Inventory is at all time lows. Affordability is approaching historical highs based on home prices, interest rates, and competition amongst the large pool of potential young homeowners. That sounds good for anyone thinking about selling your long-time home and moving out of state to enjoy the fruits of a lifetime of work and saving.

Baby boomers are at that age where one begins to dream about warmer weather and a more diverse lifestyle. As one ages, experiences trump purchasing more stuff. More activities and affordable living become the focal point of most seniors who decide to take the plunge and move out of state.

There are so many reasons for a cross country move, but over the last few years of covid and isolation, so many of you are probably daydreaming about a complete change in your address with a move closer to grandkids, warmer weather, or just different scenery with more activities for boomers.

The question becomes where the best place in the country that would meet your individual needs. Close proximity to medical care becomes critical to those of you living with medical issues that require specific treatments and direction. Warmer year around temperatures have always attracted those in retirement. As we age, we want to be close to our grandchildren. Affordability such as lower cost of living, home prices, and taxation are critical to affordability especially in the long run.

Here are the top 10 cities after research by Realtor.com. They take into account all of the above-mentioned criteria:

1) Orlando, FL

2) Charleston, SC

3) Scottsdale, AZ

4) Tampa, FL

5) Minneapolis, MN

6) Denver, CO

7) Cincinnati, OH

8) Fort Lauderdale, FL

9) Miami, FL

10) Atlanta, GA

Now, these cities may not offer the specific needs necessary for optimum living, but they do provide a guide for those of you who may be seriously considering a move out of state. Overall quality of life includes proximity to health care as we age.

Now you have decided where you want to go. That’s great, but how will you actually make that happen? You probably have a home or condo to sell. Your money is tied up in investments, so where will the funds come from if you want to avoid selling first and THEN finding the right home or condo?

I have always maintained that no matter where you decide to move, it is critical to do your research and visit the city or town before making your final decision. Have a Realtor meet you and then help you to decide which specific neighborhoods match your wish list. The fastest, most stable areas to purchase real estate are those areas that offer the highest rank for schools, as well as safety and crime statistics. Ask around to those who are currently living in the community your target as to which school system ranks the highest. Ask which are the safest communities per statistics. Even if those asked are a bit off, perception is reality. If the majority of those you ask point to the same school system that is the area considered, appreciation will be stable as well and quality of living.

What about your current home? My best suggestion is to have it assessed by a Senior Real Estate Specialist so that you can begin the process now of getting your home ready to sell. You may have to sell quicker than you thought based on the availability of the home or condo you find. Properties are not sitting on the market, so you most likely will have to purchase without the sale of your home. Make sure the major defects are repaired or replaced and downsize now. You will never regret downsizing ahead of time. You don’t want to have the pressure of closing on another home, downsizing, and selling all at the same time if you can avoid it.

If financing will be needed, go to the bank today and get pre-approved for a bridge loan (an interest only short-term loan using the equity of your home to purchase another). Typically, you can borrow up to 70% of the equity to purchase another home. Then after you close on your new home, you can get yours on the market, and at closing pay off this interim loan.

Many of my clients decided to rent in the target city they chose, so they can take their time to find the right new home or condo. By renting, you take the pressure off as to having to find the cash to purchase before your home is on the market. You also can move from the rental freely, without having to sell your new home if a bad choice was made. Another benefit of renting is that you’ll have the cash in the bank from the sale of your home, so that when you find the right home or condo you can make a cash offer from the money in the bank without having to secure temporary financing.

Really take time to properly research the area where you live for the rest of your life. Get on a plane and spend a week or two and ask questions to those living in that community. Decide if renting first or purchasing first fits into your plans. If moving to a warm climate, you may want to purchase in their down time, which may be opposite of our peak months. Usually, the warm climate areas are slowest at their peak heat months. So, if thinking Florida or Arizona, it may be advantageous to purchase in July or August.

No matter where you decide to call home, know that wherever you go, there you are. What I mean by that a change in address won’t necessarily bring the happiness you are seeking. Determine the why behind the how. Why do you want to move? Why are you not happy in your current home? Who will be living near you in your new city? Why do you think moving will bring a better quality of life?

My parents made the move to Arizona when they were in their 60’s, and guess what?...They moved back after two years because they missed their grandchildren. There are so many factors when considering moving out of state. Be diligent and have a heart to heart with your partner or trusted advisor. Another perspective from those you trust is always a prudent idea. Be honest with yourself and those moving with you and those staying behind. Play it out in your mind. See yourself in your new city and try to access your feelings and reaction to that move. There is an old saying; by failing to prepare, you prepare to fail!