The National Association of Realtors has released a report listing the 10 markets which are expected to see the most retiree buying activity in 2016. And where do retirees want to live? Boston.
The NAR expects people aged 65 to 74 to make up the third largest home-buying segment in 2016 and says that “unlike first-time buyers overwhelmed by options, they know what they want: new construction and the ability to customize their home to get what they want.”
Then the NAR looked for “senior-friendly” markets based upon the median household income for 65-74 year old head of housholds.
The number 1 pick? Boston, where according to the NAR the median household income for 65-74 year old head of households is $56,000 and the maximum affordable home price is $236,000.
$236,000 for new construction in Boston? Really? What is this, 1960? The NAR report identified one property in “Boston”. Actually, it is in West Roxbury, a condo of 845 sf in a 1963 building.
New construction? Boston? Um, I wonder who else is on the list.
Read Here’s where retirees will want to live in 2016 to find out.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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You would like to buy a house on the water, but you have noticed the amount of traffic on the Neck and are concerned with exposure to storms.
So what to do?
The answer is: think outside the Neck.
Read Marblehead’s Unknown Oceanfromt properties and you may be surprised to learn that between Preston Beach and Beach Street there are 32 homes (and likely a few more when the FY2016 assessments are announced in December as this area is appreciating) with an Assessed Value over $2 million.
Crown Way has an Open House today 1-3 and both house will be open next Sunday (if not sold before then).