The competitive housing market is an advantage for 55+ buyers. Cash is king when buying a home and most 55+ buyers have built up a large amount of equity in their homes which have skyrocketed in value over the past years. This opens up the option to sell their current home and pay cash for their dream retirement home, giving them a competitive edge in the housing market.
The real estate market has seen rising home prices and limited supply. According to the Federal Reserve Data, people aged 55+ account for 67.9% of all wealth in the US. With many 55+ buyers in a position to use the large increase in equity of their current homes to pay cash for a new retirement home, the current competitive housing market is an advantage for this demographic.
Many 55+ buyers are either retired or contemplating retirement in the near future. This is causing many of these buyers to contemplate selling their homes to buy a single-level home that is built for aging in place in a low-maintenance community.
According to data from the National Association of Realtors, 59% of all home buyers over the age of 60 purchased a detached single-family home. As we age, our housing and community needs change. Remodeling an older house could end up being a disappointing compromise compared to buying a new house with new systems, designed for aging in place.
55+ buyers often pay just as much attention to the community as they do to the homes in the community when shopping for a new home. Building a home in a low-maintenance community with amenities such as a clubhouse with pool, exercise room and walking trails is a major benefit for most 55+ buyers. Many of these communities have tennis, pickleball or bocce ball courts as well as planned activities that encourage a sense of community. HOA fees may be higher in a master-planned community, but the benefits and convenience of the resort-style amenities and social gatherings close to home can make it well worth it.
While some 55+ buyers are still on the fence about buying a new home, housing prices are not predicted to come down. According to a recent article from Keeping Current Matters, experts project home prices will continue to rise next year.
The current competitive housing market is an advantage for 55+ buyers because of an unprecedented increase in home equity making this the perfect time to buy. Waiting could mean paying a lot more for a house, even for cash buyers. For those who want to finance their new home, higher interest rates may make it difficult to get the home of their dreams if they wait too long to buy.
Epcon Communities makes it simple to find the home of your dreams in a low-maintenance community with resort-style amenities in areas across the country. We offer luxury ranch homes with single-level living designed with open floorplans that wrap around a private courtyard for ample natural light and enjoyable outdoor living space.
If you are considering buying your dream home and want to tour our new homes, contact us for expert advice. Discover the benefits of living in an Epcon community and how the low-maintenance lifestyle can give you more time to enjoy life!