1. Increased Equity in Property Values
In April 2021, the national median price for an existing-home (for all housing types) has increased nearly 20% from April 2020, according to tradingeconomics.com
According to ABC 7, “home prices have risen to their highest rate in 15 years — 11. 2 percent. And demand is so intense that Redfin reports nearly half of homes are selling within a week of hitting the market.”
This choice allows seniors to reduce debt, stop paying property taxes, escape costly home repairs, and move to a retirement community that offers them safety, community, and round-the-clock care.
Why the increase in housing sales prices?
Many people looking to buy and sell in March 2020 (or in 2020 in general) were unable to do so due to the Covid-19 pandemic: showing a home and holding open houses just wasn’t realistic or safe at the time.
With an increase in vaccinated community members, an increasing number of homeowners feel comfortable opening their home for showing – and more potential buyers feel safe attending.
This change in work environment and habits has led to new needs, like increased bedrooms or more spaced out or insulated floor plans, leading many current homeowners to be back on the market.
2. Escape Maintenance Repairs and Exit Property Taxes
While owning a home can be a wise investment and offer a tremendous sense of independence and pride, it doesn’t come without it’s costs and downsides.
Most homeowners start out with a 30 year mortgage and most are still making payments. Selling your home can be an opportunity to eliminate what is likely your largest debt.
Many homeowners pay for routine maintenance, like landscaping, housekeeping, or pool keeping, or vent cleanings, but they’ll also need to be budgeting for those higher-priced repairs, like plumbing leaks or breaks, roof replacements, repainting, repairing or replacing fences, replacing water heaters, and more.
According to a 2018 article about home maintenance costs, “Californians spend an average of $16,957 per year on home maintenance, the seventh most in the country and the highest of any Western state.” Of course, the repairs and costs will vary with each home, but generally, the older the home, the more frequent and more costly those maintenance expenses will be.
3. Build a Community that Can Grow with You
When choosing to move to a retirement community like Meadowbrook Village, one of the most valuable assets you’ll be acquiring is a community of others who are in the same stage of life.
While many were isolated during the pandemic shutdown when citizens were asked to limit and shrink social circles, residents at Meadowbrook were able to maintain a community, since they’re part of a shared circle.