Right now, 10,000 people turn 65 each day in the United States. It is predicted that over the next two decades (by 2030), the senior population in America will grow to be over 34 million strong.
As their needs increase, this demographic will fundamentally reshape our nation’s economy. Businessmen and entrepreneurs are beginning to take note of this and plan accordingly.
This demographic shift will impact my industry as well. Within real estate, there’s a term for this phenomenon: “silver tsunami”. This wave of senior citizens who will be looking for senior housing is significant.
Just a few years back, the term “short sale” was fairly new, but it quickly grew to represent a huge portion of real estate transactions in recent years. In the same way, senior housing transactions will be the next major market in real estate.
As seniors begin to make their housing needs and preferences known, Realtors and business people alike would do well to begin to adapt their efforts to meet our seniors where they’re at and provide them with what they’re looking for in terms of suitable and affordable housing.
Let’s honor the “silver tsunami” that has gone before us.
I’m not talking about what the price of the home is, or how much the Buyers and Sellers may have made or lost during the transaction. I’m talking about how many other jobs were sustained and how much revenue was produced as a direct result of that home sale.
Did you make your guess?
OK, then here are the results. After reviewing recent studies by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors, and the Joint Center for Housing Studies at Harvard, the National Association of Realtors (NAR) determined that the total economic impact of a typical single home sale in the United States is an incredible $56,464! Read more…
With real estate heating up now, some sellers may consider putting their house on the market as a For Sale By Owner (FSBO). Being purely objective, there are a number of reasons why this usually isn’t in a seller’s best interest. Here are a few:
1) While more information than ever is available on the internet, only real estate agents have the experience it takes to make sure your offer gets to the closing table. The goal is to get the highest price in the shortest amount of time. When one considers market nuances and volatility, stricter lending requirements, increasing paperwork, and heightened appraisal standards, it’s obvious that this minefield needs a professional navigator. Read more…