As Real Estate Prices Soar, Is it Time to Reconsider Your Retirement Plan?

While many industries took a beating in 2020, you could say that real estate enjoyed a surprising surge in many areas. With many people eager to move during the pandemic, demand for new housing drove up prices at a surprising rate.

As prices continue to soar in some locations, some soon-to-be retirees might find themselves reconsidering their goals. Could you earn a pleasing profit by selling your home now? Should you hang onto it, and wait for prices to rise even more? What if you miss the opportunity to sell and prices plummet later? Is now the time to invest in rental property? And what about your preferred retirement destination; will it be too expensive when you’re ready to move?

These are all important questions, and of course, location is one of the main factors to consider. With some markets enjoying more surge in demand than others, let’s take a closer look at some of the locations with a skyrocketing cost of living.

GoBankingRates examined home value projections in over 300 US cities, and then focused more closely on areas where the average home value would exceed the national median within ten years. While no method is surefire, examining their data might help you see where real estate could become harder to afford throughout this decade.

Some of the fastest-rising home values were found in:

• Ogden, Utah
• Providence, Rhode Island
• San Tan Valley, Arizona
• El Centro, California
• Idaho Falls, Idaho
• Apache Junction, Arizona
• Bridgeport, Connecticut
• Pawtucket, Rhode Island
• Melbourne, Florida
• Town n Country, Florida
• Maricopa, Arizona
• Irvington, New Jersey
• Lilburn, Georgia
• Rock Hill, South Carolina
• Concord, North Carolina
• Clearwater, Florida
• Olive Branch, Mississippi
• St Petersburg, Florida
• Largo, Florida
• Tulare, California
• Kentwood, Michigan

Perhaps you’ve never heard of some of these places, and that’s the point! Real estate trends can sometimes surprise us. Whether you’re hoping for a profit on your current home, planning a move to a trendy retirement destination, or just feeling uncertain about the real estate market in general, it does make sense to consider market trends in light of your overall retirement plans.

We can help with that. Let’s schedule a consultation to chat about the direction of the economy and factors that might impact your future goals. Then, together we can revamp your retirement plan as needed.