Boston real estate: I must be gettin old, I’m thinking about retirement
For many workers, retirement represents an opportunity to reinvent themselves.
“A lot of people feel, well, my job is done, and this is my opportunity to have some fun,” says Dr. Gary Small, chair of psychiatry at Hackensack University Medical Center in Hackensack, New Jersey. He adds that a change of scenery often adds to that sense of fun.
While some retirees travel to explore new places, others want to make a permanent change. With no job tying them to a specific location, they may decide it’s time to move somewhere that offers better weather, more activities or a lower cost of living.
Before you make the move, consider these tips for finding the right place to retire:
- Reflect on your preferences.
- Understand your income and expenses.
- Talk to your family.
- Check the weather.
- Know how you’ll get around.
- Find out your health care options.
- Consider the political climate.
- Look into social activities.
- Calculate your taxes.
- Try renting first.
Read full article here:
https://money.usnews.com/money/retirement/boomers/articles/tips-for-finding-a-great-place-to-retire
A book to consider:
Boston real estate: I must be gettin old, I’m thinking about retirement
Updated: Boston Real Estate Blog 2024
Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
Boston real estate: I must be gettin old, I’m thinking about retirement. If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.
How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
How Much Equity You’ve Gained
Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.
Boston Condos for sale and the Bottom Line
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.
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Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
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Yes. However, more Boston condo owners are decreasing
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Boston real estate: I must be gettin old, I’m thinking about retirement
After putting in decades of hard work, we naturally expect to have financial security in our golden years. But not all Americans can look forward to a relaxing retirement. According to the Employee Benefit Research Institute’s 2023 Retirement Confidence Survey, 64% of workers reported feeling at least somewhat confident that they will have enough money to retire comfortably, but only 27% said they were “very confident.”
If so many American workers are worried about their financial future, what other options provide a pathway to a comfortable retirement? For some, the only solution is to keep working. According to Gallup polling, workers in 2022 planned to retire at age 66 on average, compared to age 60 in 1995. The alternative? Relocate to an area where you can stretch your dollar without sacrificing your lifestyle.
Retirement isn’t all about the money, though. Retirees want to live in a place where they enjoy safety and access to good healthcare, especially in the wake of the COVID-19 pandemic. The ideal city will also have lots of ways to spend leisure time, along with good weather.
To help Americans plan an affordable retirement while maintaining the best quality of life, a survey was conducted to compare the retiree-friendliness of more than 180 U.S. cities across 45 key metrics. Our data set ranges from the cost of living to retired taxpayer-friendliness to the state’s health infrastructure.
One would think Boston, MA would be in the top tier, especially with all are renowned hospitals, but not so.
Our fine city of Boston was ranked 80th.
Updated: Boston condos for sale website 2023
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Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your Boston condo for sale and finding a home better suited for your evolving needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.
Consider How Long You’ve Been in Your Home
From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years. But according to the National Association of Realtors (NAR), that number is higher today. Since 2010, the average home tenure is just over nine years (see graph below):
This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such a significant amount of time, it’s natural for you to experience changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for yo
u.
Consider the Equity You’ve Gained
And, if you’ve been in your home for more than a few years, you’ve likely built-up substantial equity that can fuel your next move. That’s because you gain equity as you pay down your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home prices vary by area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.
Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to friends or loved ones, that equity can help. Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.
Boston Condos for Sale and the Bottom Line
As you plan for your retirement, let’s connect so we can find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs.
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The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:
“At least 1.7 million more older workers than expected retired due to the pandemic recession.”
If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.
You Can Move Closer to the Ones You Love
The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.
If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.
You Can Find the Right Home for Your Needs
Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:
“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”
Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.
Bottom Line
If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.
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Boston Condos for Sale and Rent
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Boston real estate: I must be gettin old, I’m thinking about retirement
Boston has been named one of the best places to retire by U.S. News & World Report.
The 2021 U.S. News & World Report Best Places to Retire list analyzed 150 of the country’s largest metros to determine how well they meet both retirement needs and expectations. Boston ranked No. 43 in the rankings which also stated the city “often feels like a small town with all the perks of city life.” Sarasota, Fla. ranked No. 1 on the list.
Boston Ranks High
Beantown received an overall score of 6.9 out of 10. Its desirability ranking was 7.8. The city ranked 5.6 for value, 7.9 for its job market, 7.1 for quality of life and 6.2 for net migration.
Boston wasn’t the only Massachusetts town on the 2021 list. Both Worcester and Springfield also made the rankings.
Worcester took the No. 35 spot with an overall score of 6.5. It was rated 5.6 for desirability, 6.5 for value, 6.7 for its job market, 7.1 for quality of life and 6.1 for net migration.
Springfield was ranked 31st and had an overall score of 6.2. It was rated 6.1 for desirability, 5.7 for value, 6.3 for its job market, 7 for quality of life and 5.7 for net migration.
Just an hour north of Boston, Manchester, NH also made the list ranking No. 24. It had an overall ranking of 6.6 and was rated 5.8 for desirability, 6.3 for value, 7.3 for its job market, 7.1 for quality of life and 6.2 for net migration.
Boston Condos and the Bottom Line
Top criteria in this year’s Best Place to Retire list included the happiness of residents, housing affordability, tax rates and quality of health care.
Click Here to view: Google Ford Realty Inc Reviews
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Boston real estate: I must be gettin old, I’m thinking about retirement
The other day, I was asked: ” When and Where do you think you will retire?” Based on that question I thought I would look up where are the best places to retire. I was also curious where Boston ranked because as of today’s date I have no intention of leaving Massachusetts.
It’s hard to believe that we got smoked by Cleveland, Buffalo, and Detroit, but our housing cost is a barrier. They have many reviews of each city, and for those who take politics into the decision-making process, these links include the voting history in the last five presidential elections (including 2020):
America’s Best Cities* for a Healthy (and More Affordable) Retirement
- Seattle, Washington
- Minneapolis-St. Paul, Minnesota
- Denver, Colorado
- Portland, Oregon
- Hartford, Connecticut
- Omaha, Nebraska
- Baltimore, Maryland
- Pittsburgh, Pennsylvania
- Cleveland, Ohio
- Salt Lake City, Utah
- Warren, Michigan
- Newark, New Jersey
- Richmond, Virginia
- Milwaukee, Wisconsin
- Grand Rapids, Michigan
- Cincinnati, Ohio
- Kansas City, Missouri
- Tampa-St. Petersburg, Florida
- Chicago, Illinois
- Providence, Rhode Island
- St. Louis, Missouri
- Tucson, Arizona
- Buffalo, New York
- Columbus, Ohio
- Atlanta, Georgia
- Indianapolis, Indiana
- Austin, Texas
- Dallas, Texas
- Fort Lauderdale, Florida
- Raleigh, North Carolina
- Sacramento, California
- Oklahoma City, Oklahoma
- New Orleans, Louisiana
- Louisville, Kentucky
- Orlando, Florida
- Nashville, Tennessee
- Philadelphia, Pennsylvania
- Miami, Florida
- Fort Worth-Arlington, Texas
- Phoenix, Arizona
- San Antonio, Texas
- Virginia Beach, Virginia
- Charlotte, North Carolina
- Houston, Texas
- Detroit, Michigan
- Las Vegas, Nevada
- Riverside, California
- Memphis, Tennessee
- Nassau County-Suffolk County, New York
- San Francisco, California
- Silver Spring-Frederick-Rockville, Maryland
- Boston, Massachusetts
- San Jose, California
- Washington, DC–Arlington, Virginia
- Anaheim, California
- Oakland, California
- San Diego, California
- Honolulu, Hawaii
- New York, New York
- Los Angeles, California
Boston Condos for Sale and Rent
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Boston Real Estate for Sale
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 they were looking to settle into for their later years in life. This year, however, the game changed.
Real Estate and Covid-19
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 that Boston high rise condo with spectacular Boston Common 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.
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, 3 out of 4 retirees (75%) own their homes, and only 23% have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 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 is that they want to be closer to family and friends (See graph below):
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. Today’s market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of 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.
Boston Real Estate and the Bottom Line
Whether you’re looking to fully retire or to buy a second home with the intent to use it as your retirement home in the future, the 2020 fall housing market may very well work in your favor. Let’s connect today to discuss your options in our downtown Boston real estate market.
Boston Real Estate for Sale
Ford Realty Beacon Hill – Condo for Sale Office
Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2023
John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
