Every day somewhere around 10,000 people turn 65 years old in America. Prior to the current pandemic those searching for a dream beach home or home in a senior living community had to wait until retirement to make that dream a reality. This year has opened up a number of opportunities as far as real estate goes.
Now those who are approaching the final years of their professional career and retirement is still a few years away can ask the question, “should I purchase my dream home before I retire?” If the beach is calling out to you even louder because of low-interest rates and the ability to work remotely for some time, now could be the golden opportunity to purchase the home you want to spend your retirement in. It doesn’t even have to be a move, you can use it as a second home to begin.
Lawrence Yun, the chief economist at the National Association of Realtors expects to see more and more seniors purchasing nicer retirement homes before their retirement. A survey conducted by Transamerica Retirement found that 75% of retirees own their homes outright. Just 23% of retirees have some form of mortgage debt, including equity loans and lines of credit. Since beginning their retirement, 4 out of 10 Americans have moved into a new home. Seniors are capitalizing on the current seller’s market with very low housing inventory and using the larger amounts of equity they receive from selling their current home to purchase a future retirement home.
Why Those Planning to Retire are Purchasing Homes Just Before Retirement
Many people who are near to retirement have realized that since the inventory of homes for sale is lower than it has been in a long time, now is a capital time to sell. Especially if you live in a single-family home. There has never been a better time to sell a home and make a smart move toward retirement. Since the pandemic, many buyers in this stage of life have also seen the importance of being closer to family.
The 2020 real estate market is certainly opening up more opportunities for those about to retire to prepare for a much more comfortable retirement living plan. Selling a single-family home right now in a hot seller’s market can nicely set someone up to purchase that simple, but lovely retirement home in a dream destination.
If you have always wanted to retire to the beach, come and check out homes on the Forgotten Coast. There are many great homes on beautiful serene beaches in great communities. Contact us anytime for help finding a great beach home.