According to the Pew Research Center and labor force data for Q3 2021, half of the American adults age 55 and old are now retired.
Retirement and real estate matters are often linked. Many retirees decide to move to a different home, community, or area of the country. According to a Merrill Lynch and Age Wave study, 51 percent of retirees moved into a smaller home.
If downsizing your home is one of your real estate objectives, our agents at Barker Realty can help. Santa Fe has long been a place for retirees to buy real estate. The pull factors are numerous: a stunning natural setting, a warm climate with low humidity, an outstanding art scene, and abundant recreational opportunities for retirees and the soon-to-be-retired.
Not all retirees downsize—according to the Merrill Lynch study, 30 percent moved to a larger home and 19 percent chose a same-sized home. We work with all our clients to help them find the Santa Fe real estate that fits their needs and wants. No matter what your goals are, we can provide the local expertise and market knowledge to help you buy the ideal property for you.
That brings us back to the G word: goals. If your aim is to downsize your home, setting some goals will help you reach that objective. We put together five general goals related to buying a downsized home in Santa Fe. As you start your Santa Fe real estate search, use this list as a framework on which to hang your specific needs.
The Right-Sized Home
Only you can decide what a downsized home means to you. It generally means fewer square feet of living space than your current home. But it can also mean a smaller lot. Or a home that’s easier to maintain.
That’s why you might want to think about buying a right-sized home with features that support aging in place. These include features like no-threshold or walk-in showers, homes with fewer steps or levels, and a primary bedroom on the first floor.
Developing a list of homebuying criteria is always a useful exercise that can help homebuyers. We created a checklist that includes criteria that are often important to empty-nester buyers. The purpose here is twofold: to start thinking about your needs and to use your checklist to save time when you’re ready to start looking at homes.
The Right Location for Cultural Amenities
Santa Fe boasts world-class opera and art galleries that attract patrons from all over the world. Museum Hill is home to The Museum of Indian Arts and Culture, The International Folk Art Museum, The Wheelwright Museum of the American Indian, and The Museum of Spanish Colonial Art. The Georgia O’Keeffe Museum offers an extraordinary look into the works of an extraordinary American artist.
You get the point. Santa Fe’s history and development make it one of the greatest cultural centers in the country.
The Right Location for Work and Play
A 2019 survey by the Transamerica Center for Retirement Studies focused on what retirement means to Baby Boomers, Generation X, and Millennials in the workforce. According to the study, 55 percent of workers plan to work after they retire, either full-time (14 percent) or part-time (41 percent).
The same study showed that 27 percent of workers envision a retirement with more leisure time. Sixty-seven percent want to spend more time with family and friends.
The takeaway? Location impacts your real estate downsizing goals.
The right location for your downsized home should be within reach of job opportunities and recreational sites. Santa Fe real estate offers plenty of both. The Jobs and Career section of our Millennial’s Guide to Santa Fe applies to job seekers of any age and experience level. You’ll find information about Santa Fe’s living wage ordinance and an overview of major employment sectors in the area.
Santa Fe is known for mountain biking, hiking, and a host of recreational pursuits where residents can enjoy our spectacular great outdoors.
The Right Climate for Year-Round Living
Low humidity and clean air make Santa Fe’s climate a pull factor for many people who move here. With an average high July temp of 86° F and an average December low of 17° F, Santa Fe features an average of 325 sunny days a year. Check out our Santa Fe New Resident’s Guide for a quick overview of Santa Fe’s climate.
The Right Selection of Properties
Our exclusive listings cover the gamut from single-family homes to condos with locations from in-town to the countryside. Create an account on our website and you can contact an agent and request a showing in seconds. You can also find open houses and new listings on our site.