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Week of January 24, 2005

Front Page

* NAHB Directors Adopt Policy on Regulating Housing Government Sponsored Enterprises
* Subscribe Your Employees to NBN Online and Earn a Chance to Win a Digital Camera
* Voluntary Green Building Guidelines Aimed at Mainstream Housing
* Housing Snapshot

Housing and Economics

* Demand for Building Materials to Remain High in 2005, But Some Relief Possible on Lumber Prices
* Home Starts Rebound in December, Single-Family Production Sets a Record in 2004
* Builders Voice Confidence at the Start of a New Year

Housing Politics

* Senate Majority Leader Frist Voices Commitment on Housing Concerns
* Administration Renewing Push for Homeownership Tax Credit and Zero-Down Mortgage, HUD Secretary Says

Housing Finance

* GSE Reforms Must Strengthen National Commitment to Housing, CEOs Tell Builders
* GSEs Gearing Up to Meet Housing Needs of Minority and Immigrant Families

Business Management

* How to Manage Risk to Protect Your Business

Builders' Show

* Builders Attended IBS in Orlando in Record Numbers

Construction Safety

* Builders Required to Post 2004 Job-Related Injuries and Illnesses

Multifamily

* Growing Popularity of Condos Rejuvenating Urban Areas
* Finalists Announced for 2005 Pillars of the Industry Awards

Seniors Housing

* Experts See Major Changes Afoot in Today’s Seniors Housing Market
* Find Your Place in the Affluent Boomer Market

Small Builders and Remodelers

* Iowa Remodeler, Don Novak, to Lead National Remodelors™ Council

Education

* February Is National Designation Month — Look for Discounted Class Fees

Builder's Engineer

* Concrete Too Wet Equals Weak Concrete

Building News Coast To Coast

Association News & Events

* Idaho Custom Builder David Wilson Elected NAHB President
* George Goudreau, Sr., NAHB Charter Member, Co-founder of Cleveland HBA, Dies at 101
* Log In to NAHB Web Site for Chance to Win Digital Camera
* Get Double the Discount from Dell Through January
* Calendar of Events

NBN Back Issues

 

Find Your Place in the Affluent Boomer Market

Builders who are in the lucrative boomer market, or are considering entering it, will better maximize their potential if they understand boomers’ needs and values.

And just how much potential does the market have? Just consider this — at 77.5 million people, the boomers are the largest generation in this county’s history. They control 75% of the nation’s wealth, their average net worth is more than $700,000 — and they are spending.

Boomers watched their assets soar during the 1990s and now are building very luxurious homes. So how do you become their favorite builder?

Start by offering them what they are looking for. Create floor plans tailored to their lifestyles, offer them luxurious design features and products, and provide them with amenities they’ll use and enjoy.

Also, pay attention to what they expect from you. Deliver superb customer service and earn their respect and trust.


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Some Snore-fire Advice

Active adult are more likely than not to snore.

Usually, one partner is annoyed with the other’s snoring because the non-snoring partner cannot sleep. Active adults will appreciate “his and hers” bedrooms with easy access to the other bedroom and the master bathroom. They don’t both have to be formal bedrooms, either. One can be a flex area — a sitting or exercise area that also includes a day bed.

Most of us know that boomers prefer the convenience of single-level living and want to avoid the inconvenience of stairs. The smart builder also will realize, but probably will not verbalize, that boomers not only intend to live well in their homes, they wish to die gracefully at home, too.

To accommodate these spoken and unspoken needs, think in terms of universal design features and a future caregiver’s suite — and, possibly, an additional suite for a weekend or “days off” caregiver.

Help Them to Spend Wisely — and Well

Do you have a selections process to educate your boomers about what quality construction is and why it is essential to their comfort? Does it include a well-designed HVAC system and high-quality tinted windows for where the intense southwestern sun would otherwise force the home owner to draw the shades? Thoughtful selections go a long way. Boomers are ready and able to spend handsomely for quality, if the right builder will just clue them in.

Active adults love to walk and swim. When planning an active adult community, look for land that can connect with existing trails and build trails or sidewalks in your community. Have one or more swimming pools, too. Seniors use them regularly. They swim for recreation and exercise and they hang out poolside socially. (You might want to consider bringing in a juice bar or other concession to add to the ambience.)

Speak Their Language, Pave Their Way

Many boomers perceive the modern world as a confusing blur of high-speed technology and high-speed explanations. Speak to active adults in their language — slowly and patiently.

Show them floor plans that clearly display the advantages they’ll appreciate. Help them, if necessary, to create a working budget by providing a model on paper and then letting them fill in the blanks. Many active adults are confused by computer spreadsheets.

And help them shop for options. Provide them with calendars with all decision deadlines clearly marked. Not only will it help then see when their decisions need to be made, it will help them plan their shopping time.

If they have to go to several locations, give them all the necessary contact and location information, as well as clear directions to each location. Have your staff call ahead to alert each store’s staff of your buyers’ arrival, special interests and requirements. That way, your buyers will be greeted and treated royally when they arrive.

Listen to Your Buyers

Many older people will give up and keep quiet if they have to work too hard to be heard. Schedule regular meetings with your buyers. They’ll be much more reassured knowing that their questions and concerns will be heard without having to track you down.

Understanding what is important to this aging but active population is the key to your success in this lucrative and rewarding market. Boomer buyers are fiercely loyal, and if you earn their respect and trust, you will be able to retire on the referrals they bring you. Even if you snore.

Sara Lamia is president of Home Building Coach, Inc. in Fort Collins, Colo. She is author of "How to Enjoy Building Your Dream Home," a workbook for buyers and builders, and hosts a local radio show about home building issues. Lamia is a member of the NAHB Seniors Housing Council. For more information, contact her by e-mail, at 970-402-2600, or visit Home Building Coach, Inc. Web site.


Attend the 2005 Seniors Housing Symposium in Metro Washington, D.C. Area

Learn more about the fastest-growing segment of the housing market. Plan to attend Building for Boomers & Beyond: Seniors Housing Symposium 2005, the premier educational and networking event for industry professionals serving the burgeoning 50+ market. For more information on this event, click here. To register for this event, click here.

Learn More About Seniors Housing Through the Seniors Housing Council

To learn more about seniors housing, join the NAHB Seniors Housing Council. The council provides information, education, networking and recognition opportunities for its members and represents NAHB on seniors housing issues. For more details, e-mail Jeff Jenkins or call him at 800-368-5242 x8292.

'Analyzing Seniors' Housing Markets' Available at BuilderBooks.com

"Analyzing Seniors' Housing Markets," available at BuilderBooks.com, examines the complexities of seniors' housing markets and explains what developers, investors and other professionals need to know to understand and operate in these specialized niches. The publication familiarizes readers with the various product types and how they relate to the needs of seniors. It also explains market analysis, consumer research, market segmentation, financial analysis, market maturation versus market saturation and gauging performance of seniors' housing. Three case studies of regional markets comparing the development trends of both independent and assisted living within each market are also included. To view or purchase this publication online, click here, or call 800-223-2665.


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