While it is probably a little early to make a complete judgment, I think the great wave of retiring baby boomers might be re-evaluating their needs.
I am working with an average of about three couples a month planning to either move to the coast or retire to the Carolina coast.
Some things that I am seeing are not surprising if you are a baby boomer yourself.
First and foremost these people are looking for value. They have no intention of spending all their retirement dollars on housing. They want to be able to travel.
Generally they are looking for smaller homes, usually under 2,000 square feet.
They also want safety. While they might tolerate an area that has mixed development, the tolerance for crime is non-existent. We get many people who come to our area just because they have heard it is a safe area.
They want services, but they are willing to do without some shopping. As I explain what we have in our area, I often hear that they don't care as much for shopping as they used to care. Medical services are a totally different story. They want quality medical services close by and easily accessible.
Perhaps because we are a water centric area, we see more water seekers, but being near the water or even being able to see the water is high on many retirees' list.
People also want reasonable property taxes. They are sick and tired of being taken to cleaners for thousands upon thousands of dollars every year for questionable services.
Many are looking for a different life style. They want to be active, including having trails for hiking, beaches for walking, and clean water for fishing or boating. Many are like me and love to kayak and bike.
They also want a temperate climate. I hear over and over again how people are tired of harsh winters and no sunshine. They want to see the sun and have the opportunity to be outside.
People also are looking for friendly people. They want to be part of the communities and to make new friends.
The good news is that we can deliver this to our clients here on the Souithern Outer Banks. The more challenging part is that often their budget won't stretch for that desired water view which in spite of the downturn remains a challenge to find at a reasonable cost.
Many folks are settling for water access communities where there is a common area on the water and some other amenities. More communities like that are on the drawing boards.
I think very few retirees are hoping to duplicate their current home during retirement. Perhaps the upper income segment will continue to move in that direction, but I certainly do not see it for the middle income people that I have been meeting.
Probably the biggest challenge right now is convincing people that sellers in our area are not in dire straits. Most buyers are over estimating the market conditions in Carteret County.
With the news full of foreclosures, I think a lot of buyers come to the table with the idea that the sellers are going to fall all over their offer. That's often not the case. The Charlotte, NC News & Observer did a nice piece on foreclosures in North Carolina. They have a very good interactive map that shows where foreclosures are a huge problem. All you have to do is point to a county to see the county's statistics.
I am going to make it a point to show new clients the map so their expectations are altered slightly.
With a downturn in new listings and some builders finding that their homes don't appraise at a profitable level, I am of the belief that we will see better times for sellers in the next twelve months.
I am looking forward to the new buyers who have new expectations. If any of them want to make a purchase before the market turns, now is the time for them to start looking. I think the folks who have bought in the last few months are going to be very happy, especially those who got water views at great prices.
For those wanting to see more on our area, I have some slide shows starting with an Emerald Isle Beach Walk, my Coastal Carolina Collection of mostly sunsets and sunrises, for the boaters in the group, Mackerel Morning is a good tour of the water, and finally fishermen might like Anniversary Fishing where we perched on our own private beach. Enjoying a NC style private beach is pretty special.
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