Seniors Need to Sell Homes to Move into Senior Housing. But I Can't Sell My Home!

Recognizing our clients challenge, we developed a viable solution with our Preferred Alliance partner, Father Time™ Real Estate Auctions who you can trust to offer expert guidance, advice and advocacy for the real estate sale. We can help 314-962-4200 or click above link to learn more about our real estate sales option.

Many elderly Americans once planned to sell their homes to finance their retirement care and are finding that this is not so easy. With both home values and investment portfolios shrinking, seniors are now struggling to cope.

Facing what is perhaps the worst housing market since the Great Depression, most seniors will find it almost impossible to find buyers for their outdated homes. And, with the current glut of unsold houses in many markets, even reducing the asking price may not solve the problem.

Relying on traditional real estate sales methods to sell their existing homes is difficult, time consuming and expensive at best. The problem with this strategy, of course, is that elders' homes are frequently antiquated or need substantial repairs and renovations in order to make them marketable. Outdated wallpaper, old appliances and poor maintenance, all characteristic of these houses, often deter buyers. In other words, these homes, which their owners logically considered would be their guarantee of worry-free living virtually indefinitely, are literally unmarketable as-is.

"The idea is that a senior has built up equity in a house, and this assures that they can have care for the rest of their lives," says Rick Bauer, CRTS, Realtor, GRI, of Father Time™ Real Estate Auctions.

A 2008 survey by the American Seniors Housing Association found that nearly a quarter of seniors haven't made any home improvements during at least the last decade, and nearly one-half reported that they won't spend money to enhance the value of their property in order to attract a buyer.

Even worse, for many seniors, just as the real estate bust has depreciated the value of their primary asset--their homes--the value of their retirement accounts has recently plummeted as well.

You can trust Father Time™ Real Estate Auctions to offer expert guidance, advice and advocacy for the real estate sale. Call Rick Bauer for a free assessment 314-962-4200 or write Father Time™ at rbauer@fathertime.com.

On the Other Hand-It's a great time to Buy a home. The Extended & Expanded 2009 Home Buyers Tax Credit extends the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

The program that has existed for First-Time Home Buyers remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

With mortgage rates at record lows and the $8,000 it is a good time to enter the housing market and a good time to sell your home.

You can trust Father Time™ Real Estate Auctions to offer expert guidance, advice and advocacy for the real estate sale. Call Rick Bauer for a free assessment 314-962-4200 or write Father Time™ at rbauer@fathertime.com.