Inside the Market: A Conversation with Shelby Looney
I’ve done a handful of photoshoots for Shelby Looney of HomeStar Brokers and noticed that she worked a lot with communities that focus on the 55+ market. I asked if she’d be willing to answer a few questions about her work in the market segment.
- What inspired you to focus on the 55+ demographic in your real estate career, and how has this focus shaped your approach to serving clients?
One of the first transactions of my career happened to be a listing in Salemtowne, which is a 55+ community in West Salem. I wanted to provide as much information about the community as possible to support my listing, and that included meeting quite a few of the residents. I learned that this particular demographic is very active, social and ready to enjoy their “golden years” with similar-minded individuals.
I consider myself to be protective by nature and that plays an important role in serving my clients of all ages. Often when working with the 55+ population, my clients are down-sizing, moving closer to family, living on a fixed income, etc. and requires me to be sympathetic to the emotions involved and act as an advocate on their behalf.
2. Can you share what makes developments like Salemtowne particularly appealing to 55+ buyers, and what features they tend to prioritize when choosing a home?
Developments such as Salemtowne provide a sense of connection and safety for the 55+ population different than a typical subdivision. Many people are considering retirement, if not already retired, around the age of 55 and no longer need a large, family home where schools or proximity to jobs are important. By offering smaller, single-level homes, often surrounding a community center or golf-course, these unique developments promote homeowners to get involved in social activities and events with others of the same age to encourage healthy living, both mentally and physically, and at a more relaxed pace.
3. What unique challenges or opportunities have you encountered while helping clients transition to 55+ communities in the mid-Willamette Valley?
A common misconception about 55+ communities is that they are for “old people” and that is just not the case. Often times after touring these developments, buyers find that they are going to be more active than ever before and with more opportunities to connect with people that have common interests. I see almost an immediate excitement for my clients to find the perfect home and begin a new chapter in their lives once they see how much fun they are going to have.
Making the decision to buy a home in a 55+ development can also bring challenges. For instance, the supply or inventory may not match the demand or availability and these are not the types of communities that developers are building in our current market. That can stall the process for a buyer when they are considering a home purchase within a 55+ community. When homes are listed for sale, they are often outdated and buyers have to consider the time and expense needed to get them updated and move-in ready.
4. How has your experience in real estate in the mid-Willamette Valley helped you better understand the needs of this demographic and the local housing market?
Understanding the needs of the 55+ client is not limited to experience in any particular area; however, I am from the mid-Willamette Valley, more specifically Salem, and that has given me an advantage when introducing communities available to this demographic. I have found that most of my buyers have already chosen which development they want to pursue because of existing relationships with others that are living within them. The features and amenities speak for themselves, and therefore I do not have to convince buyers but rather obtain knowledge about each specific community in order to best fit their needs. 55+ communities can be immune to the highs and lows of traditional housing markets and this is largely due to supply and demand. Also, it isn’t uncommon for buyers to pay cash when making a home purchase at this stage of life, so the current interest rates are less of a factor.
5. What advice would you give to someone considering buying a home in a 55+ community, and how do you help guide the clients through that decision?
My advice, first and foremost, is spend some time in the community. Sign up for the newsletter, go for walks and meet the people living within it, ask what they love about where they live and make connections. Consider your timeline, this process can take longer than expected when looking for the home or community that meets all criteria. Rely on me to educate and guide you through the process to better ensure that when the right home becomes available, you are ready. As with all home purchases, there is an emotional component and it can feel even more significant when making this transition to live in a 55+ community. This is a perfect opportunity to evaluate what is most important for your life in this chapter.
I have found immense joy and gratitude working with clients in the 55+ demographic. I take pride in my role as their agent and will eagerly work until they are happy and settled in their new environment.
Thanks to Shelby for sharing her thoughts on this important piece of the real estate market. Feel free to reach out to her here.