When we’re still in this seller’s market, otherwise known as high demand for houses, is it a good time for seniors and retirees to sell their homes? Are there benefits for seniors who decide to sell their homes in retirement?
In this article, we’ll take a look at the current market in Coastal North Carolina. Then, we’ll discuss whether or not buying or selling your New Hanover or Brunswick county home is a good idea. We will also point out the factors that determine senior benefits when buying or selling a home.
The Housing Market in Coastal North Carolina
We are currently in what’s known as a seller’s market. When demand exceeds supply, a seller’s market occurs. Many buyers are interested, but few homes are on the market, so sellers have an advantage.
Homes sell faster during a seller’s market, and buyers must compete. Buyers are spending more, and sellers aren’t afraid to increase their prices and accept the highest offers. In these times, buyers may not always have as much ability to negotiate costs and terms.
Are There Incentives For Seniors To Sell?
Retirement is a great time for many people to sell their homes. Most senior citizens are ready to downsize, especially if their children have moved out and maintenance is a hassle. In addition to freedom from work, retirement allows you to relocate, perhaps to a more walkable area or to one with a significantly lower cost of living for retirees.
Seniors with insufficient retirement savings can also benefit from the sale of their homes. Especially if you buy a less expensive place, you could use the equity in your house to supplement your retirement savings. Selling could also lower your housing costs if you still have a mortgage.
Retirement communities and smaller places are often more attractive to retirees. Having owned a home for a long period of time probably means that you have substantial equity and will make a substantial profit on the sale. This makes taxation less costly. For single taxpayers and married couples filing jointly, your gain on the sale of your home is not taxable, provided that you live in it for at least two of the five years preceding the sale.
Tips For Deciding Whether Or Not To Sell
Reviewing your retirement goals, finances, and the market situation for your new home can help you decide what’s best. As well as speaking with senior real estate specialists before selling a home.
Trust Creekmore Realty Group To Sell Your Home
SRES should be trusted by seniors because they understand their financial situation and can provide sound advice on the best course of action. Their experience allows them to find the best home that fits the lifestyles and financial circumstances of seniors when they’re buying or selling a home.
We specialize in helping retirees discover all the North Carolina Coast has to offer at Creekmore Realty Group. Chris Creekmore can help you find the right retirement home that suits your needs. Call us today for more information.