Senior Resources 2023-24 Housing Guide

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ing and then buying, trying to time the sale doesn’t really make sense, because if your home drops in value, so will the one you want to purchase. But, if you are planning on selling and then mov ing to an apartment or senior commu nity, selling at the highest price possi ble is an advantage as this money is critical so that you don’t outlive your funds. I believe the peak prices are here, now. I also am quite sure that when news comes out that prices are beginning to level out or even fall, many boomers will put their home on the market at the same time. This increase in inventory will further exacer bate the downward pricing of single H AvE W E R EAcHEd THE P EAK ? W HAT G OES U P M UST ….

family homes and condominiums. Senior apartments will then begin to fill up to the point where many communities that offer availability now will begin to reach the point waiting lists. You want to move to a senior community when you have the choices of view and location and not wait until you no longer have the luxury of choosing the location and view you want ed. When communities begin to fill up, apartment prices will then rise. Remember also that the money you receive from the sale of your home is mostly tax exempt from capital gains (sin gle persons are exempt from $250,000 in gain and up to $500,000 in gain for a couple). That makes the sale of your home even more important because what you will net will be tax free for most of you. Bruce Nemovitz is a Senior Real Estate Specialist and author of two books dealing with moving from one’s long-time home. He and his wife Jeanne have helped over 3000 seniors and their families for over 35 years in the 4-county Milwaukee Metro area.

nyone owning a home today is thrilled to see the incredible appreciation over the last 6 years. Just this year we have seen a 10% increase in home values in 2023 (first 6 months!) But as we all know too well, what goes up must come down. Not too long ago, interest rates were at all-time lows at 2.8% for a 30-year fixed rate. We are now approaching 7% for that same 30 year mortgage and that rate will continue to rise. Imagine you are try ing to buy your first home and not only rates have gone up, but home prices have skyrocketed. There is a breaking point where young buyers will back away from submitting an offer and wait for homes to become more affordable for their budget. Homes are still selling in a relatively short period of time which is about 7-14 days. We are still seeing multiple offers and over-asking offers, but they are begin ning to diminish. In real time, we are noticing a change. Buyers are pulling back a bit as to what they offer as well as waiting longer to sub mit their offers. If you are thinking of sell

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