Now is that rare time when you can sell your home and buy a new home and win on both ends.
When the housing market crashed in 2007/2008, plans changed. People planning for retirement held off, in large part because prices plummeted and they could not sell their homes. Even as our market in Delaware began to recover in 2011, sales here were depressed because our buyers still had difficulty selling their homes. But then, the overall market improved, lending loosened and the tide began to turn.
Soon we were getting calls saying – “Help, our house has sold, we’re coming to buy!” Our sales doubled from 2012 to 2013 and nearly doubled again from 2013 to 2014. I am talking about our sales at Active Adults Realty, however, our clients are representative of Baby Boomers retiring or actively planning to do so.
We have Sellers’ Markets and Buyers’ Markets, but rarely at the same time
Now is that time and no one can say how long this rare opportunity will last. If your home is in a good location convenient to good jobs and good schools, your chance to sell at a good price is better now than it might be if you waited until your actual retirement date.
At the same time, Delaware does not suffer from the same lack of inventory that many housing markets are experiencing. Sure, there are shortages in certain price ranges and locations, but there are also new home communities being built in all parts of Delaware, many targeting the active adult and relocating retiree. If I were you, I would think about selling now so that you can buy when the right house in the right community and location becomes available.
One of our clients this year did just that. Originally, their intent was to buy a home here when they both retired in 2019. They owned their home outright, fell in love with this area and found just the right home in the perfect community. However, the community was selling out quickly and would not be available much longer. They thought about it and realized this was an opportunity they could not let go. Until they retire, this home in Coastal Delaware will be their vacation home!
Are you a planner or an impulse buyer?
Recent tax changes are going to catch some people totally off guard when they prepare their 2018 taxes. Homeowners in high tax states will likely pay even more taxes due to the limitations on deductibility of State and Local income and Property taxes on their Federal Tax Returns– see my video on SALT Deductions.
Tariffs and the impact on construction costs
The price of new construction homes is going up due mostly to the higher cost of materials. With new tariffs on critical materials, that trend is expected to continue. Just one example is the tariff on lumber.
No matter how you look at it, now is the best time to sell your current home and buy your retirement home in Delaware.
Are you ready to explore Delaware as your retirement destination but not sure what location may be right for you? Contact an Active Adults Realty agent today and we will be happy to help you find the right home in the community best suited for you. Also, be sure to download and get your copy of our Free Home Buyers Guide.