When you bought your home, it likely suited your needs perfectly. Now, you might instead look at it as an asset that could springboard you into the next phase of your life.
“The current seller’s market places existing homeowners in a highly favorable position,” says Beth McGowan Welch, executive director of Park Place of Elmhurst. “Many older adults are able to get the most out of their home in this market. They can then apply these earnings to an entrance fee at a Life Plan Community.”
Discover how summer 2022 presents a unique opportunity to profit from your real estate investment so you can move into a senior living community.
How a Seller’s Market Could Work in Your Favor
A seller’s market is all about inventory. When demand is high and supply is low, prices rise. In most areas around Chicago, prices are holding steady after rising in 2021. The median home price is around $350,000, and the average home is selling in eight days. While it varies from neighborhood to neighborhood, experts predict Chicago will remain a seller’s market throughout summer 2022.
Right now, there isn’t a lot of supply, but there’s plenty of demand, with eager buyers paying above asking prices for homes they want. As a homeowner, you could profit from selling soon and using that money to enter a Life Plan Community like Park Place.
Strike While the Market Is Hot
You should be aware that the tide may soon turn, according to many metrics:
- Interest rates have risen, making loans less accessible to some buyers.
- Inventory, while low, is rising in some areas.
- There’s a gap between prices and affordability.
Putting it off and selling your home in a buyer’s market may cost you money. It’s more likely you’ll have to wait longer for a buyer, reduce your list price, or complete renovations before selling. To get the most out of the sale of your home, act while the real estate market is in your favor.
Long-Term Benefits of a Life Plan Community
Maybe you’re hoping to make your next investment in your future well-being. Continuing Care Retirement Communities – also known as Life Plan Communities – are a smart way to do just that!
- Long-Term Care: Along with Independent Living, Life Plan Communities offer a continuum of care that often includes Assisted Living, Skilled Nursing care or Memory Support. When a resident’s health needs change, they receive care services according to their needs.
- Financial Value: Many Life Plan Communities offer a Life Care contract, which involves an entrance fee and a stable monthly fee that ensures you receive the care you need. This simultaneously protects you from rising health care costs and offers you predictable expenses.
- Low-Maintenance Lifestyle: When you move to a senior living community, you cast aside the many tasks and responsibilities of homeownership. Home maintenance, yard work and expensive repairs will be a thing of the past. This will open up free time for you to enjoy everything your community offers: social events, art classes, the fitness center, restaurant dining, interest groups, and any other activity that interests you.
Park Place of Elmhurst: Your Home for Life
Park Place is a Life Plan Community in Elmhurst, Illinois, that offers predictability and fosters financial peace of mind. Schedule a visit with one of our team members to hear more about the benefits of a Life Care contract.