Boomers like single family homes

PARSIPPANY, N.J. -- ERA Real Estate announced the results of its annual survey of mature consumers regarding their opinions toward real estate and the home buying and selling process. The national telephone survey of more than 1,000 men and women aged 50 years and older determined that the majority of respondents (64 percent) clearly identify the single-family home as their preferred residence of choice.

The survey found that 21 percent of 50-plus consumers were considering a move in the next five years. Of those who plan to move, a majority (63 percent) are looking to purchase a single-family home, while 18 percent would purchase a condo or townhouse and only a scant 2 percent would choose an adult community.

More than half of those surveyed (55 percent) cited retirement as one of the reasons for buying a new home. Other motivating factors identified include a desire to downsize, lower taxes, proximity to friends and family, a change of climate and affordability. Predictably, 42 percent of seniors over 65 years of age factored health concerns into their decision to move. A surprising 15 percent of senior men and women actually said that they wanted to upsize their home.

Source- National Realty news