Senior housing - buyers and sellers
The National Association of Realtors (“NAR”) recently published their annual publication “2009 Profile of Home Buyers and Sellers.” NAR surveys home buyers and sellers annually to gather detailed information about the real estate buying and selling process.
According to NAR, 21% of seniors (65+) purchased a home to be closer to family, friends, and relatives, followed by the desire to own a smaller home (15%) and retirement (10%). Seniors who purchase homes typically do not trade-up. The average sales price from seniors ages 65 to 74 was $215,700, while the price of the new home purchased was $210,600.
The primary reason for seniors to sell their previous home was a desire to move closer to family and friends (33%). The median distance moved among senior home sellers was 44 miles in 2009 and over 30% of seniors moved less than 10 miles. At the same time however, 40% of seniors moved over 100 miles.
Maxfield Research Inc. finds that most senior housing facilities attract at least 25% of residents from outside the immediate draw area, typically seniors who desire supportive housing near their adult children and grandchildren.
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