Do Seniors Care About the Real Estate Market? Who Cares For Them?
Some may say that senior citizens, historically, are not the movers and shakers in the real estate market. If that was to be said about today’s seniors, it would be a big mistake. The age group of 55 years and older represent a unique segment of real estate ownership. The major difference is that real estate owned by this age group tends to have massive amounts of equity. These people actually own their homes in the truest form—they are paid for!
It would be safe to say that seniors care more about their real estate than any other age group because they are so much more vested. Yet they carry an obscure voice because they don’t represent the majority of transactions. Honestly, a 25 year old person who still owes the bank 99% of a homes value has so much less to lose than a 63 year old who has most of their savings tied to real estate. Any shift in the market may affect both assets equally, but the older person has a lot of cash tied up that can be lost.
This is the key question—what is a mature adult to do when the real estate values have declined? When lots of their wealth is in their homes, condos, vacation homes, or land? Who can properly advise this age group about their real estate? Who cares enough to be giving the right advice to family members who are helping an aged relative transition from independent home ownership to a more maintenance free lifestyle? What type of real estate professional puts the needs of the senior citizen paramount before their own financial gain? The answer: a Senior Real Estate Specialist®.
Seniors Real Estate Specialists® are REALTORS® qualified to meet the special needs and concerns of maturing Americans. A national program since 1998, The Senior Advantage Real Estate Council® (SAREC®) offers a specific designation, SRES®, to identify those members who have successfully completed its education program along with other prerequisites. This age segment of our population is so important to the real estate market that the National Association of Realtors® just recently merged the SRES® into its family of real estate training and certification options. Now more than ever, REALTORS® will have more awareness and access to the special training. In the short run, REALTORS® with this training are in an obscure minority.
By earning the SRES® designation, a REALTOR® has demonstrated necessary knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, selling the family home, compatible communities, choosing condominiums that are “Senior friendly”, and making smart choices with a large amount of equity this age group typically has acquired. This type of REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions easier for an older real estate buyer and/or seller.
To find out more about finding a Seniors Real Estate Specialists® and other local real estate data, go to www.seniors.alblock.com or call Al Block, SRES® at the phone number below.
Al Block, of RE/MAX First, Inc. is a designated Senior Real Estate Specialist.
He is a licensed Realtor® and limited Appraiser actively practicing in Southeast Michigan
Attachment(s): Newsletter_2-15-07[1].doc