Quick Takeaways

  • Baby boomers made up the largest percentage of sellers in 2023 and may have different housing preferences than previous generations of seniors.
  • Working with seniors involves understanding their particular needs and priorities.
  • Reverse mortgages may be a loan option for some, but it’s important to carefully consider the risks and benefits.

Senior households are increasing faster than other age groups and baby boomers make up the greatest percentage of sellers by generation. There are some trends toward renting in active adult communities and exploring senior co-housing, although many seniors are buying homes similar to those owned previously. Fewer people are choosing assisted living facilities than in earlier generations.

Real estate agents who work with seniors should be prepared to handle any accessibility needs and understand older buyers’ priorities. This may involve working with a client’s family in the process. While some seniors are moving to traditional retiree hotspots, other locations are growing in popularity among older adults.

Reverse mortgages can be an attractive loan option for some seniors. They can borrow against their home equity for as long as they remain in their home. However, it’s important to understand the options, risks, and benefits associated with reverse mortgages. There are some protections in place to help borrowers avoid foreclosure.

A number of helpful tools and websites exist to help seniors weigh their different housing and funding options. These include cost calculators, community ratings, moving guidance, and financial assistance resources. Seniors Real Estate Specialist® designees are REALTORS® qualified to address the needs of older home buyers and sellers.

See References for more information.