Monday, February 15, 2010

Seniors Delaying Moving - Some Concerns

I was quoted in The Denver Post newspaper as a senior's real estate specialist in an article discussing various areas of concern for seniors who are anticipating moving in the near future.

The Denver area Seniors Delay Home Sales article (part 1 and part 2) mentioned that difficulties related to:
* declining values due to foreclosures and excessive supply of homes in the Denver area has resulted in many seniors not having enough equity to afford the entrance fee for retirement communities.
* some seniors have been able to sell to first time buyers who are able to take advantage of the $8,000 tax credit. (the extended program expires April 30th of this year for buyers who need to be under contract by then and close no later than June 30th.)
* Seniors are finding the buyers of their properties have run into problems obtaining financing and therefore their sale may fall apart.
* In 2009 five assisted-living communities in Denver were put on hold due to the slow economy and anticipated slow sales.
* Seniors now living in homes with values in excess of $400,000 have found the buyer market for their homes to be particularly soft.
* Frequently seniors have unrealistic expectations about the value of their current homes.
* Not realizing they need to up-date their homes that they have lived in for the past 30 to 50 years will stop their ability to successfully sell their homes. Buyers today are exceptionally demanding with regard to the overall maintenance and condition of their next home.
* Seniors need to be very realistic on how up-dated their home are if they serious about selling to any buyer in today's difficult home market.

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