and their next house,
years before they actually need it?
Some experts are saying, “Yes.”
“many sophisticated boomers are searching
not for home equity but for ‘lifestyle equity.’”
~Michael Saunders
Many in their fifties or sixties are currently purchasing a second house. They’re buying these as their retirement homes. However, they have the intention of first using them as their vacation homes until they’re actually ready to retire.
Timing is Everything
According to a recent article in US News and World Report, retirees and second home buyers are purchasing homes in some of the most beautiful destinations of the US (Florida, Palm Springs, Malibu, Tucson). The prices are significantly lower than they were just a few short years ago.
Statistics indicate is that now might be a nearly ideal time to consider buying a home that fits the lifestyle imagined for retirement years. Prices in many popular retirement communities have decreased sharply and interest rates are at the lowest levels seen in decades.
The World Report also states that properties in some parts of Arizona are being discounted upwards of 70 percent off their recent-years values. Properties in parts of Nevada are down at least 50 percent from prices paid by buyers in the mid-90s.
Michael Saunders is a Sarasota broker active in the second-home market. He states that “many people still have a lot of money that sits on the sidelines waiting [and] the wait is over for them,” as “anywhere you look, you are going to find prices we haven’t seen since 2001.” He goes on to note that many sophisticated boomers are searching not for home equity but for “lifestyle equity.”
Many Americans plan on working at their new “retirement” locations too. Though, perhaps at a less frantic pace.
Lifestyle Equity
That’s what most attracts me as I consider the perfect spot for a vacation or retirement home. It’s all about quality of life and finding the perfect combination of local amenities to match the lifestyle I choose to live.
“now might be a nearly ideal time
to consider buying a home that fits
the lifestyle imagined for retirement years”
I imagine a retirement home where contact with nature is plentiful. I’d like it to:
- be in/near a small town with a good sense of community
- have room for organic farming
- easy access to organic fruits and vegetables and fresh water
- have a moderate climate with lots of sunshine
- be on/near a body of water
and/or
And all in an area with a reasonable cost of living.
There are so many great places to consider living. Many people choose to retire in Southern California. They relocate here from all over the globe in order to enjoy our…
- sunshine
- relaxed way of living
- beautiful homes
- lovely neighborhoods and communities
- immense cultural offerings
What would be at the top of your list of priorities in a vacation or retirement home? Let me hear from you in the comments section below.
David Findley is a frequent contributor to InstantDane.tv, he specializes in Southern California Estate and Lifestyle Properties.
You can reach David at 310-345-6911.
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Thanks for stopping by, Shelly. Hope you found what you were looking for when you stumbled on us.
Just last week I spoke with a gentleman in precisely these circumstance, hoping to buy now, planning to move in 5 years time. The chances of the market remaining this buyer friendly for the next five to ten years are very low, so if you are going to need a retirement home then, it may pay to find it now.
The official 2011 Census Data just came out and it’s interesting to see the percentages of increase in population by state which have occurred in the last 10 years.
The West and the South substantially lead the way with the highest percentages of increase (there are also some changes in the apportionment of the US House of Representatives — check out the data for your state, located at http://2010.census.gov/2010census/data/ )