“Spring has always traditionally been a booming time for the housing market, and currently the housing market is exploding like we haven’t seen in years, “says Beth McGowan Welch, Executive Director at Park Place of Elmhurst, a Life Plan Community in the Chicago area region. “Surprisingly, the pandemic has actually boosted the housing market, and many home sellers are finding themselves with dozens of offers just hours after their home goes on the market. Between low interest rates, rising home values and a dearth of supply, seniors who have been on the fence about selling may want to make 2021 their year of motion.”
Beth says that many seniors have realized the benefits of moving into a community for peace of mind. “Some of the things that our residents at Park Place appreciated was that life here is all-inclusive, maintenance-free, and we provided a rigorous screening process for our workers and anyone who came through our community doors, we were able to reduce the risk of exposure as much as possible.”
According to Illinois Realtors, the Chicagoland housing market is hotter than it’s been since the great recession. In the Elmhurst area homes are selling for a median price of $416K, and hot homes receive multiple offers and can go pending within 8 days of going on market. 76 homes were sold in March this year, which is up from 47 last year. Obviously, the area is in high demand, which means good news for seniors.
“Between the benefits of moving and the red-hot housing market, today’s homeowning seniors have a unique opportunity,” she says.
Why This Housing Market Is So Hot
A low supply and high demand.
High demand and low supply naturally result in rising prices … and this year is no exception. Sales of previously owned homes has skyrocketed over the past few years. That’s because homes that price below $450,000 simply aren’t being made anymore. New construction has a big price tag of $700K and upwards, so the more “affordable” homes are hot commodities. People who want an established home and aren’t interested in McMansions find themselves with a dwindling supply to choose from.
Record-low interest rates.
While interest rates have fluctuated up and down over the past few months, they still remain at historic lows. (Anyone remember the 13% interest rates of the 80s?) It’s predicted that even if rates do creep up this year, they will still be low, which makes it very attractive for homebuyers to enter the market.
How To Jump on the Housing Surge
The hot market makes this spring the perfect time for seniors to sell and get moving into a retirement community. “With the built up equity in your home, you can make a tidy sum that can be applied to the entrance fee of a Life Plan community like Park Place,” explains Beth.
If these numbers and facts are making you strongly consider selling your current home (and moving into a maintenance-free senior living community), get your home in tip-top shape and sold in as little time as possible. Now is the perfect time to declutter your living space and get rid of items that you don’t need. Not only will this make it easier to stage your home for selling, but it will make it that much easier when you’re ready to move into your new community. Prior to selling your home, visit communities in your area and find the one that “fits” your lifestyle and what you want out of retirement.
“Selling your home is a big endeavor, but it can also be the start of a brand-new adventure,” says Beth. “If you’re looking for ways to make your 2021 the best ever while also setting up the foundation for future happiness, selling your home and moving into a senior living community like Park Place may be the solution you’ve been looking for.”
Discover the Difference at Park Place of Elmhurst
Park Place of Elmhurst is a different kind of retirement community – you’ll enjoy a lifestyle unlike any you’ve experienced. A lifestyle that is maintenance-free with lots of helpful services, remarkable amenities with engaging neighbors just outside your door – all backed by Providence Life Services, a Christian-based organization that’s been a trusted name in Chicago-area senior living for more than a century.
Offering Independent Living, Assisted Living, Skilled Nursing and Rehabilitation and Memory Support, Park Place of Elmhurst provides peace of mind. Residents of Park Place have made the decision and moved into a Life Plan Community that will ensure whatever life change happens, Park Place is the right place for all their care needs. One of the fabulous benefits of choosing a Life Plan Community is the peace of mind knowing that you have made the decision and partnered with a community committed to providing all the levels of living from the day you move in.
We encourage you or your loved one to contact us to learn more about our exclusive community or schedule a personal tour by calling 630-239-5127.