[Updated: April 6, 2021 | Published: March 29, 2021]
If you or a parent are aged 60-plus and living in Columbus, Ohio, it may be time to consider downsizing and moving to an independent living apartment or villa in a senior living community!
According to 2021 National Housing Forecast from Realtor.com, home sellers will remain in a strong position in 2021. Home prices will hit new highs, even though the pace of growth will slow. Buyers will remain plentiful.
All this translates into a rare opportunity for home sellers. Here are the top five reasons Columbus seniors should sell your house in 2021.
1. Columbus Real Estate is Hot, Hot, Hot
For the past few years, Columbus has consistently ranked among the nation’s top housing markets. And now, Ohio’s capitol city has placed in the top 100 on the 2021 Niche list of the Best Cities to Live in America.
People want to move to Columbus for its steady jobs market, vibrant arts scene, abundance of traditional and ethnic restaurants, growing craft beer and coffee scenes, world-class museums and libraries, walkable neighborhoods and much more.
The future looks bright for Columbus and its suburbs, meaning homes may remain scarce for some time to come. However, the years of double-digit home price increases may be on the wane.
For 2021, Realtor.com forecasts 10.3 percent increase in sales and a 7.6 percent boost in home prices in Columbus.
2. There are More Buyers than Sellers in Columbus
Columbus real estate remains a seller’s market in 2021. Houses in popular neighborhoods and suburbs including Dublin, Worthington, Upper Arlington, Powell, Westerville and New Albany sell almost as soon as they go on the market.
“WE NEED SELLERS,” said Amy Giessler, a Realtor with CamTaylor. “There is little to no inventory and an increased demand for buyers to get into homes.
“Buyers are having to come up with clever ways to win in a multiple offer situation, driving prices to the highest they have ever been,” she added.
Since Columbus real estate markets tend to heat up even more once schools let out for the summer, now is the perfect time to think about putting your home on the market.
“We’ve never seen inventory this low before,” said Michael Jones, 2021 Columbus REALTORS® President. “As a result, housing is moving at a frenzied pace and we’re seeing multiple offers and offers over asking price.”
Even homes with blemishes are selling “as is,” without requiring sellers to fix them up.
If you’re even thinking about downsizing, it makes sense to talk to a realtor about listing your home in this market.
3. Interest Rates Remain Low. For Now.
Low interest rates are among the reasons buyers are so eager to get houses in contract. Average interest rates of around 3.0 percent mean they can afford to buy a more expensive house. If rates rise, so will mortgage payments. And the market for upscale homes may suffer.
Lawrence Yun, chief economist for the National Association of Realtors, predicts small mortgage rate increases through the end of the year.
4. Senior Living Communities Have Openings
Although it’s a great time to sell, it’s a hard time to find a new home – unless you’re shopping for a senior living apartment.
During the pandemic, many people put off moving to independent living communities. As a result, you may have more choice than usual among communities and apartment homes this spring.
However, premier communities like Friendship Village of Dublin are filling up fast.
“If you are thinking about moving to an independent living community in the next few years, there’s no time like the present to secure your choice of community and living unit,” said Executive Director Rita Doherty. “And, with today’s higher home prices, you may find that your nest egg stretches further toward securing the worry-free lifestyle you’ve earned.”
5. There’s No Reason to Wait to Live Your Best Life
Ask yourself: do you really enjoy home ownership any more? The yard work, housework, cooking, laundry, snow removal, maintenance costs and chores, chores, chores?
If you’ve ever dreamed about a maintenance-free lifestyle, there’s no reason to wait.
At Friendship Village of Dublin, our residents enjoy an enviable lifestyle filled with compatible companions, luxe amenities and engaging activities. All on a scenic, 29-acre campus with lush gardens, walking trails, two fitness centers, an indoor swimming pool and more. And did we mention the chef-prepared meals?
Plus, our residents enjoy the security of LifeCare – an all-in-one package of flexible services, amenities and future health care at a predictable cost, so you have more freedom to enjoy your active, independent lifestyle.
We invite you to schedule a safe, socially distanced visit to learn about all we offer!
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