By Judy Boyle
Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.
Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: 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 farther 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 had 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. The survey also revealed that 73% of retirees currently live in single-family homes. With the overall number of homes for sale today hitting a historic low, and with the buyer demand for single-family homes skyrocketing, there’s never been a more ideal time to sell a single-family home and make a move toward retirement. Today’s market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of low interest rates.
If you’re one of the 73% of retirees with a single-family home and want to move closer to your family, now is the time to put your house on the market. With the pace homes are selling today, you could essentially wrap up your move – start to finish – before the end of the summer.
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 2021 spring housing market may very well work in your favor. Let’s connect today to discuss your options in our local market.
Boyle lives in Northborough where she is also a Chapter Leader of the Neighbor Brigade, a non-profit charitable organization that assists families in times of crisis. She has been a Real Estate Agent since 2003 and consistently wins awards and accolades for excellence in customer service and sales volume, culminating with her induction into the RE/MAX Hall of Fame.
Boyle’s mission is to empower her clients to make informed decisions through data-driven insights and local market knowledge. Her passion is helping others find quality of life through Real Estate. She invites you to follow her on Facebook at www.facebook.com/judyboylerealtor, call or email her for the SPRING 2021 Home Buyer and/or Seller Guides or for a complimentary market analysis.
Judy Boyle, Realtor®
Proudly serving the Borough’s and Beyond with honesty and integrity since 2003