowners High and Dry? (Futurity, Aug. 17, 2020)

Baby Boomers – Downsizing Homes but Upscaling Experiences (Realty Biz News, Aug. 17, 2020)

Retired Seniors’ Guide to Downsizing (Bankrate, Jun. 17, 2020)

7 Housing Options for Seniors (U.S. News & World Report, Feb. 13, 2020)

Reverse Mortgage Basics

What is a Reverse Mortgage, How Does It Work, and What Are the Pros and Cons? (Quicken Loans, Oct. 21, 2020)

If You’re Home-Rich but Cash-Poor, Here’s What to Know About Reverse Mortgages (CNBC, Sep. 22, 2020)

What to Consider Before Getting a Reverse Mortgage in Retirement (U.S. News & World Report, Sep. 16, 2020)

The Reverse Mortgage: A Retirement Tool (Investopedia, Sep. 4, 2020)

What Is a Reverse Mortgage and Is It Right for Me? (Clark, Jun. 19, 2020)

Liz Weston: Should Seniors Consider a Reverse Mortgage Now? (Indianapolis Business Journal, May 22, 2020) E

Everything You Need to Know About Reverse Mortgages (Money, May 20, 2020)

Taking Out a Reverse Mortgage for Purchase During Retirement (The Balance, May 3, 2020)

Useful Websites

AARP: A nonprofit, nonpartisan organization that helps people 50 and older improve the quality of their lives.

The Cohousing Association of the United States: A national non-profit raising awareness of the benefits of cohousing and supporting the development of cohousing communities nationwide.

Leading Age (AAHSA): An association of 6,000 not-for-profit organizations dedicated to making America a better place to grow old.

NASMM: The National Association of Senior Move Managers is a membership organization for Senior Move Managers, recognized for its innovative programs and expertise related to senior move management, transition and relocation issues affecting older adults.

National Council on Aging: We’re a respected national leader and trusted partner to help people aged 60+ meet the challenges of aging. We partner with nonprofit organizations, government, and business to provide innovative community programs and services, online help, and advocacy.

Next Avenue: Next Avenue is public media’s first and only national journalism service for America’s booming older population. Our daily content delivers vital ideas, context and perspectives on issues that matter most as we age.

Mortgage Calculator: A guide to help you understand how reverse mortgages work.

SeniorResource: The “E-cyclopedia” of senior options and information.

SRES: Seniors Real Estate Specialists® designees are REALTORS® qualified to address the needs of home buyers and sellers age 50+.

U.S. Department of Housing & Urban Development: Information for senior citizens.

eBooks & Other Resources

eBooks.realtor.org

The following eBooks and digital audiobooks are available to NAR members:

Boomer Basics (Kindle, eBook)

Boomer Marketing (eBook)

Future Marketing: Targeting Seniors, Boomers, and Generations X and Y (Kindle, eBook)

Gilbert Guide to Senior Housing (eBook)

Reverse Mortgages for Dummies® (eBook)

The Complete Guide to Reverse Mortgages (Kindle, eBook)

The Mortgage Answer Book (eBook)

How to Age in Place (Kindle, eBook)

Books, Videos, Research Reports & More

The resources below are available for loan through Member Support. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Member Support at 800-874-6500 for assistance.

Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group (Great Falls, VA: linx, 2007) HD 7293 T39

Reverse Mortgages for Dummies (Hoboken, NJ: Wiley, 2005) HG 2051 L99r

The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income (Hoboken, NJ: John Wiley & Sons, 2005) HG 2051 K29

Pocket Idiot’s Guide to Reverse Mortgages (Indianapolis, IN: Alpha, 2005) HG 2040.5 P76


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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

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