Bargains Abound for Retirees

According to Money Magazine now could be the perfect time to buy a home for your post-employment years. After all, home prices are down an average of 10 to 20 percent from the peak in most areas of the country and as much as 40 percent in some of the most appealing retirement areas.

Here are some factors that a potential buyer of a retirement property might consider:

• Moving to an area that has been hard hit by the housing downturn, like Miami or Las Vegas, can mean great prices for buyers.
• Trading a big home for a smaller property will reduce the cost of maintenance, insurance, and taxes.
• Buying a property now and renting it out can be profitable in the right areas as more people today prefer renting to owning.

In addition, below are retirement meccas where prices have dropped significantly, according to data from Moody’s Economy.com and the National Association of REALTORS® :

1. Las Vegas: -51 percent
2. San Diego: -47 percent
3. Phoenix: -52 percent
4.Tampa, Fla.: -38 percent
5. Naples, Fla.: -27 percent
6. Myrtle Beach, S.C.: -16 percent