Every day in the United States, approximately 10,000 people turn 65 years old. Before the health crisis that swept the country in 2020, most people had to wait until their retirement to move to the beach, the golf course or the senior living community in which they sought to settle in their later time. years in life. This year, however, the game has changed.
Many of today’s workers, who are almost at the end of their professional careers but may not be quite ready to retire, have a new choice: should I move before I retire? If the sand and sun call your name and you have the option work remotely for the foreseeable future, now may be a great time to buy that beach bungalow you’ve always dreamed of or the single storey a home in the vast countryside that could be a little more suburban. Whether it’s a second home or a future retirement home, spending the next few years in a place that really makes you laugh every day might be the best way to round out a long and meaningful career.
Lawrence Yun, Chief Economist at the National Association of Real Estate Agents (POMEGRANATE), explains:
“The pandemic was unexpected, working from home was unexpected, yet many companies have realized that workers can be just as productive working at home … We may catch a glimpse of people. buying pension homes before their retirement. “
According to the 20th Trans-American Retirement Survey, 3 out of 4 retirees (75%) own their homes, and only 23% have a mortgage debt (including any equity loans or credit lines). Since entering retirement, nearly 4 in 10 retirees (38%) have moved to a new home. They benefit selling their current homes in today’s low inventory market and using theirs equality to buy their future retirement homes. It’s a win-win.
Why These Homeowners Are Now Moving
The health crisis this year has made us all aware of the importance of our family and friends, and many of us have not seen our large families since the pandemic. It is therefore not surprising to see in the same report that 32% of the respondents cited the main reason that they are moving, that they want to be closer to family and friends. (See graph below):The survey also revealed that 73% of pensioners currently live in single-family homes. With the total number of homes for sale today hitting a record high low, And with the buyer’s demand for single-family homes exploding, there has never been a more ideal time to sell a single-family home and move into retirement. Today’s marketplace has the perfect combination of driving forces to optimize sales, especially while buyers are looking to take advantage low interest rates.
If you are one of the 73% of retirees with a single-family home and want to get closer to your family, now is the time to put your home on the market. With the pace that homes are selling today, you could basically finish your move – start finishing – before the holidays.
Whether you are aiming to fully retire or buy a second home with the intention of using it as your retirement home in the future, the fall 2020 market may very well work in your favor. Let’s connect today to discuss your options in our local market.
Content previously posted in Keep Current Things