Brian Rugg
Important market segment
Boston was recently named one of the top 10 communities in the country for seniors, predominantly because of the wide variety of housing options to be found in the area. Realtors have taken notice of the senior population, as well, often becoming just a specialized in meeting the housing needs of older homebuyers and sellers as the growing number of facilities geared toward that age group.
A new study from Sperling’s BestPlaces, a Web site that evaluates communities based on a variety of data, identified places from among the 50 largest metropolitan areas in the United States that do the best job of caring for the senior population. The study, produced in partnership with Bankers Life and Casualty Co., analyzed nearly 50 categories such as senior living facilities, comprehensive medical care, specialized transportation services and a significant senior population. Portland, Ore., was ranked first in the nation; Boston came eighth; and Passaic, N.J., rounded out the bottom of the list.
Boston’s place in the list comes as no surprise to local Realtors.
“Greater Boston is very appealing to seniors. It’s an incredibly diverse area – the beauty of it and the types of personalities here make it a very wonderful and attractive place to live for that demographic,” said Jill Evans, director of Norwell-based Jack Conway & Co.’s Senior Specialist Program.
With many in-state and out-of-state residents entering into the home-buying market at a later age, and the number of older Americans increasing with the aging of the baby boom generation, the senior demographic is one of which many Realtors are taking note.
“The sheer volume of the 55-plus demographic suggests that it’s a very important segment of the market, one that shouldn’t be ignored if you’re in real estate,” said Brian Rugg of ERA Boston Real Estate Group, who happens to have some personal experience with the market.
“I also happen to be part of that demographic and I know that my own view changes as I get a bit older, which helps me in my focus on the so-called senior market,” Rugg said.
The senior market, also commonly referred to as 55-plus, encompasses a broad range of age groups and therefore interests. One of the appeals of the Boston area is that it offers a variety of housing options, which means that Realtors have to equip themselves with the knowledge and special skills to work with such a broad spectrum of possibilities.
“The market is huge and you can’t just characterize it one way. When I’m dealing with 50- to 65-year-olds who are moving to city, I see that as an exciting chapter in their lives and deal with it one way. However, the older group, the people headed into assisted living because they can no longer live on their own, that requires a very different approach,” Rugg said.
While different sectors within the 55-plus demographic may be looking for different things, there are some consistent trends that exist within the market.
Many recent empty-nesters are choosing to sell the suburban home they raised children in and move back into the city center.
“Suburban senior people are saying it’s their turn to live back in the cultural, entertainment, arts, sports and restaurant center of Massachusetts,” said Rugg, who himself moved into Boston with his wife after their children went to college. “We’re here and we are loving it.”
Other sectors of the market are attracted to the increasingly popular option of age-restricted developments, often called active-adult communities.
“I’m seeing a lot of seniors going into a 55-plus community,” said Rick Murray of Braintree-based Success! Real Estate. “The common theme is simplicity. They want to have a place to live that’s simple to manage, clean and get to. The people I deal with want to downsize and simplify. They want to live life, not be tied down to their property, and 55-plus communities allow them to do that.”
‘More Attentive’
Active-adult communities provide a communal experience for people of the same age group, something that’s appealing because residents often share similar interests.
“There’s a very big interest in [active-adult] communities because the option is more available than it ever was before. It seems like there’s just an insatiable demand, the more they build, the more they need,” said Evans.
Speaking to the diversity of the demographic, some seniors are not content with the option of 55-plus communities.
“People are definitely considering active-adult communities, but not everyone wants that. You have to be sensitive to the fact that there are distinct differences in the market,” said Susanne McInerney of RE/MAX Carriage Way in Wellesley.
No matter what type of housing seniors are attracted to, there seems to be agreement that the age group requires a certain kind of special approach.
The Senior Real Estate Specialist designation for Realtors requires hours of training in order to sensitize Realtors to the specific needs of seniors, most of which focuses on the extremely elderly who may be less willing to leave their home, according to Rugg.
“They [senior buyers and sellers] usually need more time. They like to sit down with me face to face. A lot of these people aren’t working and this is their focus, the only thing on their mind. You have to be more hands-on and much more attentive,” said McInerney.
Others may take it even a step further, because of necessity or perhaps simply out of respect for an older client.
“I go above and beyond common duties. I’ll assist them with contractors, relocation, special needs, you name it,” said Murray. “You can relate to these people. I know that when I get hired by a client and they are in their 60s or 70s, I may not know what they’re going through, but they’re the same age as my mom and dad. I probably go a bit above and beyond for them, but they deserve it.”
