REAL ESTATE
by Jim Coleman, REALTOR®
SENIORS ARE A MAJOR SEGMENT OF OUR MARKET

A few days ago, I returned home from Washington D.C. where I was a participant in a significant training program to enhance and augment skills and abilities to work effectively and meet the needs and satisfy the interests of a very important part of our community and our society - the SENIORS market. It had to do with acquiring the designation of the Senior's Real Estate Specialist. Perhaps a few observations and insights will be of interest.
Growth prognosticators, demographers and statisticians are having the time of their life trying to track the happenings of our aging society and make sense of attitudes, behavior and life styles of the fastest growing segment of our population. The group to which I make reference is that of the Seniors. Some start this group at age 50; most assuredly, those 55 and over fit in this classification.
When one tries to segment this market, particular identification groups are recognized. These include: the Pre-Retirees ages 50-62; Early Retirees ages 63-67; Fully Retired ages 68-70's; Late Stage Retirement ages of mid to late 70's and Seniors with an age of 80 and beyond. Truly, retirement when used as a mark of identification for these folks may have to bear multiple definitions, as the participants of these groups represent some contrasting mind sets and behavioral characteristics. If you doubt me, just talk with a few of them.
So who are these people and what are they like? Here again, I grant there are exceptions to norms or rules of thumb relative to their make up, but research provides some rather strong, reliable and identifiable guidelines. The miracles of modern medicine, the superior advancement of technology and the drastic alteration of employment and job descriptions certainly blend together to provide an explanation for greater life longevity, behavioral patterns and state of mind.
By way of introduction to a review of the identification and characterization of these people, I find two personal observations quite insightful. The first is of a gentleman in his mid 90's intently involved with a negotiation for a 15 year lease for a sizable acreage. The second is a very attractive silver haired woman I would guess to be in the mid 80's driving down the road in a late model sport
car talking on her cellular phone and driving as though she was on a mission and everything was dependent upon her. The Seniors of these ages today are most definitely different than those of these ages 50, 70 or 100 years ago.
With approximately 11,000 people in America turning age 50 every day, the numbers of Seniors is really becoming huge. The U.S. Census Bureau has reported that of the Over 65 Year Olds, in the year 1900 there were 3.1 Million; in 1998 there were 34.4 Million over the age of 65; and in the year 2030, there will be 70 Million. The life expectancy increased from 47 years old to 76 years old between 1900 and 1999. The U.N. estimates that the older population will outnumber children by the year 2050, and that one third of the world population will be over 60. There will be 2.2 million Centenarians worldwide, with 1.1 million Americans.
The Seniors of today have a high expectation of service. Among this group, there is a strong loyalty to employer and the company. There is a different set of moral standards and values from the younger sets. Debt is considered a sin. These people read all direct mail. They love to write. They read all newspapers for the full story. They look at discounts as their entitlement, not as a need.
Based in part on research by Doctor Michael Crosby, Annapolis, Maryland, of the Active Retiree, those born before 1935, four out of five will age in their present location. Some will update their current home. Those who relocate generally say within 50 miles. They prefer small towns. Those who move buy into a community. They look for cooperative activities and interpersonal involvement. One out of five want to live in their own age group. Lifestyles emphasize benefits rather than features. They are financially conservative so equity and low taxes are issues. Amenities are important. They want less maintenance, security, single level, transportation, easy access to goods and services. Because of their extended years and enhanced living conditions and comfort, activities and cultural resources are very valuable and important them.
The somewhat frightening challenge I see when facing a recognition of this group or element of our population, is the fact that one is either already among this number, or will become a member sometime in the future. The attitude and the generational cultural make up with which one enters this classification of the population will either blend in like butter in mashed potatoes or be discord like trying to mix water and oil. But in any case, unless one is successful in capturing the fountain of youth or is able to literally cause the hands of time to stand still, one better look forward with great anticipation and expectation and enter among the aged positively and progressively; it seems to me to be preferred to the alternative.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He works with Buyers and Sellers and Specializes in Residential, Investment and Commercial Real Estate. You can contact him by e-mail at Jim@RealtorJimC.com. Call: (435) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.