As we wrote here a couple of weeks ago, a recent report by Zillow indicated a Silver Tsunami will soon ease inventory shortages as senior homeowners begin to sell their homes over the next two decades. According to this report, seniors own 27.4% of owner-occupied homes. Of those 27.4% senior occupied homes, 33.9% are owned by people 60 years and up and 55.2% are owned by people 50 years and up.
Zillow determined that some 20M homes owned by seniors could hit the market into the 2030’s.
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Bernice Ross, the CEO of BrokerageUP and RECoach.com, put together a list of do’s and don’t for InmanNews to help you maximize your efforts when working with senior homeowners who are forecast to list their homes beginning in the early 2020’s. Take a look:
- Use the term Right-sizing rather than Down-sizing. Why? Down-sizing implies loss…loss of health, loss of a spouse or partner, and/or loss of adult children who have moved out of the family home to set up their independent lives. Right-sizing implies working with what you have and making it better by more efficiently and creatively using existing space.
- Become the local expert on lock and leave properties. Many right-sizing seniors want less if any home maintenance responsibilities and many want the freedom to travel without having to worry about their next house.
- Become the local expert on properties with NO stairs. Right-sizing seniors prefer one story homes, condominiums with elevator or valet services and homes in which the master bedroom is on the first floor.
- Become the local expert on properties that have granny flats, auxiliary housing units or guesthouses. Why? Many seniors aged 50 and up are caring for and may be providing housing for elderly parents. Such auxiliary housing options offer privacy to all involved.
- Become the local expert on properties that offer options for home office conversions. Also develop a team of professionals who have the expertise to transform extra bedrooms into home offices.
- Cultivate older parents as clients. Those older parents often help their adult children with down payments and full-out purchases.
- Become the local expert in the probate niche. Specialized knowledge is required for this niche as it involves working with the over 50 crowd whose parents did not set up a will or trust to disperse their property assets. Consider taking continuing education classes and/or teaming up with an expert probate attorney.
- Become the local expert for your local chapter of AARP. If you yourself are 50 years or older, you qualify for membership in AARP. Volunteer to present a workshop on your local housing market for local AARP members. Chances are you will generate AARP members, Gen Xers and their adult children as clients once to help AARP members view you as an AARP member expert.
- Remember, seniors ask each other for referrals and they share their resources.
Thanks to InmanNews’ Bernice Ross.