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If you put off your care home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes, including RCFEs and ARFs, for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your care home search. Here are three tips for buying the RCFE or ARF of your dreams today.

1. Understand How Mortgage Rates Impact Your Homebuying Power

Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a care home. The chart below can help.  It’s for illustrative purposes only, since the mortgage balances are quite low.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.

As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search

The supply of care homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for care homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular city, for example) it may be worth taking another look.

Even as the inventory of care homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance

Ultimately, you need to be prepared when you set out to buy a care home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to (care) homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your care homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional who specializes in senior and adult residential care facilities. If you’re just starting your search, our team can help you understand your local market and search for available care homes. And when it’s time to make an offer, we will be an expert advisor and negotiator to help your offer stand out above the rest.

Bottom Line

Strategically planning your care home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the care home of your dreams. To make sure you have expert advice each step of the way, use the services of a care home specialist, like our RCFE Resource team.  We will develop a comprehensive strategy, tailored to your individual needs, to help make your RCFE or ARF dreams come true!

          www.rcferesource.com