Since the completion of the Senior Real Estate Specialist course (SRES) I will be specializing in the 55+ market which ties in with Probate Real Estate in many ways. However, it is interesting to note that there are multiple generations that can blend into the housing market for seniors, and certain family situations will determine whether or not there will need to be downsizing, upsizing or finding a particular type of home to fit individual needs.
We have all heard of the Baby Boomers and Millennials but there are many other categories depending on the age group. The G.I. Generation are only 1% of the population now since they are in their 90’s. The Silent Generation is considered those born before 1945 and the Baby Boomers were born from 1946 to 1964. Generation X are called the “latchkey kids” who were left alone after school while parents worked. Millennials, or “Generation Y” are multitaskers with a short attention span while being sensitive to multiculturalism. We don’t hear as much about Generation Z (ages 10 to 25) or Generation ALPHA (ages 9 and under).
What is important are the changes that have occurred with the “sandwich generation.” Generation X is replacing the Baby Boomers as the foremost sandwich generation caring for both children and older relatives. Although their elderly parents are healthier and wealthier than previous generations, they are still likely to rely on their children for assistance and emotional support. Dependent adult children tend to rely on their parents for financial support. Sandwich generation households may carry a considerable financial burden when the adults in the “middle” must support three generations at one time.
A change in housing will be an important decision for all involved to make sure there is adequate room for living comfortably and that the need for privacy is met. There may be a need to sell one property in order to buy a larger one; there may be a need to move closer to medical facilities or areas with public transportation; there will definitely be a need to work with a real estate specialist who understands these individual needs and can offer professional assistance.
A realtor specializing in the senior market works not only with those over age 55 but also with all family members involved with the seniors. We are “seniors helping seniors” to find the perfect home so that all involved can be happy with their decision.