In a great article published yesterday by RISMedia, the confluence of demographics, recession, and changes in personal priorities were analyzed to predict where the real estate market will be going in the near future….
1. Baby boomers are continuing to work – not retiring – as their retirement plans (and portfolios) were slammed by the recession.
2. These aging baby boomers aren’t selling their homes and downsizing quite yet — not only are they still working – they’re healthier today than ever, and they may be underwater or waiting for the real estate market to rebound.
3. When they move, they want to move away from the suburbs to an urban, mixed use, mixed age environment, but may be faced with difficulty finding reasonably priced housing in these urban areas.
With all this in mind, it makes sense that you should …
Do a full analysis of your real estate situation now. You may NOT be underwater, and maybe it’s better to act instead of waiting for some far off real estate rebound. What’s your current home value? What do anticipate it will be in 5-10 years (or when you’re ready to sell)? With the equity in your home now, is it better to sell today, knowing your value and the current situation or is it better to hold on for 5-10 years?
Boomers should take advantage of today’s soft prices and great interest rates – find your retirement/second home property –preferably a distressed bargain — NOW (whether in the city or in a warmer climate). Ten years from now, you will look back and see that this was the best time in your life to snap up real estate.
Consider buying a small condo for your young adult child now, taking advantage of rates and soft prices. Or, if the job is stable and the future is bright – maybe you can help him/her get started on the road to home ownership. FHA loans are considered to be one of the best loan options now, and down payment “gifts” make home ownership possible and potentially a better choice than renting.
When you’re ready to assess your situation, let me know. I can provide:
Market Analysis of your home – it’s current value — either a quick emailed version (select this link for an example) or a thorough sit down discussion, depending on your needs
Market Trends for your City/Neighborhood – for Chicago and Suburbs, I have market trends (select this link for one example) which will help you look at where the market is and where it is likely to go
Relationships outside Chicagoland – for market analysis/trends outside our area, let me put you in touch with someone who is equally capable of giving wise counsel. As a member of the Senior Real Estate Specialists (SRES) and Certified Residential Specialists (CRS) the quality of my network is unparalleled.
Information on second home opportunities – looking for a great buy? I love to hunt for real estate bargains for my clients! Let’s discuss what kind of situation would make you interested in buying, and I’ll get to work on your behalf. It may not be available today, but we can set up alerts and searches so we’re ready to take advantage when the opportunity presents itself.
Call (773) 620-5333 or email today!