In previous articles I?ve talked about the dramatic 'aging' of the U.S. population. Indeed, within 20-25 years, the number of Americans over 65 will double, according to census bureau projections. As Realtors, we are firmly ingrained with the concept of treating all of our clients fairly and equally. However, when it comes to the circumstances of baby boomer clients getting into their mid-50's or early 60's, it is far more critical to properly understand financial and lifestyle considerations as compared to buyers in their 20's, 30's, and 40's.

The differences, which are not readily understood by even veteran agents in the very age bracket in question, are multi-faceted. The most important issues frequently include the compatibility of the space with future health concerns, financial affordability with fixed or mildly variable income, proximity with family, friends, and community. Baby boomer consumers need to be more cautious and comprehensive in their home search than any other segment of home buyers. They require a level of service to ensure that they have more options, that they are able to examine each home more closely, and that they are willing to pass up a home because of typically insignificant, but very real, factors.

The compatibility of a home with one's lifestyle is, of course, a consideration that most any home buyer faces. It is most likely one of the greatest considerations when one looks at homes. It's why we don't just buy homes off of the shelf- it needs to be the RIGHT home! But the deliberations that a homebuyer in their 50's or 60's must go through are quite different.

Homebuyers who are presently in excellent health, who walk up and down many flights of stairs with ease, often need to think ahead to when they may not have such excellent health. By purchasing a home that will suite their lifestyle 20 years from now; they are saving themselves the trouble of finding a new home once their health shifts. As demanding as the home buying process can often be, it would seem that when one's health falters, a home-search would be a terrible undertaking at that particular junction. By planning ahead, these homebuyers may save their selves a tremendous amount of headache and future duress.

Financially speaking, the calculus utilized by many younger home buyers, those in their 30's, 40's, some in their 20's, include assumptions of ascending incomes. For example, a young couple may cringe at their expected mortgage payment, but rationalize that eventually they will be getting that promotion, they'll pay down other debts, and perhaps be able to refinance at a kinder, gentler payment. A buyer in their 50's or 60's, however, must have a more pragmatic and frank view of the future. With their income often at its peak, and with the expectation or reality of a fixed or nearly-fixed income, this kind of stretching and beaming optimism can be a devastating approach to take. Indeed, many own their existing homes either outright, or with small balances, and hope to keep things that way. Others are looking to step down their debt obligations, planning on reduced incomes, often incorporating a downsized floor-plan. The approach, therefore, needs to cooperate with their retirement plan.

Understanding a client at this stage essentially requires an understanding of how their retirement planning incorporates where they live. A candid conversation about these matters is very important to ensuring that these needs are taken into consideration throughout the home buying process. These clients are invariably incorporating the sale of their existing homes with this calculation. As this home's value ebbs and flows in the local real estate economy, the value of what they can buy changes as well. As the demand for retiree-friendly residences increases, and the supply of older, 2-story residences increases, one can better understand what a difficult transition this will be for many.

While many 'experts' expected that baby boomers would flock in droves to the sunny extremes of the nation ? Florida, Arizona, Nevada, (and for many this has been the case) ? the fact remains that many Midwesterners have stayed home, choosing to stay closer to their family, friends, and communities wherein they have such strong ties. The location of any home that a buyer in this stage considers must requisitely be in reasonable proximity to those ties. While prior home buying decisions may have been made on grounds of a good school district or convenient transportation to employment, the choices have more to do with existing relationships than schooling and work.

All of these factors play into making these consumers unique and at times challenging to work with. Real estate professionals will certainly need to adjust to those different needs as these consumers come to the forefront of the housing industry. As they become a dominant force in the home buying and selling marketplace, the service people helping to facilitate these transactions will be required to step up to that challenge, in order to provide the best service whatsoever possible. While many other home buyers can easily adjust their lifestyle to accommodate the incompatibility of a home with their lifestyle, baby boomers will need to exercise increased foresight and diligence in their next home purchases so that their years ahead are unimpeded by their housing decisions. Indeed, a home should be one's refuge, and not their source of anxiety.

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