One of the biggest decisions you’ll make in your retirement is where to live. And while assisted living may seem like a good option, there are some significant benefits to sell your existing home over the next few years.
As we get older, it’s natural to think about our future. We may plan for retirement or what will happen when our children are grown and gone—but planning for the future also means considering how our health may change and how we will want to live as we age.
As baby boomers age, they are increasingly choosing to live in an assisted living or senior healthcare facility. These facilities provide services such as meals and housekeeping while also offering a safe place where seniors can live with others who share similar interests and amenities.
But what if you’re on the fence and unsure of whether the time is right? A hot sellers market may be just the nudge you need in order to begin your process of moving to a community that is more suited for this stage of life.
In a hot seller’s market, there is an abundance of buyers competing for limited inventory. This means that homes tend to sell quickly and for more money than in other areas. In a hot seller’s market, sellers are able to negotiate higher prices based on their property’s desirability and location and often have multiple buyers bidding for the same property well over asking price.
Are you ready to start to understand your options and why now might be better than ever? Keep reading.
You’ll have less competition from other sellers.
Inventory is still relatively low. More buyers and fewer sellers mean there will be competition for your home and you will have significantly more negotiating power when it comes time to sell your house. Over the past 12 months buyers have typically received multiple offers on their home well above asking price, even if there are small issues with the house or it is not in an optimal location. Buyers just want to scoop up inventory while the time is right.
You don’t have to worry about maintenance.
When you live in assisted living everything is taken care of for you. Professional contractors and local businesses do all repairs and maintenance, which we have vetted before being approved for the job. We even make sure that our residents are happy with the work done on their houses before we close on the sale. You no longer have to worry about the daily stresses of maintaining a home.
For those seniors who choose to remain in their own homes outside of a senior community, many of these responsibilities fall on the residents themselves or their family members. But in an assisted living community all of this is taken care of. Having the support of trained professionals around you, can fully alleviate unnecessary stress, and also allows seniors to really enjoy their lives more fully in a community that is full of activity and connection.
You have more freedom too.
When you’re living in an assisted living facility or retirement community, much of your time is spent participating in activities and socializing with other residents as well as filling your days in any way you’d like. For example, many facilities require that residents go out on trips during the day or participate in activities at certain times.
In contrast, when you own your own home, there are more restrictions on how you spend your free time, especially if you are still responsible for maintaining the home. Its not as easy to go out for dinner with friends or take up a hobby like gardening or woodworking whenever it suits your fancy if you have spent much of your day caring for your home instead. You simply don’t have the energy.
It’s easier to negotiate with buyers in this type of market.
Sellers are often eager to negotiate and make their homes as attractive as possible because they know there aren’t many buyers out there for their homes. But that’s not what we are seeing these days. In recent months, buyers have been motivated to place offers that are tens of thousands of dollars above asking price.