5 Reasons Why Now May Be The Perfect Time to Sell Your Home
It’s springtime in Wisconsin, and the housing market is in full bloom! If you are an older adult considering a move to senior living, you may want to take advantage of this incredible sellers’ market. Here are the top five reasons why now could be the ideal time to sell your home:
1. Skyrocketing Home Prices
Did you know that 39% of homes sold above the asking price during a four week period between February and March? This spike was due in part to the high demand from homebuyers the U.S. Not only are millennials, the largest living adult generation, reaching the prime years to settle down and buy a home, but the pandemic changed the way we live and work. Many individuals working remotely chose to move away from crowded cities and into the suburbs. Others decided to stay in their homes or take them off the market due to uncertainty. This high demand has given the seller the leverage to negotiate the best possible deal.
2. New Construction Challenges
Another factor contributing to this booming sellers market is the low supply of new homes for sale. It has become difficult for home builders to meet the recent demands due to land, material and skilled labor shortages. This also has made it challenging for home builders to profit on entry-level homes, which is the price point hurting most in the market today. According to the National Association of Home Builders, "lumber prices have skyrocketed more than 300% since April 2020, causing the average price of a new single-family home to increase by nearly $36,000."
3. Low Mortgage Rates
Economic impacts from the the pandemic have resulted in record-low mortgage rates. This has encouraged more buyers to enter the market and drive up demand. Low mortgage rates will likely be sticking around until improvements in employment and inflation are made.
4. Home Equity Gains
According to data from CoreLogic, the average homeowner gained $17,000 in equity in 2020. That number continues to increase as home values appreciate. Equity is a type of savings that grows during your time as a homeowner and can be put toward the next chapter of your life, like moving into a retirement community.
5. A Home That Fits Your Needs
Now is the perfect time for seniors to take advantage of this profitable housing market and find a home that fits their needs and desires. If you are looking for maintenance-free living and an active lifestyle, Regency's continuum of care in New Berlin, Brookfield and Muskego, Wisconsin could be a great fit for you!