Why Seniors Should Care About the Booming Real Estate Market

The housing market is booming. After a year of pandemic-style living, it seems homes are flying off real estate listings in a matter of hours—that’s if they even make it there at all. Mortgages reached historic lows, and the demand for housing is at an all-time high. In fact, the National Association of Realtors recently reported the median sales price of homes to be up over 17 percent since last year.

For many older adults, this phenomenon begs the question of whether to strike while the iron’s hot. As the housing market continues to flourish, now might be the best time to sell your home and move to a senior living community.

Even if you’re fully capable of living independently at this time, there’s a great deal to be said for making such a move when both your health and financial outlook are optimal. Waiting for a physical or mental setback to prompt such a transition can make the process that much more difficult and overwhelming. Plus, there’s no surefire way to know just how long the housing boom might last.   

In this article, we’re providing important insight into the current housing market and offering some significant reasons why older homeowners might consider this a prime opportunity to move to senior living.  

Compelling Real Estate Realities 

If you’re not up to speed on exactly what’s going on in today’s housing market, here are some interesting facts and figures to check out, as reported by Yahoo Finance:

• The pandemic brought about the lowest 30-year fixed-rate mortgage average in U.S. history. It plummeted to 2.65% in January 2021, down from 3.64% approximately one year earlier.

• The average total “for sale” housing inventory for January was 895,381, dropping to 822,790 in February and 808,071 in March. While home inventory is expected to increase this year, it’s unlikely to do so at breakneck speed—because after selling their home, many of those sellers are apt to turn around and buy another home.

• As businesses reopen and regular unemployment claims continue to fall, consumer confidence is growing, which means more sellers may start entering the market. With the number of buyers out there, it’s expected to be a continued sellers’ market through the remainder of 2021. How long that wave will last is unpredictable.

• In January, the median home list price in the U.S. was $330,500. It climbed slightly to $331,830 in February and even more so in March to $338,830. If the average month-over-month change stays constant, the median list price will reach $379,112 by the end of the year.

The current low-interest-rate mortgages, the ongoing decline in housing inventory, and continuing increase in housing values have created a market in which homes are moving quickly and at a favorable profit for sellers. All of this emphasizes that now may be an opportune time for older homeowners to consider moving to senior living.

Why It’s Wiser Not to Wait

As you can see, the housing market is unpredictable and may not stay this favorable to sellers for much longer. But there’s more to making the move to senior living than just the logistical and financial aspects of selling your home. There are actually a number of important reasons why moving sooner rather than later can benefit your life and lifestyle. Here are just a few:

• Choosing a senior living environment is a big decision and one that you probably don’t want anyone else making for you. But accidents do happen, and if you unexpectedly suffer an injury or illness before you have your plans established, this puts your family in a position of making plans on your behalf. While they likely have your best interests at heart, there’s no guarantee their choice would be the option you’d have chosen for yourself. It’s better to be proactive and start looking into senior living communities well before you need to move into one. Make sure you have a say in how you’ll spend this season of your life, and then you won’t have to burden your family members with the responsibility of this decision later on. 

• Even if you’re fully equipped to take care of yourself right now, there are distinct advantages that just might make you want to move into senior living anyway. For starters, you have access to healthy meals and snacks prepared and provided for you, so you don’t have to worry about grocery shopping, cooking, or cleaning up afterward if these are not things you enjoy. This is an especially ideal option for seniors with dietary restrictions, like diabetes, who need to eat based on a specific meal plan—which is so much easier to maintain when someone is doing the meal preparation for you.

• If you’re interested in spending this time of your life having fun and interacting with others, senior living affords a wealth of social opportunities. Many seniors who live at home spend their days waiting for busy family members to call or visit. Instead of waiting around on them, you can take advantage of the unique social connections and opportunities for enjoyment. You can join clubs, participate in activities, engage in social outings, play games—whatever brings you joy. And you have the freedom to engage in these activities based on your own comfort level. Because you still have your own apartment to go back to when you desire privacy and quiet time.

• The safety factor is a high priority, one that becomes increasingly integral with age. Senior living communities are equipped to help you avoid an incident and have healthcare professionals on staff to respond immediately if necessary. As opposed to the risks of living at home, a senior living environment can offer quick care after a fall, keep an eye on your daily health and even help you manage your medication.

Of course, this is just a sampling of the desirable reasons why a senior living community might be the perfect situation for you now before you’re ultimately compelled by the constraints of your physical and/or mental health. 

Taking Those First Tangible Steps

Armed with all of this information about the current real estate market and the benefits of moving to a senior living community sooner rather than later, you may feel a greater sense of urgency to begin the process. The first thing you can do is speak with a local real estate agent to get a better idea of your home’s value and what you can realistically expect in today’s market. 

Then, get your questions answered about what life at a senior living community actually looks like. The best thing you can do is arrange to take a tour and see for yourself. To help avoid making common assumptions and gain a more accurate picture of real-life in a senior living community, download this free guide, which addresses some of the most common myths surrounding the topic.

If you’re interested in learning more about United Methodist Homes senior living community, contact us today or schedule a complimentary visit now. For additional tips on senior health and lifestyle issues, check out our blog.