Thursday, November 22, 2012

Retirement Community Home Prices

Updated my Retirement Community Home Prices page -- so surprised at how many fundamental changes have occurred and are occurring in the retirement community real estate market. This page was originally written 3 years ago and needed updating. It is only in the last 2 years that things for our retirement communities have really changed. I kept the same text, just added "Update" where changes were made. Summary of Updates added:
  • More incentives being offered
  • More communities being built in rural and suburban areas along commute routes and hubs into cities where jobs are. (These sell fastest.)
  • Builders are building smaller square footage homes--and adding a small square footage plan to existing inventories.
  • Fewer over 55 communities are being built due to homeowners finding it difficult to sell their long-term homes and lowering demand for them.
  • More renters because of buyer's uncertainty of the future of home ownership and economy.
  • Home prices and interest rates are lower and predicted to remain low for the foreseeable future. Very strong buyer's market. But check with local Realtors.
  • High end homes are selling well, however, there are fewer luxury options due to decreased demand.
  • Into the future:
  • Extreme differences in how market areas are doing--some better than others.
  • The economy is further affecting the home sales market and there is talk of a double recession. Real estate sales has always been a domino effect. If the economy in cities is doing well, then the surrounding areas will do well.
  • People are looking closer to home.
  • The southeast and southwest continue strong due to lower home prices generally.
  • More consumer interest in energy efficiency.
It will be interesting to see where we are two years from now. Will there be more significant changes. If so, we will report them here. Retirement communities offer seniors and retirees so many benefits, and with more baby boomers retiring, they will continue to be a desirable component of the real estate industry. See our article Retirement Community Home Prices Also see our article Retirement Condo Community Please check with your local Realtor and verify all information for Retirement Communities Home Prices and More. Take advice from real estate experts and financial planners as this is an information only website and we give no advice or recommendations.

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