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Should You Buy Your PCB Beach Retirement Home Sooner Rather Than Later?

Beach Home

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 makeshould I move to the PCB beach before I retire? 

Should You Buy a Retirement Home In PCB Beach Sooner Rather than Later?

 

Every day in the U.S., roughly 10,000 people turn 65. Before the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to PCB Beach.  This year, however, the game changed.

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 to the beach 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 condo you’ve always dreamed of or the single-story home.  Whether it’s a second home or a future retirement home, spending the next few years on the beach looking out at the emerald waters of the Gulf Coast 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 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):Should You Buy a Retirement Home Sooner Rather than Later? | MyKCM The survey also revealed that 73% percent of retirees currently live in single-family homes. With the overall number of homes for sale in Panama City Beach, today hitting a historic low, and with the buyer demand for single-family homes and condo’s, 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 the beach, 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.

Bottom Line 

Whether you’re looking to retire fully 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.  If you are ready to start working towards your dream of moving to Panama City Beach, reach out to the Life’s A Beach Real Estate team, we are more than ready to help you fulfill your dream!

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Why Panama City Beach Should Be Your #1 Retirement Destination

Why You Should Retire to Panama City Beach

Ahhh, retirement is here at last (or at least on the horizon) and you can finally start living your dream life at the beach.

There are numerous reasons why buying a condo at Panama City Beach should be a major contender in your retirement plans.

Here is a list of what we at Life’s a Beach Real Estate think are the major ways in which Panama City Beach is an attractive retirement spot. Feel free to reach out us for additional information about this great city and all that it has to offer!

  • Smart Investment. It’s always a good idea to choose an opportunity where your financial investment has a high probability of growing. You never know what might come up in life and there’s just no reason to look away from an opportunity to invest in real estate that has chances of bringing you a positive return. Zillow, Realtor.com and Trulia all report growth in the Panama City real estate market with Trulia showing median home prices with an increase of 7% in the last twelve months and the average price per square foot rising from $139 to $153. Similarly, Zillow reports a 6.4% growth in median home values in 2017 and predicts an additional 3.9% value growth in 2018. We don’t need to explain to you the value such trends could bring homeowners if they continue long term. We think it would be pretty sweet to be making money off your beach house in retirement just by sitting at the beach – don’t you agree?
  • Active Senior / Retirement community. Almost half of Panama City Beach’s population is made up of people over the age of 45 (https://www.floridaforboomers.com/retirement-spotlight-panama-city-beach/). This statistic is important because it shows the value that seniors have to the community and economy in this city. As a result there are countless clubs, communities, activities and resources dedicated to senior wants and needs. Not to mention the numerous golf courses and golf clubs in the area . . that is, if the idea of golfing during your retirement is appealing to you!
  • Beaches. This goes without saying but there’s no reason not to throw it in here as well since it’s our favorite part of this area. Did you know Panama City Beach boasts 27 miles of beautiful beaches? Depending on what other beaches you have visited in the world, your appreciation for Panama City Beach’s sugary soft white sand will be substantial. It is one of the most beautiful beaches in the world in part due to the luxurious softness your feet are treated to simply by taking a daily walk by the water. Not. Too. Shabby.
  • Restaurants and Shopping. For those of us not as into playing 18 holes five times a week (that’s a total of 90 holes, FYI), Panama City Beach is also known for its countless restaurants and shopping. Restaurants range from beachside dives to anniversary worthy five star restaurants, bring on the culinary romance!

Shopping has an equivalent spread of options with the most popular spot probably being Pier Park, an open air mall with almost a MILLION square feet of stores that is located across the street from the beach. Retirement is looking better and better!

If this sounds like a great way to dive into retirement, Life’s a Beach Real Estate can help you locate the perfect house or condo in Panama City Beach to call your new home. We are on standby, waiting to show you what this city has to offer!