Home buyers and sellers over 50 make up about a third of the housing market
AARP members are now able to earn a cash-back reward or bonus when they buy or sell a home, thanks to a new partnership with Realogy, the largest owner of U.S. real estate brokerages and franchise brands.
AARP members can now receive from $300 to $5,500 when buying or selling a home with a participating agent affiliated with Realogy’s residential real estate brands, including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Corcoran and ERA.
The amount of cash customers receive is based on the price of the home that was purchased or sold, and in some states, a gift card or commission reduction at closing may be provided in place of the cash-back bonus.
The AARP Real Estate Benefits from Realogy was created with Americans ages 50 and older in mind, as Baby Boomers are one of the largest groups of homebuyers and sellers, according to the National Association of Realtors.
“Realogy is committed to delivering high-quality real estate services to our consumers during these difficult times,” said Katrina Helmkamp, president and CEO of Realogy Leads Team and Cartus.
According to a survey conducted by Realogy, 82% of Americans aged 50 or older said that receiving an average of $1,250 through a real estate cash benefits program would be at least somewhat meaningful to them.
Americans aged 50 and older are more likely (29%) than those who are under 50 (22%) to say if they were to receive $1,250, the money would be put into an emergency savings fund.
“For many older Americans, relocating to a new home is part of a major life stage transition, such as retiring, downsizing or changing jobs,” said John Larew, AARP Services president and CEO. “The real estate program from Realogy is designed to help AARP members successfully navigate an important milestone in their lives while saving money in the process. It is part of AARP’s commitment to empowering people to choose how they live as they age.”
The program is not available for employer-sponsored relocations or transactions in Iowa or outside the United States. The cash-back bonus is also not available in Alaska, Louisiana or Oklahoma. In Kansas and Tennessee, a MasterCard MAX gift card will be issued in place of the cash-bonus. In Mississippi, New Jersey, and Oregon, a commission reduction may be available at closing, the companies said.