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You are here: Home / Blog / Tips for Home Buyers

Should you buy a retirement home sooner rather than later?

October 10, 2020

Should you buy a retirement home sooner rather than later?

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 sun and warm weather 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 home in the southwest you’ve always dreamed of where you can enjoy golf all winter long and take in the spectacular mountain views. 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.

“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,” explains Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75 percent) own their homes, and only 23 percent have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38 percent) 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 percent 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):

Reasons why retirees are moving:

Why retirees are moving

The 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.

The Green Valley area has the perfect combination of single family homes, townhomes and low maintenance condos — and today’s housing market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of low interest rates.

Filed Under: Tips for Home Buyers Tagged With: Retirement

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"Couldn’t have asked for a better Realtor!! Russ was very friendly and professional, very knowledgeable, great at negotiating and had a great strategy for everything. He kept us up to date and did all the heavy lifting for us. He took the time to find houses that matched our needs, took care of setting up our inspections and handled any issues that came up during the process. Russ made the house buying process smooth and stress free. Really can’t say enough good things about Russ. We had zero complaints. We definitely recommend using Russ as your Realtor. "
- J.M., Tucson AZ
"I can’t say enough about what an outstanding job Russ did for us! We decided to retire to AZ and after touring several areas in the state, we chose the Tucson area. I found Russ online and reached out to him to help us find our retirement neighborhood and home. Russ spent a day showing us all of the different neighborhoods in both Sahuarita and Green Valley that met our requirements and were within our budget. By the end of the day, we had chosen four neighborhoods. Russ then found four homes for sale in our chosen neighborhoods; two in our favorite! The next day, Russ took us to tour the four homes and by the end of the second day, we made an offer. We are relocating from Kentucky and Russ has been there for us every single step of the way. He has been invaluable in making this entire experience smooth and exciting for us! His service after the sale has been equally exemplary!"
- E. W., Sahuarita AZ
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- A.S., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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