Smart Realtors Focus on Baby Boomer Needs
Home equity rich seniors represent significant opportunity for well-versed Realtors.
Baby Boomers.Smart realtors will do well to focus in on this swelling demographic. The second largest generation in our history represents more than 25% of the residential real estate market. Boomers have accumulated between $6 – 8 trillion (Reasons why Baby Boomers are a Market to Watch,Dave Lowman) in home equity.
Many are looking for ways to access their hard-earned equity hoping to finance another move, for medical expenses or other needs. As baby boomers approach 62+ most are concerned whether they’ve saved enough for retirement.
Realtors can capitalize on the equity rich demo that cites its number one reason to move as “to be nearer to loved ones”(2018 NAR Home Buyer and Generational Trends). Building a healthy clientele where the word-of-mouth and referrals rule can be lucrative. But savvy agents will need know-how to do so.
Some agents shy away from the senior market citing a bit longer sales cycle. However, it’s possible to bring the senior seller-buyer cycle in line with that of millennial movers.
Willing realtors with a heart for seniors will do their homework to ‘get’ the senior market. Good agents will be offer solutions to their baby boomer sellers and buyers. Like any demo, seniors have unique needs and options to meet those needs.
Notably, the new home conversation with baby boomers will be about more than how many beds and baths, or if there’s a two-car garage and garden space. Seniors are concerned about long-term financial health. And, they want to know how moving plays into their retirement equation.
To find out more about how the HECM for Purchase (H4P) can benefit you and your Senior clientele, contact me today!
Tim Malcolm, NMLS #420505
Reverse Mortgage Loan Originator
909 NE Loop 410, Suite 902A
San Antonio, TX 78209
Cherry Creek Mortgage CO., Inc. NMLS #3001 dba 1stReverse Mortgage USA
*No more monthly mortgage payments. Borrowers must maintain the property and remain current on property taxes, homeowner’s insurance and applicable HOA dues.Scenarios described represent case studies, relate opportunities and protect client identity therefore specific likenesses and names are fictional.