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Seniors Are on the Move in the Real Estate Market

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

In a recent reportFreddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations(born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.Seniors Are on the Move in the Real Estate Market | MyKCMThis, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:Seniors Are on the Move in the Real Estate Market | MyKCM

Here are some highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible.

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6 Reasons Why I Fell In Love With Real Estate

It’s Valentine’s day again and everyone is either proclaiming their love for another, or grudgingly treating themselves to a personal pizza, a pint of ice cream, and a bottle of wine.

We can’t help who we fall in love with, and even more frustratingly, who falls in love with us. It’s simply one of life’s mysteries. And we might not know exactly why we fell in love with real estate, but we probably have our suspicions. Here are six reasons why I fell in love with real estate:

1. The people

You have to enjoy working with people in order to be a successful real estate agent. Coworkers, clients, baristas who recognize you as you bring in a gallon-sized travel mug for your daily caffeine dose — you’re always around people. It would be dishonest to say that it always goes smoothly, but the relationships and interactions are a huge part of the overall experience, and allow you to connect with people in a way you don’t get to in many other careers.

2. No two days are ever the same

If the drudgery of five days a week at the same office, with the same snack machine, and the same coworkers telling the same lame jokes kills your spirits, then the novelty of working in real estate will be the wind in your sails. No two days will ever be the same in the business, which means every day you’ll embark on a new adventure that could lead to a closed deal, or a trip to the park to meditate and clear your head. If you like variety, you will fall in love.

3.The thrill of the chase

While we may convince ourselves that we hate prospecting or showing up to appointments that go nowhere, it’s those very things that make us appreciate our successes that much more. The pursuit, the hopes and dreams of success, the sweat you have to put in to make things happen — all of these are the ingredients for a successful real estate career, and we appreciate the work more than we are willing to admit.

4. Just me and the open road

While real estate requires working with lots of different people in different capacities, it also has its share of solitude, and is, at its core, an independent profession. Nothing will happen unless you make it happen yourself, so if you’re an independent-minded person who enjoys being out on your own, not only will you be successful but you’ll also fall in love with the feeling of getting in your car and creating your own destiny.

5. The highs are amazing

While the lows are painful, the highest are exhilarating. If you’ve never experienced the joy of a signed contract, or a clear to close, then you have no clue just how energized and happy a signature or a few words can make you feel. Any doubts about the profession can be immediately wiped out, and you can fall in love with real estate all over again after you get to celebrate one of your triumphs.

6. Because I care

They say that if you do something you love, then you’ll never work another day in your life. Well that’s not exactly true, you’ll still have to work, but it will feel different. In real estate, even though you’re helping other people buy and sell houses, it still feels like something that’s yours. And because it’s yours, you will care. And because you care, you will appreciate it in a way that’s different than almost any other job you could possibly have, which is all the more reason to fall in love with it.

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