SELLING TO RETIRING BABY BOOMERS

By Tricia Morris,
President, Premiere Mortgage

The growth of Hawaii’s senior citizen population has been in the news recently. Aging baby boomers seeking a second home or a retirement home are a factor in this population growth. As Hawaii—and Maui—attracts this older population it is interesting to review the impact this is having on real estate sales and on homebuilding as both sectors adjust to meet the emerging needs of this market.

Homebuyers 50 and older are often paying more for their retirement homes than for their previous home. In fact, fully 25% are moving up to a larger home with more amenities. Just as baby boomers affected everything from popular music to clothing styles, they will continue have an impact on home sales that is just a significant.

What is this group of emerging seniors looking for in their retirement years? Almost 60% expect to relocate and they do not expect to be sitting around. They are active and they are looking for homes that are low maintenance, are well designed, attractive, with good healthcare availability, near recreational opportunities and located in secure communities.

Mowing the lawn and painting the house seem to be a thing of the past. Surveys indicate that fully three-quarters of buyers 50 and older want a home that gives them yard or grounds service and exterior home maintenance.

The buzzword in building for this population is “universal design.” This is a term that is used to describe a home that is designed to meet the needs of people of all ages. That can mean an entrance without steps and larger bathrooms with grab bars on the walls to prevent accidental falls.

Extra space can be built in to allow plenty of room for crutches, wheel chairs and walkers as active seniors age, yet want to stay in their homes. Doors and hallways are becoming wider as builders respond to these needs. Another change is in interior lighting. This can mean dimmers to reduce glare and even multiple controls to reduce the number of switches needed to turn lights on and off.

Another design factor can be the location of the master bedroom. A review of many Maui designs will find the master bedroom and a full bathroom now being built on the first floor. Other changes can include something as simple as thermostats with larger numbers making them easier to read, or electrical switches placed lower on the wall.

It has become clear that paying attention to the special and growing needs of the homebuyer over 50 is an important aspect of any overall sales and marketing presentation, and can help to insure the continued success of Maui’s real estate community.

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