IS IT TIME TO MAXIMIZE YOUR HOME’S VALUE AND PLAN FOR THE FUTURE?
Aging and Housing: Why Planning Ahead Absolutely Matters
This reality is undeniable: America’s aging population is growing rapidly, and the demand for suitable housing is rising just as fast. Planning for the future now can help you secure the best living options for yourself, or your loved ones, before they become limited.
Those of us, in our 60s and beyond, are not only thinking about our next living arrangements but are also making critical decisions for our aging parents. As mobility and health needs evolve, and people live longer, housing options become more limited. Given the fact that 10,000 people turn 65 each day, waiting too long could mean fewer choices and higher costs, especially as demand surges over the next five years.
Rising Demand for Senior Housing
Today, over 70 million people are aging into the senior housing market, and Michigan’s assisted living costs already average $5,300+ per month. With occupancy rates projected to exceed 90% by 2026 and new construction lagging behind demand, housing availability will shrink, while costs continue to rise.
Scary stuff, right?
But, there are multiple ways to prepare for this eventuality. By getting out in front of the surge in demand, it is possible to control costs while acquiring a living situation that provides you with the best experience and the most long term usability. These options include:
Moving to an accessible condo or home with “age-in-place” safety and mobility-friendly features
Modifying your current home for accessibility, usability, security and safety
Senior or Luxury Rental communities offering social amenities and long term sustainability
Securing periodic home healthcare assistance for additional support
Choosing the right assisted living facility while locking in today’s rates
In light of the sheer number of people who are aging at the same time, one of the wisest actions we could take is to actively participate in designing our optimum living situation. We should also do it soon, rather than waiting while a shrinking pool of options takes place over the next five years. Whether ready or not, time is of the essence.
Grand Rapids Real Estate: A Strong Seller’s Market
As a seller, the real estate market in Grand Rapids remains very favorable and this trend is forecasted to continue through 2025. Currently, there is also a slight softening in the condo market. When to make a move should be a balance of market timing, where you can realize the most profit from the sale of a property, and the availability of the living option you are targeting. Here are some present market statistics for sellers:
📈 Median Home Sale Price: $311,206 (up 4.9% from last year)
📈 Average Home Value: $271,094 (up 4.5%)
📈 Market Competitiveness: Homes typically sell in about 21 days with multiple offers
We Strongly Encourage You to Start the Conversation Now!
Given these trends, it's imperative to consider transitioning you or your loved one to suitable housing sooner rather than later. Here's why:
Maximize Home Sale Value: The current seller's market in Grand Rapids offers an excellent opportunity to achieve a favorable price for a property while delaying the sale leaves open the possibility of experiencing factors that are unexpected and could result in a less advantageous market environment. Can you say Covid?
Secure Preferred Housing: With senior housing occupancy rates climbing and new construction lagging, the availability of desirable units is constantly in a state of flux. Proper planning and prompt action ensures that you or your loved one will be able to choose a residence that is most desirable and best fits their needs.
Stabilize Future Costs: In the case of assisted living options, committing to a senior living arrangement now can lock in current rates, shielding you or your family from potential cost increases as demand intensifies.
This transition requires thoughtful planning and timely action. Whether you need guidance on selling a home, modifying a current one, or exploring senior housing options, we’re highly experienced and here to help. We encourage you to reach out today! This reality is not going away and, in this instance, time is not a friend. We’re ready to partner with you in creating a plan that provides you and your family with stability, comfort, and financial peace of mind.