The Baby Boomer Generation is the largest age group of our population. These retirees, or soon to be retirees, are also looking to downsize from their current homes, and looking to purchase or build ones that are specific to their new needs and lifestyles. These buyers are very specific in their desires and needs. I met recently with Realtor Simon Fitzpatrick with Simon Fitzpatrick Exceptional Properties in Fairfield, CT. We spoke about the specific needs of this group of home buyers.
As these retirees pack up their large homes, many of which have seen the arrival of babies as well as the departure of these same babies, now all grown up and off to college or with families of their own, they will be wanting many of of their material possessions that will be traveling with them. So for this group, storage space is of the utmost importance. In this part of the country, a New York City suburb, the average size home desired by these retirees is roughly 2,500 – 3,000 square feet. This number does vary in different parts of the county. This generation wants their space to feel contained, but manageable.
This is a wealthy generation. They have worked hard and saved well. Their retirement funds are healthy and they have money to spend on their new homes. Any income, however, generated from the sale of their past home, will not go towards the purchase of the new home. It will, instead be put towards their retirement accounts. For this generation of buyers, this home purchase is no longer for investment purposes. They want convenience and simplicity. They are looking for high end, turnkey homes.
