Survey reveals seniors want single-family homes
By Clyde Noel, Town Crier Staff Writer
A survey of more than 1,500 people 50 and over, sponsored by ERA Real Estate, revealed changing attitudes about real estate. Many long-held assumptions are not true.
The general consensus among realtors was that the typical aging homeowner was planning to downsize or move to an active adult community, but survey results show otherwise.
The survey showed only 8 percent of those considering a move in the next five years indicated they might purchase a home in an active adult community. Instead, more than 61 percent of those surveyed would consider purchasing another single-family home.
The average senior lives in a house with three or more bedrooms and two or more baths. Only 11 percent felt their current home was too big. Actually, nearly 25 percent of respondents thought their home too small.
When it comes to searching for real estate information, nearly 92 percent said they were only somewhat, or not at all, likely to choose a real estate agent based on Internet research. They would prefer to select a real estate agent or broker with whom they had an existing relationship.
The survey represents the latest in an ongoing series of initiatives by ERA Real Estate to monitor and address the concerns of the expanding, mature consumer market. It revealed apprehension about common economic costs. Despite a historically strong real estate market that has seen continued price increases, respondents expressed greater anxiety over prescription drug costs (62 percent), hospital-related costs (60 percent), income and other taxes (59 percent), and gas prices (56 percent) than they did over the price of houses ((43 percent).
The majority of respondents have lived in their current residence for more than 10 years; 57 percent would prefer to stay within 50 miles of their family during their next move, while a surprising 16 percent would consider a move of 1,000 miles or more.
InsightExpress, a market researcher headquartered in Stamford, Conn., conducted the survey on behalf of ERA Franchise Systems.
