In the years immediately following the recession, many retirees didn’t have the option of selling their homes and moving, due in part because their mortgages were upside down and also because there was no one to buy their homes. But now, Tom Sightings, writing for U.S. News and World Report, says retirees are once again moving in their golden years.
There are five main reasons why, Sightings says, this is now the case: Retirees now have buyers for their homes, their stock portfolios have recovered, it’s expensive to live in California and the Northeast, weather, and now that they’ve got more time on their hands, they want live someplace nicer.
The real estate market suffered a historic slump during the Great Recession, and it has been slow to make a comeback. But now both sales and prices have returned to more normal levels, meaning people in California and the Northeast – and even in the Midwest to a lesser degree – can finally sell their homes. Fewer people are underwater on their mortgage, which means they have more equity, while mortgage rates are still low and credit is easier to obtain.