Canadian Baby Boomers make up about 29% of the population, while about 36% of the U.S. population is over 55. There are about 75 million Baby Boomers about to retire.
According to the Bipartisan Policy Center, Baby Boomers own 26 million homes. That’s about half of all owner-occupied homes in the United States.
This group, which is currently 54 to 72 years old, is the second-largest group of sellers after Generation X.
While many may be willing to sell their homes, Baby Boomers have different habits, motivations, and priorities than other seller groups.
What do Boomers want?
When you reach out to Boomers, you have to know that they likely don’t consider themselves seniors just yet. Don’t treat them like they’re headed straight for a retirement home.
Forget about age for a moment. Instead, focus on the factors that may influence their next moves:
- Health changes
- A desire to reduce home maintenance responsibilities
- Smaller space requirements
- A desire to be closer to family and friends
Seniors who are ready to sell will often buy smaller properties that cost less than their previous homes. Senior sellers are also more likely to sell their homes for 100% or more of their asking price, compared to other generations.
Studies show Realtor satisfaction increase as sellers get older, which means you have a greater opportunity for referrals and recommendations.