According to AARP, every day roughly 10,000 people are turning over 65 and prior to 2020, many were delaying retirement, and living, but now we are seeing many move before retiring. What should you do? How long should you wait? I represent many Main Line PA retirees and those looking to downsize and I understand how rewarding a career is and how hard it is to think about leaving and downsizing to a smaller home.
Let’s reframe this picture. First of all, downsizing really is bad marketing for what it can mean, while you lose space at home, you gain freedom in the world! In fact, with so many remote and hybrid work options, we are seeing many people move into that amazing beach bungalow they always wanted to retire in sooner, because they have flexibility.
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), “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.”
Consider this, what if you could be living your dream bungalow (let’s not call it a retirement home) and work at the same time? This might not be such a scary or bad option for most. Main Line homes, while beautiful and with lots of space, can, after all, be a lot of work and upkeep.
A recent survey, the 20th Annual Transamerica Retirement Survey, revealed that 75% of retirees own their homes, and only 23% have mortgage debt, additionally, almost 38% of retirees have moved into a new home, and are making a hefty profit by selling their home.
Consider also that homes on The Main Line have increased in value in the double digits in the last two years. 73% percent of retirees live in single-family homes and with the overall number of homes for sale at a historic low, and buyer demand skyrocketing, you could not afford to delay these dreams.
If any of this strikes a cord, I really encourage you to reach out and explore your options, even if you owe on a mortgage and are not near retiring age. I specialize in downsizing and also understand the buyers in this market. I can get you the best price and terms for your home.
Did you find Buying a Dream Retirement Home: How long should I wait? useful? Follow along on our blog, and see our 55+ seminar.