Are 55+ Homes Harder to Sell?

Are 55+ Homes Harder to Sell

If you are considering buying a house in a 55+ community, you may be considering the pros and cons of this new lifestyle, but you may not be thinking about whether this home will be hard to sell later. Or you may be someone who likes to plan and have been worrying about the specifics of selling your 55+ community home down the road.

Are 55+ Community Homes Harder to Sell?

Whether you’ve contemplated it or not during your buying process, selling your home may be a reality at some point in the future. You’re likely wondering, are homes in 55+ communities harder to sell than homes in non-age-restricted neighborhoods?

Here are a few things you need to know!

Buying Pool

The first factor that may make selling a home in a 55+ community harder than selling a non-55+ home is the smaller buying pool. The number of potential buyers is narrowed down by the 55 or older community age restriction.

When buying in a 55+ community do research to find out the age demographics in your area. This will help determine what size buying pool you may have in the future.

If there is a large number of people in the area who will be aging in to the 55 and older demographic, or if you’re buying in a Las Vegas 55 and over community which attracts retirees from across the country, you may not have to worry about the size of your buying pool down the line.

Competition

The most troublesome aspect of selling your home in a 55+ community may be the competition. While the buying pool is indeed smaller, 55+ communities are still incredibly popular and new developments and new homes within existing communities are springing up across the country.

While this is wonderful news for buyers, this can be problematic when trying to sell your home in a 55+ community because of the competition it poses. There may be brand new properties on the market when you are trying to sell, some of these houses may even be in your community built by the same developer who built your home.

Most homes within your community will be a similar model, if not identical, which may mean buyers may prefer to buy the newly built, updated model over your home.

When buying in a 55+ community ask questions and find out the specifics on your community. If there are long term plans for development, you may have competition if you need to sell. But if you purchase in an established 55+ community that has no further plans for development such as Sun City Summerlin in Las Vegas, you won’t encounter this problem.

However, even if there is competition when selling, there are ways to make your home stand out from the others.

Restrictions

Another issue that can make selling within a 55+ community difficult are the various restrictions communities have. Some communities have rules in place that prohibit ‘For Sale’ signs from being posted in your yard. While other communities have regulations on visitors that can limit your ability to have open houses.

Research the selling rules for the 55+ community you are looking to buy in beforehand. If the rules are strict, they may further limit your buying pool, or make it difficult to notify potential buyers that your home is for sale.

You may find that your community does not have rules that will cause you trouble when reselling. And even if there are rules in place that make reselling difficult, a listing agent can help you find creative ways to market your home to get potential buyers through your door.

Are 55+ Homes Truly Harder to Sell?

While these points outline the difficulties that may be faced when trying to sell your 55+ community home, it does not mean that you will encounter these obstacles, and by no means should they discourage you from looking for homes in 55+ communities.

By keeping these points in mind when buying a house in a 55+ community and working with your buyer’s agent to get all the information on properties, you may find a home that meets all your needs and that will alleviate your resale worries.   

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