by Mary Bryan Fields
Q. If we plan to retire in the next five years, should we sell our home up North now, even though we won’t make as much from the sale as we would have two years ago?
A. Yes, you should sell now, absolutely, and buy your Coastal retirement home now. You will sell your property up north for less, but you’ll also buy your Coastal property for less.
Think about the area where your current property is located. In the next five years, do you anticipate sufficient in-migration and job growth to off-set the retirees who will be leaving your area to move south? If not, your real estate market “back home” may be depressed for a decade or more. Because real estate pricing is based on supply and demand, you may find your housing value dropping even more. However, in the Coastal areas of the south, retirees in-migrating and expected continuing job growth in the SunBelt will be pushing prices upward. If you don’t act soon, your position may worsen with each year.
Q. Surely, we’re not the only buyers you talk with who are waiting to sell our properties back home?
A. We have many, many buyers who must sell property in other parts of the country before purchasing here. Based on the people we know are waiting to sell before they buy here and the amazing number of new visitors to hodnettcooper.com, a very strong demand for Coastal area real estate is building around the country. Once this pent-up demand is released, inventories will decrease and prices will escalate sharply.