Many maturing adults have been ready to make a transition from the larger family home to a more simplified lifestyle, but timing has been difficult with limited housing options and health risks due …
Many maturing adults have been ready to make a transition from the larger family home to a more simplified lifestyle, but timing has been difficult with limited housing options and health risks due to Covid-19.
Active adults may want to downsize to a smaller one level home with less land, or a condominium. Some may decide to rent rather than own to avoid maintaining property at all, while others wish to move to a warmer climate…with no snow, ice or cold!! Folks needing medical care or assistance with daily activities will look for assisted living communities or extended care options.
Over the last year and a half, the transition opportunities have been a challenge. As a Senior Real Estate Specialist, I have encountered situations where clients have the desire, and need in some cases, to begin their transition process, but it was not safe to do so. For homeowners, many would benefit from a vibrant seller’s real estate market with the ability to sell their homes with nice financial returns in a short time but were stifled with suitable housing options due to the lack of available properties to purchase, and few renting options as well. Due to the pandemic health risks, many senior communities had restricted new residents from moving in.
In 2020 R.I. health and safety guidelines warned Realtors and homeowners it was best to avoid having prospective buyers coming through the home, especially for those occupied by a senior, or those with health issues. In a real estate transaction there would be buyers, realtors, inspectors, appraisers, and others needed inside the home to complete the purchase transaction. At that point the transition, in many cases, was put on hold. My best advice was to use the downtime to prepare for the move when it was safe to do so. Go through the years of accumulation in closets and the basement, and start to sort items to sell, give away, and toss leaving just what will be needed for that downsize.
I also advised, as in most senior real estate sales, discussing the upcoming property sale with a financial planner and elder law attorney to prepare for the sale. A well thought out plan will allow for a stress-free transition both financially and physically. Looking at who is currently on the deed, what is the best way to hold title, are there liens on the property, etc. Getting your financial affairs in order can take time, and time seemed to be available for many in 2020 through 2021.
As the vaccine came available, some felt comfortable to start the moving process, and ran into roadblocks with acceptable housing options for their move.
There are signs over the last months the housing market is beginning to relax. With is an increased number of listings for sale, a little longer days on the market, and extended care communities accepting new incoming resident, perhaps the transition may be easier. I am feeling more optimistic advising clients to go ahead and make that move. A typical sale from list to close may be 60-90 days depending on property location, price, and condition. In many cases if listed now you can close by year’s end.
Feeling the chill in the air might be the reminder that the time may be now to make that move before the snow and ice arrive.
I don’t usually like to sound alarms, but although there are still more buyers than sellers looking to purchase with historically low interest rates, the shift is inevitable, and the window of opportunity may be closing soon. Consult a professional to start your plan if you haven’t already done so.
ReMax Real Estate Center
Dedicated to providing quality service my client’s deserve
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Mature Matters —
Senior Real Estate Specialists
401-486-6044 • firstname.lastname@example.org
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