Don’t Let Seniors Abandon Homeownership
Yes, many older homeowners are preferring to rent than downsize. The key is letting retirees know their options so they can evaluate what is best for them. Did you know people over 55 is becoming the greatest segment of renters? It's not that they cannot own a home but they prefer the low-maintenance, amenity-rich lifestyle of apartment living. In Columbia, South Carolina buying remains extremely affordable compared to nearly all U.S. markets. Columbia is unique in that it is a state capital, university town, big military base, local and state government, and heavy in health care.
Everyone has different desires and needs so you seek to understand the baby boomers desires and circumstances. In general, most boomers seek a single-story home, ideally in a setting with minimal maintenance and yard work. Condos, patio homes, or elevator buildings are good options. Some boomers may want to relocate to a senior community with amenities that support an active lifestyle, such as swimming pools, golf courses, and social activities. There is a lot of options to choose from so they can fulfill their vision of retirement.
We have not seen as many half backers (homes both in Florida / New York area). This will be a growing trend that Columbia and Lexington will be seeing growth in. With reduced taxes for a homestead exemption and low taxes and home prices buyers will be shocked at the inventory available for the price. Yes, you can find a nice 3 bedroom 2 bathroom single story house with garage can be found for under 130k. You of course can move up in price but this is a great way to have a home base and take day trips to go to the beach, mountains, fish on Lake Murray, or jump on a cruise. A drive to Charleston SC or Jacksonville Florida will allow you to jump on an affordable Carnival cruise.
It is very understandable many seniors may not want to sell their family home even if it no longer fits. There is a lot of stress and coordination to a move. As a Real Estate Agent, our job is to guide them and provide advice on how to make the move as convenient as possible. If you are planning to move to the area and would like suggestions on how to get involved let me know.
For many retirees, the idea of moving can be daunting and take several years to make the commitment and move. As a real estate agent, we must remember this and find out the best way to communicate with them.