Home sellers start getting lower prices at 70, research shows — and the gap widens with age

Core Insights - Research indicates that homeowners aged 70 and above receive lower sale prices for their homes compared to younger sellers, with an 80-year-old homeowner selling for 5% less than those in their 40s and 50s, translating to a potential loss of $20,270 based on a median home price of $405,400 [2][5] Group 1: Demographics and Market Trends - As of 2024, there are 65 million baby boomers, representing 20% of the U.S. population and 36% of total homeowner households [3] - Approximately 68% of baby boomer homeowners plan to age in place, contributing to a lack of housing availability and elevated prices in the market [4] Group 2: Factors Affecting Home Sale Prices - Older homeowners often sell homes that show signs of deferred maintenance or lack upgrades, negatively impacting sale prices [5] - The tendency for older homeowners to sell through private, off-market listings limits competition and often results in lower sale prices [6] Group 3: Home Equity and Financial Planning - The median home equity for homeowners aged 65 and over was $250,000 in 2022, a 47% increase from $170,000 in 2019, representing about 50% of the median wealth for this age group [8] - Experts emphasize the importance of planning ahead to maximize home value, suggesting that retirees should be aware of pricing trends as part of their retirement strategy [13][19] Group 4: Recommendations for Older Homeowners - It is advised that older homeowners maintain their properties and plan for home sales to avoid last-minute decisions that could lead to lower prices [14][19] - Engaging trusted family members or advisors during the sales process can help older homeowners navigate their options effectively [17]