Did you know that roughly 10,000 baby boomers per day are turning 65 (baby boomers were born 1946 – 1964)? As this population title wave moves through the demographic data the products and services they require at each stage of life tend to do very well. And it’s no different in residential real estate. The years of needing big cars, big mud rooms for overstuffed backpacks and sports equipment, finished basements, and 5 television screens are either gone or going for this group (of which I am just barely one). The acquisition phase of our lives is realigning to a “less is more” mantra and how/where we live will reflect this change.
When so many people are thinking of “downsizing” at virtually the same time the housing market reacts. That’s why there is a premium price for large sized townhomes, carraiage houses, condo’s and retirement communities (like the upcoming Enclave at Short Hills, The Manors at South Mountain in South Orange, The Bel Air in W. Orange and the Town Center in Livingston). If you do your research and the math you probably know that there is a very good chance you will end up in something smaller and pay as much or more as you do now.
The sheer numbers of boomers doing this at the same time is only part of the reason why this phenomena is happening. The other reasons are the state of the market and the psychology of the buyer pool. The updates that boomer home owners have done to their homes are more than a few years old – and buyers condsider that already “dated.” While we loved tackling a good renovation project, they want it done before they move in.
Does this mean we are stuck? Absolutely not! If you have paid off your mortgage (or a large percentage of it), you are going to walk away from the sale of your home with some serious cash. It just may be less than what you had anticipated when you were planning your retirement.
But here’s the big news- boomers are not really going to retire. At least not in the conventional sense. They may no longer work in the corporate world but many of us are pursuing entrepreneurial or consultative businesses and will therefor be able to earn an income well into our “graying” years.
As Boomers, we don’t envision a life with dinner at 5:00 PM and bed at 9:00 PM. We are redefining the phrase “retirees” since many of us are in good physical shape and want to continue to work, run, ski, golf, travel, entertain and stay physically close to our family and friends. Finding just the right housing situation that meets of all of these goals is not easy, but there are options. A great place to start is with the book featured on the left. It will inspire you to think differently about what’s possible in the next chapter of your life. It is available on Amazon at – http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Dstripbooks&field-keywords=unassisted+living
Another Great Resource is:
There are a ton of resources on the internet catering to this very topic. Retirenet is one that has a smart feature to help you figure out where to go next. Take their short personality test and they will make recommendations based on your particular personality type. I was shocked at how on target they were.
Let me know if you have discover any other ideas or suggested resources on this topic.