• Home
  • About
    • Testimonials
  • For Buyers
    • Property Search
    • Map Search
    • How I Work As Your Agent
    • Tips for Buyers
    • Home Buying Process
    • Mortgage Calculator
  • For Sellers
    • What’s My Home Worth?
  • Rentals
  • Property Management
    • Services I Provide
    • Frequently Asked Questions
  • Blog
  • Important Links
  • Contact

Call Me 775-771-3046

chantehargrove@remax.net
Chante HargroveChante Hargrove
Chante HargroveChante Hargrove
  • Home
  • About
    • Testimonials
  • For Buyers
    • Property Search
    • Map Search
    • How I Work As Your Agent
    • Tips for Buyers
    • Home Buying Process
    • Mortgage Calculator
  • For Sellers
    • What’s My Home Worth?
  • Rentals
  • Property Management
    • Services I Provide
    • Frequently Asked Questions
  • Blog
  • Important Links
  • Contact

Should You Buy a Retirement Home Sooner Rather than Later?

News

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 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 this year 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):Should You Buy a Retirement Home Sooner Rather than Later? | MyKCMThe survey also revealed that 73% percent 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 holidays.

Bottom Line
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 2020 fall housing market may very well work in your favor. Let’s connect today to discuss your options in our local market.

You also might be interested in

2021 Projecting Housing Forecast

Jan 2, 2021

Experts project an optimistic year for the 2021 housing market.[...]

Shop for Homes in a Virtual World

Jan 2, 2021

In a year when we’re learning to do so much[...]

Showing love to the Sparks and Reno business community

Aug 3, 2020

It’s no secret that the COVID-19 pandemic has taken a[...]

Contact Chante

Chante Hargrove

RE/MAX Realty Affiliates
10795 Double R Blvd
Reno, NV 89521
Work: 775-327-9940
Mobile: 775-771-3046
chantehargrove@remax.net

photo

Contact Us

We're currently offline. Send us an email and we'll get back to you, asap.

Send Message

Questions?

    Real Estate News

    • Why Working from Home May Spark Your Next Move If you’ve been working from home this year, chances are...
      Read More
    • Knowledge is Power Homeownership is on the goal list for many young adults,...
      Read More
    • Shop for Homes in a Virtual World In a year when we’re learning to do so much...
      Read More
    • 2021 Projecting Housing Forecast Experts project an optimistic year for the 2021 housing market....
      Read More
    • Should You Buy a Retirement Home Sooner Rather than Later? Every day in the U.S., roughly 10,000 people turn 65....
      Read More
    • Knowledge Is Power on the Path to Homeownership Homeownership is on the goal list for many young adults,...
      Read More

    © 2021 · chantehargrove.com.

    • Home
    • About
      • Testimonials
    • For Buyers
      • Property Search
      • Map Search
      • How I Work As Your Agent
      • Tips for Buyers
      • Home Buying Process
      • Mortgage Calculator
    • For Sellers
      • What’s My Home Worth?
    • Rentals
    • Property Management
      • Services I Provide
      • Frequently Asked Questions
    • Blog
    • Important Links
    • Contact
    Prev Next