Deciding on the best time to sell a home is an important and complex decision.
For seniors considering selling their home and moving to a life-plan community like Smith Village, a number of market factors require consideration.
Smith Village will host a free virtual seminar on how the current real estate market affects living options for older adults on Thursday, June 10, at 10 a.m., featuring Beverly area realtor Mary Fitzpatrick-Duleba, with Berkshire Hathaway HomeServices Chicago.
“Market values in the neighborhood are at the highest they’ve been in 14 years,” said Fitzpatrick-Duleba.
“In Beverly and Morgan Park, homes are selling very quickly because after more than a year of working from home and socially distancing, many people who lived in condominiums in other city neighborhoods have decided they want more space. Beverly and Morgan Park offer easy access to downtown. Typically homes in these neighborhoods have more room, bigger yards, amenities that people are eager to see after spending so much time at home.”
In fact, the real estate market is soaring all over the city. According to the Chicago Association of Realtors, the median sales price of homes in the city of Chicago for April 2021 was up 10.2 percent from this time last year. The average length of time on the market has dropped by 8.6 percent during the same period. The only statistic that is down from last year is inventory, with 26.8 percent fewer homes available for sale.
Fitzpatrick-Duleba said that the combination of the low inventory of homes typically priced competitively with other high-profile Chicago neighborhoods, low interest rates and skyrocketing prices make this the ultimate sellers market.
Fortunately, people moving into Smith Village, don’t have to worry about finding a more expensive home somewhere else. The velocity of home sales makes sellers nimble, and Smith Village is ready immediately. Like most continuing-care retirement and life-plan communities, Smith Village has many financial options that include an entry fee as well as monthly charges that include dining, cleaning, utilities and activities.
These charges will remain the same, regardless of an uptick in real estate values.
“The best part about moving into Smith Village right now is that older adults benefit from selling their home at the best possible time,” Fitzpatrick-Duleba said.
“You see the benefits of the higher prices, but you face no difficulty in finding an affordable home.”
“As a not-for-profit organization,” said Smith Village Executive Director Marti Jatis, “with levels of care for independent seniors, those requiring some assistance, memory care and skilled nursing care, Smith Village offers a lifestyle that allows older adults more time to enjoy their families and the activities that they love.”
To register for the seminar, visit the website at smithvillage.org.