If you’re a senior citizen looking to “right size” your home, keep reading. While the real estate market has been one in parity over the last quarter- things are starting to change. Recently, luxury and high-end homes started to really pickup in sales. More and more larger homes in California are selling faster and for more money, which can benefit senior citizens tremendously.
At least 1,431 homes worth $2 million or more were sold in the six-county region during the third quarter, said the Los Angeles Times, citing figures from CoreLogic DataQuick. That’s up 14 percent from the third quarter of 2013 — and well ahead of any three-month period in the housing bubble years of the mid-2000s.
Sales worth $10 million or more are on pace this year to double their number from the heights of the housing bubble. Selma Hepp, senior economist for the California Association of Realtors, said it reflects a housing market that is now moving at two speeds: fast for the high end, sluggish for the rest.
While I disagree with the press release and quote by Hepp about the sluggish sales for traditional homes, I completely agree on the high-end side. Seniors in Northern California tend to have more upgraded homes and /or land than the traditional home owner. Thus, seniors looking to cash in right on their high-end homes right now will find they have an easier market to work with- especially in Northern California where Google is employing more and more people, driving up both demand and pricing within the real estate market.
What does this mean for you? Opportunity. Seniors can sell their homes right now and make a good enough profit to downsize with plenty of cash left over to furnish a healthy and happy lifestyle upgrade.
If you’re interested in learning more about the high-end home selling trend, contact me. I will be happy to talk to you about your (or your parents’) situation and what options are both realistic and profitable.
Sam Benson of Walnut Creek Seniors