Where Do Empty Nesters Want To Go?

As an empty nester myself, I work with many who are looking to downsize and reduce their monthly outlay.  The extra funds are slated for helping their children and grandchildren, travel and new experiences.  So what is out there? The irony is that when you add up the taxes and common charges on many condominiums or the monthly charges for a cooperative, the dollar amount is very similar to the current tax bill. But the maintenance costs are lower because many are included in the common charges. No more paying separately for gardening, snow removal, roof repair, etc.
So which factors determine a move:
  • If our children are not settled geographically in their career, do we wait until we know where they will decide to live?
  • If we have elderly parents still in this area, do we remain here?
  • Do we find a different home in this area?
  • Do we relocate to an area we have loved to visit?
  • What are the factors that will determine your move?

Where Do Empty Nesters Want to Go? | www.EdgemontRealEstate.wordpress.comRealtormag.com just had an article about the single most revealing question to ask sellers: what are your “anticipated memories?”  What do you hope to create in your life by selling your present residence and moving to a new home? The memories come along with you, the great and not so great ones. The author suggests focusing on the most important item you would bring with you from your current home and the one you would leave behind.

In other words, what is prompting you to move and what do you hope to do once you have moved.  Is the move because you have outgrown your present home, want to up-size, want to downsize, want to free up time and money to travel, visit with friends and family, accommodate family in your home, split your time between multiple residences, let an HOA take care of outside maintenance?

A Merrill Lynch study says that “two thirds of retirees surveyed say they are now living in the best homes of their lives. By the age of 61, the majority of people feel free to choose where they most want to live.” In this area homes owned by empty nesters are coveted by young families wanting to come to the suburbs. So where do the empty nesters want to go? Some retire to their second home, having planned for this since the purchase of the second home. Others retire to an area where their children and families are located. Some relocate outside the country, having analyzed the cost of living and accessibility of medical care there. So where will you go?

If the Redfin study showing that 57% of buyers and sellers find their Real Estate office’s technology is important to them… what do the remaining 43% find important? I would venture to guess that it would be the reputation of the Realtor and office, their knowledge of the area and the experience of the Realtor, And often it is based upon the personality of the Realtor; do you feel comfortable with this person, do they respond quickly to your inquiries, are they unafraid of saying they don’t know and will find out, do they have the resources on hand to provide market information? Working with a Realtor is a very rewarding experience, you are making a commitment to buying or selling a property and to starting a new chapter of your life.

Choose wisely.


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