It’s time to talk about real estate.
No, I haven’t changed my career path. Believe it or not, there is a connection between real estate and retirement. In fact, according to a report from Merrill Lynch, people age 65 and up will account for nearly all increases in home ownership over the next decade. So why are so many people in the market for a new home in or near retirement? Here are a few reasons:
1. Wanting to be closer to family. Hands down, this is the number one reason people sell their homes in or near retirement. Children may have established their lives in other areas of the U.S. Perhaps their parents are aging and need closer care. Or maybe those grandkids are too cute to see only a few times a year! Family in all its forms becomes more of a priority.
2. Downsizing. When all the kids have flown the coop, the nest can be a little too big for two people. Lots of retirees want to simplify their lives, which sometimes means they want a home with less upkeep and maintenance. If you want to travel a lot, there’s no need for a big house to worry about when you’re away!
3. Reducing expenses. Smaller square footage can mean smaller utility bills, property taxes, and general upkeep. For some people, that means more money to travel, work on a side business, or spoil the grandkids. For others, however, that extra money is crucial for everyday living expenses.
4. Needing more room. Believe it or not, some retirees are buying bigger homes. That’s because they want their families to have a place to stay when they come visit (hint, hint). Retirees’ homes are becoming home base of sorts. Personally, I look forward to the day when my grandkids come hang out with their Big Pop!
5. Climate. Ever heard of the term snowbird? That term is used for folks who move down south (usually the beach) for the winter. And guess who makes up that population? Yep, retirees. Because they planned and saved well, they can downsize to a smaller home, buy that second home somewhere warm, and walk the beach when others are shoveling snow!
6. Dream location. Some people buy their dream home once they retire. It’s in a location they’ve always wanted to live but couldn’t because of job restraints or other responsibilities. With those restrictions gone, they’re free to live wherever they want. Who knows? Maybe you’d want to sell your home, buy that RV, and hit the road!
Do any of these reasons resonate with you or someone you know? If so, check out my special home seller’s podcast that just released. It contains over 20 minutes of information and instruction on how to get the right agent, the right listing, the right price, and the right offer. You’ll even get links to PDFs with tips for getting the most for your home.
Retire Inspired Podcast: Home Seller’s Special
Listen in. Then take action!