As the idea of retirement is changed daily by Baby Boomers, there is a growing group of seniors who decide they want retirement to be a time for new experiences or developing deeper bonds.
In the past, retirement was viewed with limited options like aging in place and moving into a retirement home. New trends show only 25% of seniors selling their home are selling to move into retirement homes in both the U.S. and Canada according to recent studies. Even more interesting, seniors and adults cruising into retirement are selling at high rates amongst U.S. home owners.
This new approach to life after retirement, has impacted the real estate industry shifting the motivations for seniors who decide to move. In an article by DestinationHub, seniors motivations to sell include moving to be closer to family and friends, retirement and downsizing. Author Shahla Jalali writes seniors, are “most likely to sell their home for 100% or more of the asking price, compared to other generations,” and even noted an increase in seller satisfaction with realtors “as the sellers got older, leading to a higher probability of referrals and recommendations.”
As seniors downsize, rightsize or relocate, many are also considering their financial plans, well-being, and lifestyle in addition to family, friends and reducing the stress of maintaining a property. Learn more about this in, Rightsizing for Senior Couples: 5 Things to Consider Before Making a Move.
In a study, titled “Project Looking Glass III: From The Outside In,” the decision-making process behind senior moves were explored in a survey (see the data below). The top three reasons include changes in health for you or your spouse, freedom from home maintenance responsibilities and a desire for peace of mind.
Close to 88% of the survey participants plan to move from their current residence. It seems the trend is enjoying life to the fullest at every age with location at the center of most retirement plans.