Older homebuyers show little interest in smaller quarters

REAL ESTATE WATCH

February 27, 2005|By Lorraine Mirabella

Potential homebuyers older than age 50 have little interest in moving to smaller homes or active adult communities, contrary to long-held assumptions about aging buyers, according to a survey by ERA Real Estate.

The survey of more than 1,500 people age 50 or older showed changing attitudes about real estate.

Only 8 percent of those considering a move in the next five years said that they might consider buying a home in an active adult community, but 61 percent said they would consider buying a single-family home.

Nearly a quarter of the respondents said they thought their home was too small. Only 11 percent said they felt their home was too big.

"It is becoming harder to define the increasingly diverse mature consumer," said Brenda W. Casserly, president and chief operating officer of ERA Franchise Systems Inc., a network of some 33,000 brokers and associates.

- Lorraine Mirabella

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