ERA Real Estate announced the results of its annual survey of mature
consumers regarding their opinions toward real estate and the home buying and
selling process. The national telephone survey of more than 1,000 men and women
aged 50 years and older determined that the majority of respondents (64 percent)
clearly identify the single-family home as their preferred residence of choice.
The survey found that 21 percent of 50-plus consumers were considering a move in
the next five years. Of those who plan to move, a majority (63 percent) are
looking to purchase a single-family home, while 18 percent would purchase a
condo or townhouse and only a scant 2 percent would choose an adult community.
More than half of those surveyed (55 percent) cited retirement as one of the
reasons for buying a new home. Other motivating factors identified include a
desire to downsize, lower taxes, proximity to friends and family, a change of
climate and affordability. Predictably, 42 percent of seniors over 65 years of
age factored health concerns into their decision to move. A surprising
15 percent of senior men and women actually said that they wanted to upsize
their home.
“The mature consumer continues to be an extremely influential group with very
specific wants and needs,” says Brenda W. Casserly, president and COO, ERA
Franchise Systems, Inc. “We are continually working to deliver targeted services
and resources that are tailored to the specific needs of 50-plus homebuyers and
sellers. It’s part of our effort to be the real estate company of choice among
active adults.”
Family ties
Though the 50-plus demographic may be mobile, they aren’t planning to stray too
far from loved ones any time soon. Seventy-one (71) percent said it was
important to be near their family. Family ties were even stronger for women (77
percent) than men (65 percent).
Home sweet second home
A relaxed lifestyle appears to be high on the priority list for some 50-plus
buyers. Fifteen (15) percent of respondents said they owned a second home or
vacation home while an additional 10 percent indicated they would consider
buying one in the next five years. While 55 percent of respondents who own or
plan to buy a second home want it for vacation purposes, 48 percent made or plan
to make their second home purchase for retirement. A savvy 45 percent bought it
or plan to buy it as an investment though there’s a dramatic difference between
males and females when considering the investment potential of a second home
with more males (51 percent) than females (37 percent) citing investment
potential as a reason for buying.
House hunting
When it comes to searching for a house, one out of four (27 percent) said their
first step would be to search the Internet if they were thinking of moving or
buying a home in the next five years. However, this search method was more
prevalent for those under the age of 65 (33 percent) than those age 65 or older
(12 percent). Talking to a real estate agent or broker that they know, was the
preferred first step for 18 percent of those polled while 14 percent would
choose to talk to a friend, family member or business associate.
Choosing a sales associate
While mature consumers report being comfortable searching for a new home on the
Internet, when queried about how they would choose a real estate agent they
indicate that they would rely more on interpersonal contact with 62 percent
saying they would get a recommendation and 60 percent would call a friend.
Almost half (45 percent) said they would visit one or more real estate brokers
and talk to sales associates. One in five would look in the newspaper or search
the Internet.
Ideal neighbor
Surveyed respondents might be counting on practicing their golf swing real soon.
When asked which celebrity would make the best next-door neighbor, the majority
chose pro golfer Tiger Woods. Affable talk-show host Regis Philbin was a close
second while funny lady Ellen DeGeneres was third. Only a small percentage of
respondents would borrow a cup of sugar from Desperate Housewife Teri Hatcher,
and James Gandolfini of The Sopranos fame ended up dead last.
This survey represents the latest in ongoing series of initiatives by ERA Real
Estate to monitor and address the concerns of the growing mature consumer market.
These efforts include customized and personalized marketing approaches that meet
the needs of mature consumers, as well as a variety of targeted services,
resources and financial options. As the first global real estate franchise to
deliver the Seniors Real Estate Specialist (SRES®) designation to its affiliates
online, the ERA system is also committed to educating its sales professionals
about the specific needs and concerns of mature buyers and sellers.
Survey Methodology
This report presents the findings of a national telephone study conducted
February 13-24, 2006 by Opinion Research Corporation among a sample of 1,002
Americans who are age 50 and over.
About ERA Franchise Systems, Inc.
ERA Franchise Systems, Inc. is a global leader in the residential real estate
industry with more than 30 years experience in developing consumer-oriented
products and services. ERA Real Estate has earned the prestigious 2005 J.D.
Power and Associates Award for “Highest Overall Satisfaction For First Time Home
Sellers Among National Full Service Real Estate Firms.” The ERA® real estate
network includes more than 36,600 brokers and sales associates and 2,800 offices
throughout the United States and 28 other countries and territories. Each office
is independently owned and operated except offices owned and operated by NRT
Incorporated. ERA Franchise Systems, Inc. is a subsidiary of Cendant Corporation
(NYSE: CD) and part of its Real Estate Franchise Group. ERA® information is
available to consumers at ERA.com.
Contact:
Steve Alessandrini
(973) 496-7904
steven.alessandrini@era.com
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