Our annual conference is vastly approaching! Don’t miss an opportunity to network with like-minded communities and peers! Our theme for this year; Retiree Attraction: Positioning Your Community for Success, is a great opportunity to bring those who may want to learn more about retiree demographics, trends, and economic potential. Click to learn more
Check out AARC’s Seal of Approval communities and explore your options for the retirement destination that fits your lifestyle as AARC continues to be your source for the best in retirement destinations. Whether it’s a planned retirement community or just a great town that welcomes retirees, AARC has already done the research for you! Whether it’s a planned retirement community or just a great town that welcomes retirees, AARC’s got you covered.
Be sure to check out our next webinar with Dr. Steve Morse as he talks about the “3 reasons why tourism has a significant impact on retirement attraction and economic development.” Click to learn more
Andre’ Nabors Chair, The AARC
What 55-Plus Buyers Are Looking For
Daily Real Estate News, REALTORMag / August 5, 2016
Baby boomers say first impressions count when they enter a new community. They are closely sizing up neighborhood amenities like the pool, clubhouse area, and walking trails. They’re also looking at the location of the community, judging how near it is to shopping, dining, medical services, and entertainment.
Hanley Wood and home builder Taylor Morrison identified what the 55-plus age group of home buyers are searching for in a home through surveys and focus groups. At 77 million strong, baby boomers are expected to continue to have a major impact on the housing market for years to come, and builders are closely paying attention to what they want in their home.
Baby boomers say that space is very important to them in their home-buying decision, and they seek a home with openness and flow. Just how big of a home do they want? The Home Buyer Study conducted by the Farnsworth Group found that:
- 18.1% want a house under 2,000 square feet
- 48.6% want a house between 2,000 and 2,999 square feet
- 20.8% want a house between 3,000 and 3,999 square feet
What’s more, 81 percent say they find more space in a less populated community more appealing than having less space in a more populated community.
Baby boomers also are looking for large common spaces with open floor plans, high ceilings, and natural light, the surveys showed. Integrated indoor and outdoor space also was important as well as sheltered areas, native plants, sustainable and energy efficient technology and materials, and sufficient storage space.
“Information gleaned from the focus group helps set the stage on what the 55+ home buyer desires in a new home and how the industry should be building its homes,” says John McManus, Editorial Director of Hanley Wood’s Residential Group. “These influential buyers want a fresh start in a vital, connected, accessible new-home environment. And, as millions of baby boomers across the country begin the next phase of their lives, buying the right home is top of mind for them.”
Source: “What Boomers Want Most,” BUILDER (Aug. 4, 2016)
NAHB Chief Economist Robert Dietz, Associated Builders and Contractors (ABC) Chief Economist Anirban Basu and American Institute of Architects (AIA) Chief Economist Kermit Baker predicted continued growth for the construction industry in 2017 during a joint economic forecast today.
“Non-residential construction spending growth will continue into the next year with an estimated increase in the range of 3-4%,” said Basu. “Growth will continue to be led by privately financed projects, with commercial construction continuing to lead the way. Energy-related construction will become less of a drag in 2017, while public spending will continue to be lackluster.”
“Our forecast shows single-family production expanding by more than 10% in 2016, and the robust multifamily sector leveling off,” said Dietz. “Historically low mortgage interest rates and favorable demographics should keep the housing market moving forward at a gradual pace, but residential construction growth will be constrained by shortages of labor and lots and rising regulatory costs.”
“Revenue at architecture firms continues to grow, so prospects for the construction industry remain solid over the next 12 to 18 months,” said Baker. “Given current demographic trends, the single-family residential and the institutional building sectors have the greatest potential for further expansion.”
Each economist discussed leading, present and future indicators for sector performance, including ABC’s Construction Backlog Indicator, AIA’s latest Architecture Billings Index and Construction Consensus Forecast and the NAHB/Wells Fargo Housing Market Index.
About – NAHBNow is the official blog of the National Association of Home Builders and your one-stop source for home building industry news, product information and educational resources.
New Home Sales Climb to Highest Level Since October 2007
Sales of newly built, single-family homes rose 12.4 percent in July from a downwardly revised June reading to a seasonally adjusted annual rate of 654,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest reading in almost nine years.
“This rise in new home sales is consistent with our builders’ reports that market conditions have been improving,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “As existing home inventory remains flat, we should see more consumers turning to new construction.”
“July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates,” said NAHB Chief Economist Robert Dietz. “This uptick in demand should translate into increased housing production throughout 2016 and into next year.”
The inventory of new homes for sale was 233,000 in July, which is a 4.3-month supply at the current sales pace. The median sales price of new houses sold was $294,600.
Regionally, new home sales rose by 40 percent in the Northeast, 18.1 percent in the South, and 1.2 percent in the Midwest. Sales remained unchanged in the West.