Retire in Sun City Where Foreclosure Homes for sale Are Well-Priced
Filed Under Foreclosures | Comments Off
For retirees looking for a place where the view is spectacular, where community amenities are mostly for retirees and where foreclosure homes for sale are affordable, Sun City is recommended by many real estate agents.
Foreclosures homes in Sun City are not only affordable, they can also still be sold at a level where the retiree owners do not lose so much, unlike in neighboring Arizona cities where prices of foreclosure homes for sale have declined to bottom levels.
In neighboring Maricopa County, the median home price dropped by 46 percent from $230,000 in April 2008 to $125,000 this April. In the same period, the median price in Sun City did not drastically decline. It fell by only 24 percent, almost half of the decline in Maricopa, which consists of Phoenix, Scottsdale and Mesa and other cities.
The drastic decline in home prices in Maricopa was caused by large numbers of foreclosure homes in the county. In April alone, 1,042 bank-owned foreclosure homes for sale flooded the market. A total of 8,396 new foreclosure actions were filed and they are expected to add to foreclosure inventories in the next few weeks or months.
There were fewer foreclosures homes in Sun City and the rates of declines were lower because Sun City is a retirement housing market. Although housing analysts have no definite studies to cite, they have observed that home values in retirement communities have been more stable than other types of communities.
Analysts say that retirees are no longer as aggressive and as greedy as when they were younger or as adventurous as younger people who take risks in their investment decisions.
An 85-year-old retiree in Sun City said that when one gets old, one becomes fully conscious of the issue of being able to pay the house. Older people are definite about not buying a house one cannot afford to pay for.
Another retiree said that he and his wife intend to spend the rest of their lives in their community in Sun City, where the view includes palm trees, blue sky and friendly neighbors waving as they pass by.
The retiree said that if they cashed out during the boom and sold their $220,000 house in 2005 for $400,000 to invest in another house in another city or spend for other things, they could have been among many older adults whose houses are already foreclosure homes.
Related Article
- Foreclosures Houses Rising in New Orleans
- San Diego Home Prices Rose Amid Foreclosed Houses for Sale
- Foreclosed Home Auction Sales Growing in Orlando
- Foreclose Homes for Sale, Unemployment Delay Price Recovery
- Pending Sales of Foreclosures Homes in Memphis Improved