By: Shari Winet Rodriguez REALTOR®

Every day in the United States, roughly 10,000 people turn 65 and, prior to COVID-19 sweeping the nation, most people waited 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 further east to fulfill your space and privacy needs. 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, three out of four retirees (75%) own their homes, and less than one out of three (23%) have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost four in ten 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 now 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 the historically 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 property with the intent to use it as your retirement home in the future, the 2020 fall real estate market may very well work in your favor. Let’s connect today to discuss your housing options!   And, by the way, you don’t have to limit yourself to the San Diego market. Willis Allen is a member of the Leading Real Estate Companies of the World network that spans 55 countries. So, no matter where your dream retirement home may be, and no matter if you have real estate to sell first, it would be my pleasure to assist you in finding the perfect property – right here in San Diego, or anywhere in the world.
Retrieved from: Shari Winet Rodriguez REALTOR® 2875 Fifth Avenue San Diego CA 92103 C: 619.933.8531 DRE# 02100228