If you keep up with octogenarian activities such as playing rock ‘n roll in 80,000-seat stadia, you know that the Rolling Stones are touring the U.S. this year (sadly no stops in the DC area). The longevity of band members Mick (80 last July), Keith (80 last month) and Ronnie (76) exemplify the trend of people living longer, healthier lives. Public awareness and human progress have resulted in decreased cigarette smoking, better eating habits and increased exercise among older Americans.
So how do Mick & the Boys relate to your home? Decades ago, the conventional retirement age was 65. Today, many people are not only working well into their 70’s but are also physically capable of remaining in their homes (some even play rock shows). These trends have big economic impacts. First, homeowners’ aging in place longer and longer has precluded selling, thereby shrinking the inventory of homes on the market today. This, in turn, has pushed home prices higher and higher. Indeed, as of last August the S&P CoreLogic Case-Shiller national home price index was 46% above its February 2020 level.
A recent Wall Street Journal article detailed the increasing property-related wealth of older homeowners with little or no mortgages, while emphasizing the importance of having a strategy for maximizing their golden egg. That’s where we come in if and when you are ready; to work with you and prepare your home to stand out from the crowd. We follow the local market closely, having represented numerous local buyers and home sellers to their “Satisfaction.” We are happy to provide references. Please call upon us for any real estate needs or if you simply have a question we can answer.
Wishing you a happy and healthy New Year!