We live in a technology-dependent society, and tech is finding its way into even more areas of our lives. This includes the homebuying process, with increased use of tools like virtual tours of homes. As seniors search for retirement residences, they will likely encounter this type of technology throughout the homebuying journey.
We surveyed over 1,000 people over 55 to discover some senior homebuyer concerns and trends surrounding virtual tours and real estate technology. Many seniors already use these tools while buying homes, even if they’re not entirely giving up offline practices.
Key Takeaways
- 57% of American adults over 55 have used virtual tours in the homebuying process to help them find a property they want to see in person.
- Nearly 8% of American adults over 55 have purchased a property based solely on a virtual tour.
- 38% are concerned about the accuracy of the tour, preventing them from buying a home based solely on a virtual tour.
- That said, almost three-quarters of Americans over 55 will try to find their retirement residence via offline sources.
57% of People Over 55 Used Virtual Tours to Help Find a Property to See in Person
According to a National Association of Realtors survey, 97% of all homebuyers use the internet in their home search. This shows how technological advancements such as virtual tours have been top of mind in the real estate industry. Virtual tours provide in-depth walkthroughs of a home and property—often, they take the form of a pre-recorded video or 3D rendering.
As they search for a new home, over half of people over 55 have used virtual tours to help them find a property they want to see in person. This use showcases the convenience of these tools and provides the insight that most senior homebuyers have accepted these advancements in technology. The real estate industry can thus produce more high-quality tour videos to entice people over 55 to view their properties in person.
While a majority use virtual tours as a tool in their homebuying journey, others are on opposite sides of the technological spectrum. 8% of people over 55 have purchased property solely based on a virtual tour, while a larger 35% have never used a virtual tour to view properties during a homebuying search. However, 57% of people over 55 used virtual tours to help them find properties they wanted to view in person.
A gender-based breakdown of results shows that men are 4% more likely than women to purchase a property based only on a virtual tour. Meanwhile, women (59%) are slightly more likely than men (54%) to utilize technology to find a property to view in person.
Overall, people over 55 still strongly desire to see a property in person before purchasing. While they aren’t ready to fully transition into complete reliance on technology, they are open to using it to help support their property search.
Accuracy Is the Leading Concern With Buying Based on a Virtual Tour
The leading concerns about buying a home based solely on a virtual tour are accuracy (38%) and the inability to assess the property in person (33%). This includes people over 55 feeling they’ll miss key signs of wear and tear, not know the surrounding noise levels, be unable to get a feel for the home’s flow, and have difficulty gauging the size of rooms.
After these leading concerns, people over 55 noted the following as additional ones:
- Trust and transparency (14%): honesty of the presentation, verifying information online or in the tour
- Technical limitations (4%): lighting, sound, internet connection, etc.
- Feeling disconnected from the buying process (4%): the purchase not feeling real, missing some form of excitement
6% of people over 55 also said they’d be comfortable buying a home with a high-quality virtual tour as the only means of previewing the property. As seniors and technology become more intertwined, there are increased opportunities to learn about virtual house hunting to decrease concerns.
You can boost your homebuying confidence by working with trusted real estate agents like those at 55places. When working with a real estate agent to buy a house, they can help mitigate your concerns and find the right property for you.
Nearly 43% of People Over 55 Want More Education on Homebuying
When considering how the homebuying process can become more accessible and user-friendly, nearly 43% of people over 55 want more education about real estate technology and homebuying options.
A complete view of the ways seniors feel the homebuying journey can be more accessible and user-friendly includes:
- Educating them on how to use real estate technology (i.e., online listings, virtual tours, digital signature software, etc.) at the start of the homebuying process
- Explaining different homebuying options (e.g., freestanding homes, active adult communities, condos, etc.)
- Reviewing all the mortgage options available for seniors
- Highlighting accessibility features in property listings
- Promoting real estate agents specializing in working with retirees
These findings note that 8% more men than women over 55 feel more education about how to use real estate technology is needed to make the homebuying process more accessible and user-friendly.
Working with real estate agents specializing in seniors allows home seekers to receive the education they desire throughout the process. These agents will also connect you to resources detailing home loan options for seniors to provide you with clarity throughout the entire buying journey.
Real estate agents specializing in seniors will also work with you as the homebuyer to meet your comfort level with technology usage, as over one-quarter of 55+ adults are uncomfortable using technology in the general homebuying process.
55places works with hand-selected real estate agents who are experts in the communities they represent and work with people over 55 to provide every customer with the care and support they need.
73% of People Over 55 Will Find Their Retirement Residence Via Offline Sources
Despite the availability of online resources such as virtual tours and the number of seniors comfortable with technology in a home search, 73% of people over 55 will try to find their retirement residence from offline sources.
In-person preferences for finding a home include:
- Driving around the areas they want to live
- Asking friends and family about the area
- Working with a real estate agent
When distilled by gender, men over 55 are slightly more likely to ask family and friends to help find a retirement residence than women—contradicting the stigma that men don’t ask for help. Compared to other answers regarding offline resources that had nearly equal response rates between genders, there was a 4% difference, with men more likely to consult family and friends.
When buying a home in retirement, mix offline and online resources to gain a complete view of the community—especially if you plan to move to a new location. If you’re looking out of state, online house hunting is a great option to begin your search.
Make Your Retirement Homebuying Journey Easier With 55places
55places is well-equipped to help you tackle purchasing the perfect home for an active retirement lifestyle. With key market insight data at your disposal, 55places can help you consider your options as an active adult embarking on your next journey.
Address your senior homebuyer concerns directly with our expert real estate agents, who are prepared to help you find the right retirement residence. Contact 55places today to begin your search!/senior-virtual-tour-survey
Methodology
The survey of 1,004 adults ages 55 and over was conducted via SurveyMonkey Audience for 55places on Aug. 16, 2024. Data is unweighted and the margin of error is approximately +/-3% for the overall sample with a 95% confidence level.
