With inflation, rising housing prices and an unpredictable economy - now is arguably the very best time to move into a continuing care retirement community. In fact, waiting can cost you serious money.
Yes, this current economic landscape – a volatile stock market, high prices at the gas pump and the grocery store - is worrisome for many. The silver lining is that it’s the perfect time to take the leap, cash in on your home, and invest in your future wellbeing.
“For me it was the optimum time to sell my house, and just the peace of mind knowing that I’ll be taken care of, no matter what happens with inflation, I will be okay,” said Diane Brown, who made the decision to move into Buckingham’s Choice in Adamstown, Maryland, after her husband passed away.
Real estate experts say while the the red-hot market has slowed, it is still a seller's market. Home prices have soared with June 2024's nationwide median sale price reaching a record-breaking $426,900—the highest ever recorded by the National Association of Realtors.
Selling now – not later – will ensure you get the most money from your home. There are several options after downsizing, but the smarter investment would be to skip the rentals and 50-and-over communities. Renting prices are at an astounding all-time high. Rental apartments have surged 29% since the onset of the COVID-19 pandemic, and continue to climb, up another 3.4% compared to last year reaching $1,958 according to the Zillow Observed Rent Index.
Instead of wasting money on home maintenance, or rent prices, people who move to a continuing care retirement community make a wiser decision – they chose to invest their hard-earned dollars on an active lifestyle in a resort-like community, with opportunities to live better for years, without worries about inflation or other financial stress. How’s that? They set up their future by prepaying for access to a full spectrum of care – assisted living and skilled nursing if it’s ever needed down the road. Using today’s dollars for tomorrow’s care, part of which is tax deductible, is a smarter investment. No other 50-and-older rental will give you money back each year!
In these unpredictable times, the best place to retire is at a senior living community with predictable, reliable rates that do not change solely based on level of care. Rising healthcare prices and cost of living is beyond our control but living at a continuing care retirement community protects your nest egg, and your children, from anxiety over the uncertainty. That extra money saved each year is better spent on dream vacations, online shopping, and spoiling the grandchildren.
Why Now is the Time
Starting August 2024, home sellers will no longer be required to cover the commission for both their own agent and the buyer's agent. Instead, homebuyers seeking representation will need to pay their agents separately. Buyers can still negotiate for it, but not covering the cost could save you thousands.
Another advantage of selling your home now, the housing inventory is relatively low.
“According to our latest data, housing supply is still very low,” said Nadia Evangelou, senior economist and director of real estate research for the National Association of Realtors (NAR). “Although there are fewer buyers in the market due to weakening affordability, there aren’t yet enough homes. Housing demand continues to outpace supply.”
"Put simply, in a seller’s market, the demand exceeds the supply, giving sellers the upper hand.”
A shortage of housing inventory, as is the case now, drives up both demand and prices for the available homes. Additionally, when supply is limited, the few homes that do hit the market tend to sell more quickly.
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