Why Do Today’s Near-Retirees Decide to Make the Move?
It’s a life-altering milestone if ever there was one: the decision to move away from the family home. There have always been a variety of reasons why retirees and near-retirees choose to make the leap—with today’s head-spinning social changes certainly doing nothing to pare down that list. Deciding to change your Costa Mesa housing situation often boils down to an intended (or already proceeding) lifestyle change. Since these are the very definitions of “personal” reasons, you might assume that since everyone’s situation differs, their motivations are all over the map—making them all but unclassifiable.
True enough—but it turns out that some generalizations are possible (and useful, if you are uncertain whether your own upcoming decision is an eccentric one).
The hard information can be found in a singular statistical exhibit in this spring’s NAR® study, 2021 Home Buyers and Sellers Generational Trends. The exhibit is entitled “Primary Reason for Selling Previous Home”—one that should be more than relevant to the quickly expanding cohort of Baby Boomer retirees. The results reveal the respondent sellers’ motivations broken down by age. Here’s how the reasons for making a move is described by respondents between 56-74 years of age:
- 49% to be closer to friends or family
- 28% to move to a smaller home
- 26% due to retirement [okay-that’s not very enlightening!]
- 15% move from a neighborhood that has become less desirable
- 14% move to a larger home
- 11% move for maintenance reasons (health or financial)
- 8% because of job relocation
- 5% move closer to current job
- 4% other financial reasons
- 23% other reasons
Those results reinforce the common perception that as we near retirement, it’s often the case that anticipated financial and housing adjustments will dictate a change. But most of all, family and personal relationships wind up at the top of the list. When it comes to reordering your own real estate milestones, whether or not it means a move from your own current Costa Mesa housing solution, we hope you’ll tap us as your Number One go-to resource!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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