Photo by Jsome1
Lately there have been glimmers of hope being report by the National Association of Realtors and by the local Twin Cities media that our local housing market may have finally bottomed out. If this is true, and this real estate agent thinks it's likely (depending on our local job market) what does that mean for your move and for future senior housing options?
This article at Senior Housing News projects that seniors will likely try to stay in their homes for a couple of more years and try to make gains on equity that they believe they have lost over the last couple of years.
My two cents: I saw an article last week that projected it would take until 2020 for home equity to rise to the levels it was in the year 2004. So, don't wait.
This article at The Progressive Retirement Lifestyles Blog claims senior housing communities with their rising vacancy rates can't just hold out and hope for the rebound in housing to fill up their communities. They have to keep up with consumer demand of increased servies.
My two cents: We've already seen housing communities working on more creative financing to help those seniors who want to move and have to sell their homes first. Kudos to them, they saw a consumer need and have moved swiftly to help those they strive to serve. This is the most immediate need in the Twin Cities Area for seniors who are wanting to move. They need senior housing communities to work with them to help pay those first months rent and admission fees until a great real estate agent can get that house sold!
Change is in the air...both for seniors who are making plans to move, and for what senior housing communities are offering their new residents. Senior consumers need something different than they did when the first assisted living communities were being built in the late 1980's. Stay tuned!