The Market Enhancement Group recently interpreted the
latest data found in the US Census, and found that 5 million senior Americans plan to
sell or buy a home within the next 3 years.
Home ownership for people 65 and over is
high, higher than any other age group.
Many plan to pay with cash from equity built in long-owned
homes, and therefore won't need preapproval from a lender. Irrelevant to these senior buyers: worry about credit scores and down payment size.
More real estate findings:
- 31% of homeowners own their homes free and clear
- 68% of seniors own their homes free and clear, the rest will do so within the next 6 years
- 15% of senior homeowners plan to sell their home in the next 3 years to buy another home
- 94% of these plan to pay cash for their next home
- Only 1.6% of retirees are moving out of state after they sell their homes
- Florida used to be the main attraction with 1 in 4 retirees heading there, but that has dropped to 1 in 7 between 2005 and 2010.
- Seniors are staying put: many are staying near to where they worked, only moving an hour or two outside the city, leaving high priced inter urban areas for less expensive property and taxes
