Industry News

Senior real estate attitudes changing

More tech-savvy home buyers in 50-plus age range than expected, survey shows

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Attitudes about real estate and the home-buying and selling process are changing among people 50 years of age and older, according to a survey released by ERA Real Estate. The survey of 1,500 people reflects a stark contrast to the belief that the typical aging homeowner is looking to move to an active adult community and downsize. Only 8 percent of survey respondents considering a move in the next five years indicated that they might consider purchasing a home in an active adult community, while more than 61 percent said they would consider purchasing a single-family home. Only 11 percent of respondents felt their current home is too big, and nearly 25 percent thought their home was too small. The average senior, according to the survey, lives in a house with three or more bedrooms and two or more baths. In addition, respondents cited better home or living conditions as the second most popular reason for buying a new residence. Seniors also proved to be more savvy and demanding...