Welcome to the sizzling hot days of summer and the Richmond real estate market! While our temperatures have risen, so has the strength of the Richmond real estate market. In many areas of the region, it is a seller’s market. Buyers have come into the marketplace in waves, stimulated in part by historically low interest rates and in recent weeks, a gradual increase in such rates. And, according to the Richmond Association of Realtors, sales are up almost 14% over last year.
It is a great time for seniors who had planned to move to a retirement community or “right size” their living environment from the home in which they raised their children to one that requires less maintenance to make the move.
Are you thinking of selling and taking advantage of the current sellers market to make the move into a retirement community? We’ve answered your top 5 questions on the Richmond real estate market.
When do I sell my house?
Most future residents want to sell their house before moving in and use the proceeds of the sale to pay for the entrance fee. It tends to be a bit of balancing act to work with timing of all things needed to come into Lakewood and close on a house in the current Richmond real estate market. Last year, our new residents worried about when or if their house would sell. This year the big worry is that the house has sold and they do not have enough time to move.
After you have toured at Lakewood and you are ready to reserve an apartment or cottage home, call to set up a meeting with a local realtor that you feel comfortable working with. Real estate varies by neighborhood in the Richmond real estate market, so pick an agent that knows your area and has a proven track record. A first meeting with an agent will help you get a better sense how fast homes are selling in your neighborhood and what a good asking price might be. It is also a good opportunity to see if you want to hire this agent.
When do I reserve my new home at Lakewood?
Once you have reserved your new home, you will complete paperwork and schedule an appointment with your physician. You will also have an assessment with one of our nurses. After you are approved to come into Lakewood, you will get to pick out your selections for your new apartment or cottage. While all of this is going on at Lakewood, you can have your house on the market but just don’t sell your house before you are approved to come in!
What if I get a contract on my house before I move to Lakewood?
That would not be unusual right now for the Richmond real estate market. Several of our new residents had their house on the market for only a day or even up to a week before a contract was put on the house. For all of them it happened sooner than they would have thought. So, it is a good idea to put a clause in your contract that the sale of the house is contingent on your admission to Lakewood.
What if we don’t close on our house before move in?
Once your apartment or cottage has been renovated, we will work with you to set a date for your move. Most people want to move into Lakewood at least a few days to even a few weeks before their closing to reduce the stress.
When you sign your contract and become an official resident, you also pay for your entrance fee. You can pay part of the entrance fee when you sign and pay the remaining portion after the closing takes place.
There are lots of different roads you can take to get to Lakewood and we certainly know that there is a not a one size fits all approach to retirement planning, especially when it comes to selling your home in the current Richmond real estate market. However, Just give us a call and we will work with you to figure out which route will be the best for you.
About the Authors
Cathy Saunders, an Associate Broker for Long & Foster specializes in the Richmond Real Estate Market. For more information, visit www.longandfoster.com.
Holly Raidabaugh is Director of Marketing and Development at Lakewood Manor. She specializes in providing information to future residents about retirement living options.