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The city of Sarasota and the surrounding communities of Tampa/Saint Pete and Fort Myers are wonderful and vibrant communities that have more to offer the average resident than almost any other place on earth. They are also all very popular retirement destinations that many folks over 50 are proud to call home. It´s one of the best attributes of the greater Sarasota area; the exciting youth culture and the care and beauty of the older generations that call Sarasota home.
The trends that seniors are following right now when it comes to buying property and retiring are important not only to sellers of property in Sarasota but also to buyers. It´s always good to know which sections of Sarasota are heating up, real estate-wise, and which ones are cooling off. It can lead to smarter shopping when it comes time for you to buy that big, beautiful piece of Sarasota real estate. Let´s take a look at some of the trends when it comes to seniors and real estate.
Recent studies have shown that seniors all across the country are utilizing the latest technology when it comes to shopping for real estate. Most people imagine that Internet real estate shopping would solely be the domain of the young, under 40 set, but statistics show that over 50 percent of seniors over the age of 50 used the World Wide Web to price real estate, including real estate in the Sarasota area. This just further illustrates how important it is to make sure that the realtor you choose will put your home on the web so that folks from all around the world can check out your listing.
The same study broke down senior Internet usage further, and showed that of the 50 percent of seniors that used the Internet to shop for real estate, a large number, over 60 percent, used the Internet to find a local real estate broker in the area that they wanted to move to. An even bigger percentage, 92 percent, used the Internet to comparison shop prices of homes in the areas they wanted to move to. And almost 20 percent of senior Internet real estate shoppers used the Internet to check out particular neighborhoods that they might want to live in. These numbers should serve as a wake-up call to everyone that thinks that just because a particular group is older that they automatically shy away from technology. There is a huge number of seniors out there that are web savvy and they are using that knowledge to shop for real estate all over the country.
The same study also revealed some disturbing information about how unprepared most people are for retirement. While no exact percentage was revealed, the study was quoted as stating that over half of all seniors polled felt unprepared financially for retirement and admit that they didn´t plan far enough ahead of time.
A final bit of information on senior buying trends. The study reveled a bit of a surprise in their findings. Apparently, an overwhelming percentage, over 80 percent, of senior home buyers stay in their home state. While a good number of them do tend to migrate to warmer climates, most seem to enjoy where they are and tend to stay there because of familiarity and family. Not only do a large number of seniors stay home when they move, they tend to stay within 100 miles of their previous location when they move. Some good news for realtors in the Sunshine State, of the group of seniors who did relocate to a different, state, over 25 percent of that group chose Florida, far and away the best showing for any one state.
By knowing the buying trends of seniors and of all groups of people, those that are looking to buy and sell a home can make a more educated choice. The most recent numbers on seniors are a bit surprising. They tend to be much more web savvy than most people expected and almost 20 percent have no problem relocating to a different state, and of all the states they move to, Florida and the Sarasota area are an overwhelming favorite. It´s good to know that some things never change. GBrey
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Nearly half of all seniors use the Internet as part of the homebuying process, while most senior homebuyers stay within their home state when they retire, according to a research report released today detailing home purchase behaviors of the senior market. Key differences in behaviors emerged between younger seniors, those seniors 50 to 64 years of age, and older seniors, those 65 or more years of age.
Moving Forward: 50 and Beyond, sponsored by the Senior Advantage Real Estate Council (SAREC), explores the buying trends of consumers 50 or more years of age who purchased a home within the last six months. The survey was conducted in September, 2005. Senior homebuyers were defined as those 50 years of age or older, based on the AARP definition of a senior.
According to Moving Forward: 50 and Beyond, of those homebuyers utilizing the Internet, nearly two-thirds (61 percent) did so to locate a specific REALTOR, 92 percent utilized the Internet to research comparable prices, and 19 percent went online to learn about specific neighborhoods to move to.
While the prospect of retirement is an exciting time for most seniors, many have not planned for the economic issues that arise as a result, said Dr. Nathan Booth, senior advisor to SAREC. For seniors choosing to remain in the workforce, or even retire early, help is needed in finding the best and most prudent use of the resources available to them in real estate. It has become increasingly important to understand the changing and emerging buying and selling habits of senior homeowners.
The survey also revealed that not only did most senior homebuyers stay within their home state (82 percent), they moved less than 100 miles from their previous home. Younger seniors tended to move farther away from their previous residences than did older seniors. Of those senior homebuyers who did move to a new state (18 percent), the most popular choices were: Florida, 26 percent; Texas, 11 percent; Arizona, 8 percent; Nevada, 7 percent; and Virginia, 6 percent. GBrey
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