If you haven’t heard by now, housing inventory is historically low. Sellers have been receiving multiple offers and buyers are standing in line. There aren’t enough homes for sale to offer a balanced market. So, how is this impacting those who are downsizing? There are positives and negatives.
If you are downsizing and moving into a community for older adults, it’s a great time to sell. In fact, it’s never better. Why? Because you won’t be on the “buying end” of an unbalanced market. Even if your home is not market-ready, there is a high likelihood you should still “go to market.” Because of this unbalanced “seller’s market,” you will get away with not doing all of those home improvements/deferred maintenance items that you have put off. Caution though, you should be ready for a feeding frenzy when you list: multiple showings every hour, multiple offers, lots of information to digest and the need to make quick/educated decisions. I would strongly suggest the guidance of a professional senior real estate specialist to help you.
If you are selling then planning to buy a smaller resale home, this is where it can get tough. You need to be prepared to enter a very competitive market. This means you’ll likely lose out on many offers you make. That can get aggravating and drain you emotionally. You might even consider renting if only for one or two years and see what the market does. Your lifestyle might change significantly as you age during that time.
If you know which neighborhoods you are interested in, your Realtor might be able to reach out to residents to find out if anyone is interested in selling. Working with a professional is more important than ever to help navigate you through the buying process.
No matter which option applies to you, it is important to be prepared and work with a professional you can trust. There are a lot of professional service providers to help you make this transition, and it does take a village.
Todd Howard is the president and owner of Halo Senior Solutions. For more, visit haloseniorsolutions.com or call 317-225-0420.