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The Right Time To Buy Your Retirement Home

Smiling seniors

 About 10,000 people turn 65 each day in America. Prior to the crisis that swept the world in 2020, people waited until retirement to move to the beach, the golf course, or a senior living community. Things are different now.

 Many of today’s workers nearing the end of their professional careers have a new question to ask, that is: should I move before I retire? If the sand and sun are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that beach bungalow you’ve always dreamed of or the single-story home in the sprawling countryside that might be a little further out of town. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement.”

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75%) own their homes, and only 23% have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38%) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.

Why These Homeowners Are Making Moves Now

 

The health crisis made us all more aware of the importance of our family and friends, and many of us have not seen our extended families since the pandemic started. It’s no surprise, therefore, to see in the same report that 32% of those surveyed cited the top reason they’re making a move is that they want to be closer to family and friends (See graph below):

 

 

My personal message to you…

Whether you’re looking to fully retire or to buy a second home with the intent to use it as your retirement home in the future, the 2022 fall housing market may very well work in your favor. Let’s connect today to discuss your options in our local market.

 

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