In 2003, when I started my career in the Senior Living Industry, the housing market made it easy for the seniors I was helping to sell their homes for a great price and move into a Senior Living Community fairly quickly.
Following the Housing Market decline in 2008, I started seeing a shift in more seniors holding off on selling their homes, which resulted in more emergent moves and a significant decrease in the amount they received for the sale of their home.
As you consider whether to stay at home longer or sell your home while it’s a sellers-market, below are 3 things to consider that can help you make this life-changing decision.
1. Current Housing Market
Diane Peterson a Realtor with Premiere Property Group says, “It’s still a seller’s market. The big change is that buyers are not panicking as they have in the past; they’re taking their time, and homes are spending more time on the market. Multiple offers are becoming a thing of the past. Homes are selling at or below their asking price. Home sales have slowed in 2019 compared to this time in 2018, with closed sales down 2.5%. The housing market has shifted. So looking into my crystal ball, what do I see for the 2020 housing market? Continued slowing.”
2. Interest Rates
a. Interest rates impact the number of qualified buyers.
b. Interest rates are expected to increase in 2020 and 2021, which will reduce the number of qualified buyers translating to slowing housing sales in many areas.
3. Planning ahead
a. The housing market forecast can and will have an impact on the number of assets you or a loved one will have to utilize for Senior Housing and Care, based on when the home is sold and how much is received from the sale.
b. If you believe you will want or need to downsize and move out of your home in the next year or two, now is the time to sell your home rather than wait knowing that the housing market is slowing and it could cause a significant decrease in the amount you will gain from selling your home while the market is good.
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Senior One Source