How To Move When You’re 50+ In Age

Whatever your motivation for moving when you are over 50 — whether it’s to be closer to your family, to downsize to maximize your retirement income, cut down on your expenses to travel more, or move to a vacation home — you might be wondering if there is anything particular to keep in mind to help make your move a success. Moreover, if you want to quickly sell your home, here are some tips, including what to update first. We are also sharing some trends to know about for 2021, that are key whether you want to buy or sell.

 

Take advantage of low mortgage rates

Now is a great time to buy, with low mortgage rates. Just how low are they? Rates dropped consistently throughout 2020, hitting a record low of 2.67% for the average 30-year fixed year in Dec. That means that new buyers are entering the market, and an overwhelming 97 percent of agents in a survey from the real estate experts at HomeLight said in Q4 2020 that these low rates were increasing demand, up from 70 percent in Q4 2019.

 

Update key features

If you need to sell a house (for example if you are downsizing), before moving into a new one, there are some features to update to attract buyers and potentially sell your home faster. Meanwhile, if you are a buyer, you might already have these on your wish list, or consider adding them to it. Updating flooring (like removing shag carpet in favor of wood or composite), replacing bathroom carpet with tile, or giving the whole house an overhaul with green floors like bamboo, or environmentally-friendly carpeting can make your next house, or the one you are selling, current. A neutral clean slate can also be appealing for any home, and like with flooring, you can opt for eco-friendly paints. Some features to keep for bathrooms are double sinks, walk-in style showers with separate tubs, and large linen closets. For kitchens, center islands, under cabinet lighting, and stainless steel appliances can make your home standout, or be ideal for your next home.

 

Be ready for the competition

In 2021, there are some key real estate trends to be aware of, no matter where you are in your real estate journey. One is a sellers’ market, meaning there are more buyers than there are houses available on the market. If you are a buyer you can likely expect bidding wars where you will be in competition with others for the house of your dreams — as 38 percent of agents shared in the HomeLight report. If you are a seller, this is good news because houses are consistently going for more than the asking price.

 

Research your target neighborhood

If you are moving after 50, chances are you might want to settle in a place for a while. For that reason, it’s important to research your neighborhood carefully. Like many others in New York, you might be thinking about taking advantage of remote work to relocate to a vacation-ready spot. As Covid-19 has shifted the economy in some cities and towns, current research is important to see what life in your targeted area is really like in 2021.

 

Whatever your goals, be sure to define them clearly and then work with an agent to come up with a strategy to help you land your dream home.

If you would like to find out more about what we discussed today or if you are looking to find out more about real estate in today’s climate you will find some sources below

Helen Keit | Licensed Real Estate Broker

www.KeitTeam.com

https://www.keitteam.com

helen.keit@kw.com

917.887.4924

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