11 Feb Is Now The Time To Buy A Home For Retirement?

According to a recent Smartmoney.com article, retirees are starting to show increased interest in buying homes again, most of which are in the nations hottest retirement markets such Palm Beach and Hilton Head.

According to the article, most retirees are starting to think that buying their retirement dream home now is a wise investment. I know we have all been talking about how baby boomers are retiring more modestly because of economic troubles but those who are still looking for luxury are starting to feel a sense of urgency in the market. Attractive mortgage rates and low home prices are causing those able to consider buying before retirement. According to the article, the NAR ‘s Housing Affordability Index shows that 2010 was the best year ever to buy a since 1970. This has caused boomers to consider buying that retirement home even if they are years away from living in it.

Those purchasing luxury retirement homes at the moment have every intention of living there for the foreseeable future. That is one thing that the housing market crash has made certain. Buying a retirement home as an investment at this point would seem very risky, especially for individual buyers. Plus, most of the popular retirement locations wont see a recovery in home values for a while. It really depends on what market you’re in. Miami is going to see home values continue to depreciate while other locations with fewer inventories will start to see a turnaround sooner.