In today’s sellers’ market, many care home owners are weighing their options and trying to decide if they should sell their care home. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, difficulty in obtaining caregivers and residents, and your own changing needs to determine your best time to sell.
However, recent data shows that time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 76% of consumers believe now is a good time to sell.
The market for care homes is not the same as the traditional residential real estate market, but they are definitely correlated. It all depends on supply and demand.
Looking back over the past few years, its clear consumers are incredibly optimistic today. The graph below shows the percent of survey respondents who say it’s a good time to sell a house, and their positive outlook is on the rise. The big dip near the middle of the chart indicates how consumer sentiment about selling dropped at the beginning of the pandemic as uncertainty about the health crisis and its impact grew. The good news is, the trend today shows a continued, drastic improvement, and people are feeling more and more confident with time about selling a home.
In fact, survey respondents think it’s an even better time to sell a house today than they did in the lead-up to the health crisis. The latest survey results indicate we’re at one of the strongest peaks in seller sentiment since March of 2019, hitting highs when 77% of people thought it was a good time to sell only twice before in June and October of 2021.
Why Are Consumers So Optimistic About Today’s Housing Market?
From record-high equity gains to record-low care home supply and significant buyer demand, homeowners have more motivation than ever to sell. There are more buyers in today’s market than there are care homes for sale, and that’s driving care home prices up, making it a great time to sell your care home.
With the inventory of care homes for sale so low today pushing home prices in an upward direction, it’s no wonder the general consensus is that it’s a good time to sell.
Let our RCFE Resource team of professionals bring proven expertise to help you get the highest sales price for your RCFE or ARF!