You have worked hard all your life and looked forward to a retirement of leisure and year-round golf. You don’t deserve the stress of having to choose between your dreams and your family, and yet many baby boomers face just that same huge lifestyle decision as they retire: Do they leave behind their kids and grandkids, or do they stay up North, resolved to put up with the cold winters, annoying traffic and higher costs of living?

        I’ve been giving this conundrum some thought lately since friends are facing this decision now, and yours truly

With homes in Reynolds Plantation and Owl's Nest, you get a combined 7 golf courses, winter skiing if you want, and no state income taxes if you live in New Hampshire for six months and a day.

and his wife will be staring it in the face in a couple of years. In the next edition of Home On The Course, our free monthly newsletter, I set out to see if, in the wake of the housing recession, there might be some reasonable two-home solutions to the dilemma; that is, for what you might pay for one very nice home in a southern golf community, could we find two nice golf community homes that would put retiring baby boomers close to kids and grandkids for at least half the year and in a warm-weather climate for the late fall and winter months?

        Although a few compromises might be necessary -– one of the two golf homes almost surely will be a condominium or “cottage” in order to keep costs down -– we found it possible to purchase two homes for less than $500,000 and, in some cases, considerably less. For our main example, we chose the well-regarded Reynolds Plantation in Georgia and Owl’s Nest in New Hampshire (no-income tax state, by the way), both with outstanding golf courses, including six inside the gates of Reynolds Plantation. We also include 18 other examples of golf communities with homes ranging from $70,000 to the high $200s that can be mixed and matched for a North/South combination as low as $180,000. We could add thousands more examples east of the Mississippi alone.

        We will mail the July edition of the newsletter later this week, so please sign up today by clicking here. If, in the meantime, you want assistance in identifying one or two golf homes that match your requirements, please contact us at your convenience and we will get to work in your behalf.

Reynoldsgreenandlake

OwlsNestteeandcondos

It is possible, for under $500,000, to enjoy a golf and lake lifestyle at Georgia's Reynolds Plantation (top) and a mountain and golf lifestyle at New Hampshire's Owl's Nest.

        The  National Association of Realtors says hesitant homebuyers are pulling the trigger on purchases because mortgage interest rates are starting to rise. Their opinion is based on their own Pending Home Sales Index, or PHSI, which increased 6.7% from April to May, its 25th month-to-month increase in succession. The May index of 112.3 was its highest level since December 2006. The NAR also revised its 2013 median home price forecast upward by 10%, to $195,000, which would be the highest level since 2005.

        Frequent readers of this site know we are always skeptical about the NAR’s motives in their communications, and this latest bit of guidance makes us no more comfortable. Buyers were already coming off the sidelines because of a generally improved economy, a rise in the stock market, and a dramatically reduced inventory of homes for sale. Rising

40% of all homes sold nationwide were in the South.

interest rates may certainly cause a bit of panic for wannabe first-time home buyers, but those with an appreciating home to sell – and substantial equity in it – should care more about whether the golf home in the South that they might buy is appreciating today at a faster rate than the one they hope to sell.

        For this, however, the NAR does provide a bit of helpful guidance. The median price for homes sold in the Northeast region, according to the organization, was up 12.3% in May from the previous May, and in the Midwest, prices increased 8.2%. In the South, though, prices increased by 15%, indicating its continuing attractiveness to those looking for new lives in generally warmer climes. Significantly, 40% of all homes sold in May nationwide were in the South.

        Of course, one can argue that the rise in interest rates could reduce the number of available buyers for properties put up for sale by couples looking to move to a southern golf community in retirement. But for the moment, inventories are low enough to neutralize the effects of slightly higher interest rates; and if the NAR and other real estate industry factions succeed in seeding the market with panic over the increased rates, those folks with their homes on the market now or soon will benefit.

        Really, though, for a baby boomer couple in, say, Pittsburgh or Portland, ME, or Albany, NY, or Chicago, the multiple-percentage-point differences in home sale prices North and South should mean more than a fractional increase in mortgage rates, certainly in those situations in which couples will use the equity from the sale of their primary home to pay in full for their new, presumably smaller and less expensive, home in the South.