Today’s Housing Marketing is the Perfect Time for Seniors to Consider Selling Their Homes
Are you thinking about selling your home?
You may have heard that home sales in the Twin Cities dropped 12% in January. As a potential seller, that may give you cause for concern. However, if you take a closer look at the market, you’ll find that this is actually good news.
The reason for the drop in sales is simple. A report released by the Minneapolis Area Realtors and Saint Paul Area Association of Realtors shows that the supply of homes for sale is at a historic low, and the number of new listings is at its lowest point in 15 years.
There are currently 4,221 homes for sale in the area— “a decades-long low,” according to the report. The report goes on to say that, based on current demand, the Twin Cities has about a three weeks’ supply of homes for sale—a number that is well short of the six months’ worth of inventory needed for a “balanced” market. Even new construction is feeling the pinch. With supply chain uncertainties, new construction sales were down 6.5% as well.
That means based on home prices, inventory, and demand, it’s a seller’s market, and now might be the perfect time to sell your home.
Twin Cities Home Prices Rise
Strong demand and lower inventory are causing home prices to rise.
Fewer homes on the market may mean that your house could sell faster and for more than the asking price. Since the beginning of 2021, metro-wide inventory is down 24.2%. However, the median sale price is up 10.4% – with median home prices hitting a record high for January of $332,250.
Low-Interest Rates Increases Value and Interest
Right now, mortgage interest rates are low, which is also driving the market.
Lower interest rates mean lower monthly payments, which may mean buyers are willing to spend more to get the home they want and ultimately increase your home’s value.
Additionally, as interest rates are expected to rise this spring, buyers are on the lookout to take advantage of the current rates—despite the low number of houses on the market.
Is it time to sell your home and move into senior living?
When should seniors sell their homes? With the Twin Cities’ current housing market, it’s the perfect time.
For older adults who have been on the fence about moving to apartment-style living, this may be the motivation you need to sell your home and simplify your lives. The money made from a home sale, depending on its value, can last many years as far as monthly rental payments, without having to tap into savings or investments. Plus, there are typically no utility costs or property taxes to pay!
Be sure to talk with your financial advisor, but don’t wait too long – this market will change soon – and senior living properties are filling up quickly.
At The Pillars, we offer senior living communities across Minnesota. Take a look at our senior living locations and what it would be like to live in a maintenance-free, private apartment.
It’s time to turn the question of “When should seniors sell their homes?” into “Now is the time for seniors to sell their homes!”