Four Reasons Seniors are now Moving

Following the 2008 recession, most homeowners delayed moving as we watched the equity in our homes plummet and our stock portfolios plunge. I remember being reluctant to open my mutual fund statements. Because of declining real estate values, many seniors put off retirement.

But real estate is cyclical, and as values bounced back, retirees have begun selling. Here are the top four reasons seniors are now moving:

1. Housing values have rebounded (big time).
Underwater mortgages are mostly a nightmare of the past. Most seniors now have substantial equity in their home and can cash out.

2. Even with proposition 13, living in California is expensive.
Gasoline in the Golden State is the most expensive in the country. Seven states don’t have a (state) income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire and Tennessee residents only pay taxes on dividends and income from investments.

The opportunity to buy up.
And yet, not all seniors are buying smaller homes. Many are moving out of state and purchasing their dream homes at bargain prices compared to California real estate.
Wanting less maintenance (and more freedom).
Other seniors are tired of stairs and maintenance; they want to simplify their lives by having a smaller home and/or less yard.

Seniors thinking of buying, selling, or relocating should demand the experience and knowledge of a Seniors Real Estate Specialist (SRES) to help guide them through the process. Phyllis Harb has successfully completed the education required to earn this prestigious certification. By doing so, she has demonstrated her expertise in counseling senior clients through major financial and lifestyle transitions involved in relocating, refinancing, and selling their family homes.