As we age, caring for a lawn and landscaping may become more burden than blessing. This may signal that you are ready to shed the trappings of home ownership. The current real estate market is very favorable to the seller (‘seller’s market’), and it may be of extra benefit to you to sell now, especially if you’re a senior adult. During a seller’s market, home prices are generally higher because there are fewer homes for sale. Combine this with historically low mortgage financing rates for buyers, and many sellers may find themselves in a situation where buyers are competing with higher and higher bids in order to win a home.
The Dothan housing market is no exception. In February, the Dothan Eagle reported that the Dothan housing market “is hot, hot, hot”, and a report of the housing market in May by the University of Alabama’s Culverhouse College of Business confirms that the Dothan housing market still remains HOT. The number of homes offered for sale in May was down 60% from last year, yet demand was up 21%, and the median sales price was up 13%. This is very good news for seniors who may be looking to get the most money out of their home at its sale, and move to an apartment in a retirement community like Wesley Place on Honeysuckle.
Holly Whitehead, marketing and admissions director at Wesley Place on Honeysuckle, said that she has seen evidence of this housing trend firsthand. “Demand for assisted living care is up, and we are working multiple move-ins,” Holly said. “One resident had to move her home closing to 3 or 4 weeks out because the lawyer is so backed up with home closings.”
Paying for assisted living care in a retirement community in Alabama is typically a combination of monthly income and savings. If a large chunk of your retirement money sits in the equity of your home, then a healthy seller’s market may be just the ticket to helping you boost your savings as you make plans to move to a senior living community.
If you’re in the Dothan area, assisted living may be more affordable than you think! Contact our marketing team at 334-792-0921 and let us run the numbers for you.