Another of the topics touched upon in the recent Landfall Real Estate Forum was national trends in the 55 years of age and older population. A few of those trends, as reported in various builder and real estate studies, include the following:
- There is a strong preference for single family, detached homes.
- Most buyers want single floor construction, and almost all want master bedroom and living space on the lower level, even if the home is multi-story.
- About 75% like the open floor plan home, where the kitchen and primary family room are free flowing.
- Technology is important. Fiber to the home is great; multiple phone and computer connections are desired.
- Far fewer prospects than during the boom are willing to pay extra for “green” features that have environmental benefits, but efficiency that saves money (such as energy savings) are still sought.
- More pre-retirees are considering staying put, rather than relocating when retirement comes.
Fortunately, more potential customers in Landfall’s prime market region, the northeast, are likely to relocate than those in warmer climates, and there is some pent up demand since the slow down in the national real estate market has drug on for a couple of years now.
As a seller, be cognizant of how your home stacks up with the desires of the majority of the market. The closer to the ideal, the more marketable the home.
Kenneth M. Kirkman, General Manager, Landfall Realty