Business Magazine

Empty-Nesters Buying Retirement Retreats Early

By Homesmsp @HomesMSP

MP900309119 Today's buyer's market and low interest rates provide a great opportunity for empty nesters to buy their next nest... or multiple nests... even before they are ready to move.

The second home market was dead as a doornail four years ago, but last year showed an 800% increase in buyers purchasing second homes according to The 2011 Cotton Report, an annual residential real estate consumer report.  About 1/3 of those buyers are paying cash, about 1/3 financing with a 30-year mortgage and about 1/3 financing with a 15-year mortgage.

I have been working with baby boomers buying condos this year, taking advantage of that sector which has been hit hardest in our market... some with prices going back to levels before the turn of the century, at least in part because condos have become hardest to sell.

Whether buying as an investment place for a college kid, to have a place closer to family for extended or frequent visits, buying in a vacation destination, or simply planning ahead for retirement the opportunities are abundant right now if you are in a position to buy.

Before taking the plunge, however, consider...

  • Does the geographic location make sense for you? Is it where you want to be long-term?
  • Does it make long-term financial sense for you? It may not be possible to make a quick exit.
  • What are market trends where you want to buy?

This year's report shows a big shift in motivating factors for those not interested in making a real estate purchase. In 2010, 96 % of those  responding cited economic conditions or political instability as the reason for not purchasing. In 2011 that number was cut in half, with 46 % of those responding saying they have no desire to move. Buyers are beginning to separate the home buying process from the economic turmoil of the last few years.

Sharlene Hensrud, RE/MAX Results

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Go Grow Glow!

    Grow Glow!

    The yuccas in the second raised bed are enjoying the summer and growing away nicely, except for one that is... The Yucca rostrata right in the middle of this be... Read more

    15 hours, 2 minutes ago by   Alternativeeden
  • Recap: Mamby on the Beach a Breath of Fresh Lakeshore Air

    Recap: Mamby Beach Breath Fresh Lakeshore

    Chicago in the summertime is truly the best of many worlds. You’ve got a fine, world-class city made of beautiful, steel structures, gorgeous parks... Read more

    The 27 June 2017 by   Urbanmatter Chicago
  • Book Review: Why Are There Differences in the Gospels?

    Book Review: There Differences Gospels?

    The full title of this wonderful book is Why Are There Differences in the Gospels?: What We Can Learn from Ancient Biography (Oxford University Press, 2016). Th... Read more

    The 27 June 2017 by   Mmcgee
  • Video: The Lofoten Islands of Norway

    Remote and wild, the Lofoten Islands in Norway are a gateway to the Arctic. In this video we travel to this incredible place that is seldom visited by outsiders... Read more

    The 27 June 2017 by   Kungfujedi
  • Ottawa Dragon Boat Festival 2017

    Ottawa Dragon Boat Festival 2017

    In it’s 35th year, the Ottawa Dragon Boat festival is an attraction for outdoor music revellers, beach enthusiasts and competitive dragonboat racers. Read more

    The 27 June 2017 by   Hendrik Pape
  • Dirty Dancing (UK Tour) Review

    Dirty Dancing Tour) Review

    Cast Lewis Griffiths – Johnny Castle Katie Eccles – Frances ‘Baby’ Houseman Carlie Milner – Penny Johnson Julian Harries – Dr. Read more

    The 27 June 2017 by   Caz
  • July 4th: Our Independence & A Whole Lot More

    July 4th: Independence Whole More

    Trivia will be happening this Wednesday night, June 28th at 8:30 PM, with "July 4th Trivia" as the Special Category. It will be seven questions about events tha... Read more

    The 27 June 2017 by   Theomnipotentq