The real estate experts have spoken: now is the best time to sell your home! Since the early months of 2020, the Covid-19 pandemic has created a housing market that is heavily in favor of those who have a home to sell.
If you’re considering selling your home and making the transition to a life plan community, here are three reasons why there has never been a better time to do so.1. Supply Is Struggling to Keep Up With Demand
The pandemic has created a situation in which current homeowners are hesitant to sell their homes during a time of such economic uncertainty. On top of that, there are now health risks associated with parts of the home buying/selling process, such as sellers inviting people into their homes for open houses. It’s a recipe that has resulted in would-be sellers deciding to remain in their current homes — at least until most of the uncertainty brought forth by the pandemic subsides. As the pandemic has progressed, though, realtors have adapted the home-showing process to mitigate risk and ensure a safe environment for both the seller and the potential buyer. There are even virtual options for home showing, should that be the preferred option for all parties.
While the desire to sell a home has decreased in these times, desire to buy a home has not. Unfortunately for homebuyers, this has created a situation in which supply is struggling to keep up with demand. As such, it’s a seller’s market.
Supply is low, demand is high and prices are even higher. Many homeowners have used this as an opportunity to sell their homes and move to a new setting. For younger homeowners, it has meant selling their current homes, buying new ones, and saving tens, possibly hundreds, of thousands on their mortgages. For many senior homeowners, it has meant selling their homes to finance their transition to a continuing care/life plan community where they can rightsize their lives and enjoy all the benefits of active living and convenient access to healthcare resources onsite.
For many people, there may never be a better time to cash in on the investment in their current homes.2. Low Mortgage Interest Rates Expected to Increase
The pandemic has seen the fluctuation of mortgage rates. In the beginning, rates were low. But as restrictions have eased in the past months, mortgage rates have seen a slight increase.
Rates are still attractive when compared to what they have been in the past, but it’s possible that even these slight increases have already caused some hopeful homebuyers to exit the market for the time being. There’s uncertainty as to whether rates will continue to increase, decrease, or remain steady. If they do increase, current homeowners can expect demand to decrease, and it will be harder to sell a home compared to times where mortgage rates are lower.
Even if you’re on the fence about selling your home and moving to a community, you might decide to list your home to see what kind of offers you get. Current market trends show buyers bidding at well above market values and it’s probable that they’ll want to put in an offer while rates are still low.3. You Won’t Be Subject to the Current Buying Market
One of the major downsides of selling a home in this market is that the seller then becomes a buyer. And as we now know, several factors make it so that buying a home during this time is more difficult and expensive than in the past.
But, if you’re making the move to a senior living community, you won’t have to endure the current buying market. You can sell your home with the confidence that your next stop is to a life plan community, like Collington, where there’s an apartment, cottage or villa with you name on it!
It’s for this reason that we’ve been able to welcome new residents to our community during this time. New residents have noted how selling their homes and moving to Collington gave them the opportunity to maximize their investment in their house to finance their transition and begin enjoying all the benefits of a life plan community with a secure plan in place for the future. For many, it’s peace of mind that you can’t put a price on.
Learn More About Why Now Is the Best Time to Move to Collington
We encourage you to fill out the form to connect with our team, and learn more about all the choices Collington offers to continue your active and purposeful retirement lifestyle in our community.