Minneapolis, Minnesota (PRWEB) February ten, 2013
The National Association of House Builders (NAHB) released a report on their most recent survey showing that property builder’s are confident that seniors are acquiring and retrofitting residences in 2103. The What House Purchasers Genuinely Want survey was a joint accomplishment by the NAHB Economics and Housing Policy Group in 2012.

“Like most house buyers out looking to acquire a residence in today’s tight Minneapolis housing marketplace, the 55+ segment browsing for genuine estate listings face a low inventory of single-family members properties for seniors to select from. When starting their search, seniors that are already pre-certified and have a property loan in hand have a required advantage. Attempting to buy a home with no a single is genuinely daunting, especially when looking for a really particular residence,” says House Destination’s owner Jenna Thuening.

According to NAHB’s findings, two prime preferences seniors expressed for what theyd want in a home obtain are:

1) Adequate living space and number of rooms to meet requirements

two) Ease of home maintenance

Property builders self-assurance that seniors are acquiring and retrofitting residences enhanced the fourth quarter of 2012 compared to the identical period a year ago, according to the NAHB most recent 55+ Housing Market Indices (55+ HMIs).

NAHB has separate 55+ HMIs for two segments of the 55+ housing market: single-household properties and multifamily condominiums. A sturdy trend is expanding amongst seniors to choose living with other household members and get pleasure from a high quality life made up of close family members bonds. Each senior HMI is based on a survey that asks if market situations are great, fair or poor. An index quantity below 50 indicates that more builders view conditions as poor than great

Home Location finds the following highlights In NAHB’s 55+ HMI Report on senior housing trends:

Both 55+ HMIs stay under 50 but have gained substantially over reports from 1 year ago
Seniors living in single-loved ones residential houses increased ten points to a level of 28
Report findings show a fifth consecutive quarter of year over year housing gains
Multifamily condos remain the weakest segment of the 55+ housing market and many favor remaining in their personal properties
Nonetheless the gains for the 55+HMI for condos have been sturdy enough to record a substantial year-over-year boost of six points to 19.
69% of this senior age demographic prefer a single-story residence, where as the percentage is 57% across all age groups.
20% of folks age 65 and older have plans to buy a property in the subsequent one to three years. That includes the range of a single-family members detached residence, townhome attached, multi-family apartment, mobile property, or “other”.
48% of senior respondents said theyd like a new residence to variety among 1,600 and 2,499 square feet.
39% indicated that sufficient living space and quantity of rooms to meet demands is the number one particular characteristic that would most influence seniors to obtain a new residence.
42% of the seniors surveyed stated ease of residence maintenance was a requirement when purchasing a residence.
45% want a home with energy efficient functions.
Confirming U.S.senior housing demographics, Harvard University’s Joint Center report on Housing Americas Seniors says, “Even even though nine out of ten seniors 70 and more than live in standard housing, the regular stock is not developed to meet their altering demands, tastes, and preferences”. Seniors have the highest homeownership prices of any age group, producing up practically one particular-quarter of all residence owners, a segment the housing marketplace is adjusting to accommodate better.

” Buying a ranch house and gaining living quarters all on one level is a 1st step for numerous. Nonetheless, a range of home renovations are nonetheless necessary, from installing handrails to structural modifications that would aid seniors function much more simply at residence,” says Thuening.

Furthermore, the US Census Bureau reports show that Minnesota’s residential population is increasingly made up of a higher percentage of seniors. The bureau projects that, led by the child boomers, the population age 65 and more than will improve nationally by 15.five millionnearly 40 percentbetween 2010 and 2020. The close to-term older population development is already underpinning a powerful demand for retrofits to current houses, enabling senior households to age in location gracefully.

Home Location, a Minneapolis residential Realtor with RE/MAX Results, helps households buying a residence make well informed choices and guides them thorough the process. Twin City senior homeowners desiring help to remain in their residences, sell or buy a home to meet their property ideals, can reach Home Location by calling 612-396-7832 and asking for Jenna Thuening.