Less must-do. More want-to. | October 2022
NOW’S THE TIME: Make the most of your home sale!
Although the real estate market has begun to slow as interest rates have started to rise, Connecticut remains a strong sellers’ market. And as proceeds from the sale of a home can pay a retirement community’s entrance fee, for those who are ready, there truly has never been a better time to make the move.
Even as the cost of most purchases—from homes to cars to groceries—has gone up dramatically in recent months, Duncaster’s rates have not yet increased to keep pace with inflation. The time is NOW to capitalize on market demand, sell your home at a premium, and take advantage of the incredible value found at Duncaster.
Here are a few tips to help you get the most from your home sale:
Investigate Incentives and Pitfalls
As a senior, you should understand how buying or selling a home will impact your finances overall. Pensions, IRA accounts, Medicare, Medicaid, Social Security, and estate planning could be affected by a real estate sale.
Savvy seniors can save thousands of dollars in tax costs each year with LifeCare at Duncaster. Not only does a LifeCare contract cover the cost of your residence, maintenance, dining, utilities, amenities and community services, it also covers predicted future healthcare costs. And because the IRS allows you to deduct out-of-pocket healthcare costs that exceed 7.5% of your adjusted gross income, a portion of your monthly living expenses essentially become tax deductible. You can’t get this benefit staying in your home.
Seek Specialized Real Estate Assistance
Finding a real estate agent knowledgeable about the needs of seniors is crucial. Through experience or training, these agents are familiar with senior housing options, the Housing for Older Persons Act, and the implications of various financial transactions. A specialist will guide you and refer you to other experts. Check a prospective agent’s marketing information and talk to their broker to confirm they have the credentials and experience you need.
Know Your Home’s Current Value
Having lived in your home for many years, it’s natural to be unsure of its value. However, lack of knowledge about current prices could cause you to accept less than your home is worth. Or you might wait too long to accept a fair offer under the mistaken belief that a higher one may be just around the corner. To figure out the current price of your home so that you don’t lose out on a sale, review the comparative market analysis, or CMA, provided by your real estate agent and base your expectation on that data.
Pack Up Memories and Valuables
Selling your home presents an ideal time to downsize. “Decluttering” means removing knick-knacks, excess furniture, and family photos from your home before putting it on the market. This makes a house look spacious and helps buyers picture themselves living there. It’s also wise to sell, give away or donate any belongings you no longer need or want before listing your home. While the house is on the market and staged to sell, keep any other items you plan to take with you in storage. Valuables, medications, and other personal items should be kept out of sight.
If now is the time for you to maximize the value from the sale of your home, and plan a move to Duncaster, call Lisa Greene, Vice President of Sales and Marketing, today at (860) 380-5006.