Change is Inevitable!

I keep close contact with senior communities and for the most part they are experiencing record numbers of ‘tours’ in their respective senior living communities. I expected this to happen as so many boomers and their parents have waited out the pandemic and now are taking action on their desire to downsize and move to a new lifestyle. I am not just talking about the ‘silent generation’ (born 1925-1945), but ‘baby boomers’ (born 1946-1964). Both of these groups constitute a whopping 67 million homeowners ready to make their move in the next few years. Yes, many of you will stay. But the future is now, and we are starting to see the effects of this movement in real time.

What does this mean for you if you are in this group of mature homeowners? Your kids have moved out and the house is too big. Health reasons may be on the horizon or are an issue now. The home may not be set up for your current needs, such as too many stairs for knees that may be screaming at you when you go to the basement to do the laundry. But many of my clients just want something different, something new in their lives. The home ages just as we do and has maladies called home maintenance which can be a burden. Many of you just want to simplify your lives and turn the key to visit family without the worry of the furnace going out!

With so many now ready to transition to a condo or senior apartment or community, choices will lessen and waiting lists may be the norm. There is a group mentality which is unseen but real. Just as our phones start and stop ringing in our office, seemingly on the same day, we in the real estate business all understand this concept. There is some unseen signal that reaches all of us which you see in every business. As an example, try to get a contractor to remodel your home. You are fortunate if you can begin the project in 2022!

So how will this rush to change affect you if you are thinking of selling and finding the new home that matches who you are today? First, we are seeing homes for sale increase. This means we probably have hit the peak of years of appreciation and will begin a leveling off and then slow decent in pricing. Buyers, not sellers, determine what a home is worth. That is expressed in numbers of buyers looking and their expectations of affordability. Just as there is a group mentality in sellers or folks visiting senior living options, there is that same phenomenon in the buyer population. We were seeing 10-15 offers within a few days of listing a home in February through May of this year, a phenomenon never seen before. In the last 5 weeks more homes have come on the market and instead of 5-15 offers, we have seen 1-2 offers or in a very few cases no offers. That stands out as a shift which may be attributed to our summer weather, but more likely buyers are saying no to the ever appreciating home prices and choosing to go to the sidelines to wait for a more favorable market. Don’t get me wrong, we are still in a very strong seller’s market but the signs are there that the market may be leveling off.

In summary, if you were waiting for top dollar and the market to keep its red-hot pace in appreciation, that time may have just arrived. If you were procrastinating and taking your time to find that perfect apartment in a senior community, your choices may be more limited due to so many deciding that now is the time to make the change in lifestyle. There are still many choices out there but if this change continues, I believe you may end up on a waiting list and spend another winter in your home if senior living is what you are looking for. More condominiums may be coming online, so that is a good thing if you have been waiting to purchase a ranch one level condo.

As real estate agents, we are always about 2 months ahead of the media when it comes to a change so therefore, we are experiencing the market in real time. Therefore, if change in your lifestyle is desired, I would begin your gathering of information, go on tours, and discover the equity in your home. See what condos are available if purchasing is in your future.  Time is precious and so is the home you live in. Make sure you are where you want to be or more importantly need to be.