If the national real estate market behaved as Coldwell Banker brokers say their baby boomer clients do, a recovery would be in full force.
According to a survey of 1,333 agents conducted by the national brokerage and released today, 87 percent of Coldwell Banker agents reported having at least one baby boomer client who owns or is looking to own a second investment property. Twenty-two percent of respondents said at least half of their clients in the demographic own or covet such a property.
“Our survey clearly indicates that those boomers who are financially secure are actively seeking to buy their retirement home, or a second home, and they are taking advantage of the opportunities and value available in today’s market,” said Coldwell Banker CEO Jim Gillespie.
The survey further divides the 79 million-member demographic into a younger segment, aged 47 to 55, and an older segment, aged 56 to 64. About 31 percent of Coldwell Banker agents said younger baby boomer clients are selling their current home and looking for a larger replacement, and more than one-third of agents reported having clients in the younger part of the demographic currently interested in purchasing a second home. — Adam Fusfeld