Will you sell in 2024? Senior-move experts see the market improving, but you need to get ready now
All across Metro Denver this Christmas, people who have lived in their homes for 20 or 30 years are mulling over the same question: “We’ve been waiting to sell and to move into something more manageable, but will 2024 be a good year to sell?”
Real estate experts across the country are asking that question now—including the senior move specialists with The Steller Group’s Senior Solutions Division, a real estate group exclusively devoted to clients who are facing those once-in-a-lifetime moves.
“The customers we work with are making the most challenging moves of their lives, and the mortgage market last year has made that much more difficult,” says Conrad Steller, owner of The Steller Group.
“But we’re reading signs now from national economists that the situation could be greatly improved this spring. If you’re going to be ready to sell, you need to start preparing for that right away.” A senior move is always one that requires extra planning, says Senior Solutions agent Blair Bryant, who has helped dozens of sellers through those moves this past year. “If you listened to the news, you would’ve thought that 2023 was a horrible year to sell, but the reality is that overall home values increased year-over-year,” Bryant says.
Buyer demand in the metro area still outweighs existing inventory—and it doesn’t look like that will change anytime soon. The good news for buyers is that interest rates have steadily dropped over the past six weeks, and once the holiday season is over, buyers will be ready to take advantage.
Meanwhile, senior moves are always slowed by the daunting task of decluttering a home after decades of ownership. “When they finally move, our typical client will end up taking less than half of what they own to their new address,” notes Bryant. “That takes loads of preparation.” Meanwhile, top economists are predicting that the mortgage market could fall significantly in the coming year; and Lawrence Yun at the National Association of Realtors predicts rates could drop into the sixes as early as this spring.
“We’re already seeing a downward trend,” notes Steller’s Bryant. “Rates don’t have to drop back into the threes or fours to greatly accelerate the market.” A good first step toward readying for a move is to sit in on one of Steller’s free seminars about downsizing (there are three of those coming up in January, at locations in Denver, Centennial and Lakewood). The sessions also touch on other aspects of creating a successful sale. Steller agents are skilled in assessing whether you need to make any improvements to get the best response from buyers. Steller has contractors on-call to make those updates, as well as to stage your home for sale and carry out the actual move in a single day.
- Written by Mark Samuelson and The Denver Post