Baby Boomers: Aging and Buying Miami Real Estate

Everyone seems to be talking about baby boomers - and for good reason. The oldest of the nation's 78 million boomers turned 60 in 2006, and many are contemplating retirement. For millions of boomers, this life change will include deciding whether to buy or sell a home, relocate, or invest in a second home or other property. To help you benefit from this major market shift, the National Association of Realtors has researched boomers' real estate plans and preferences. Our findings suggest it will be a busy time for real estate professionals.

Working and dreaming of sun

More than a quarter of boomers have no plans to retire, according to our research. You can expect baby boomers who own their home and want to downsize to buy a smaller home rather than rent. You can't say the same thing for boomers who've never owned a home, though. Only 11 percent of boomers who've never owned say downsizing is a reason to buy, compared with 20 percent of boomers who own. Because they expect to keep working, many plan to hold off buying a retirement home. But that doesn't mean they'll be out of the market completely. Many have the means to - and the interest in - buying investment property.

When they do buy for retirement, almost three-quarters of boomers say they want to head for the warmth of the South or the West. Where they settle will have a lot to do with the availability of health care facilities and cultural options, they say. More than one-third of then want an urban or suburban setting because that's where those amenities are clustered.

Still finding themselves

Many baby boomers remain uncertain about their financial futures, with only one-quarter saying they feel prepared for retirement. But they're clear on one thing: They like real estate. Nearly eight in 10 are home owners, and one-quarter of them own additional property.

They're also convinced of the need for a real estate professional. Most relied on the help of a professional real estate practitioner in their last transaction and want you to guide them through the complexities of their purchases in the future.

The boomer real estate boom is just beginning. The more you know about it the more can tap into this lucrative niche.

Mr. Biship - manager of real estate research for the National Association of Realtors.