NEWPORT NEWS, VA — Keith Hansen decided it was time to move. He wasn’t going to let the bottoming real estate market, the recession or the stock market’s ups and downs stop him. So the 78-year-old Newport News resident put his home of 45 years up for sale and moved to Warwick Forest.
"It was priced to sell," Hansen said. "But I still got enough out of it to move here."
Not all seniors are that fortunate. The real estate slowdown and recession have hindered their plans, and as a result some retirement communities are rolling back prices and offering specials to help seniors to move.
The Chesapeake, a continuing care retirement community in Newport News, is advertising that it has reduced rates to 2006 levels.
"Real estate prices are dropping 10, 20 percent," said Gail Billups, director of marketing and development. "So we made an adjustment in our pricing, to reflect what has happened in the real estate market."
"We have seen over the last few years that folks are little more reluctant to sell their house," Billups said. "Seniors that would be interested in making a move to The Chesapeake are saying, ‘Well, I can’t get what I could have gotten for my house, or what my neighbor got for their house. The value of my house went down.’ Seniors do look at their proceeds from their house as the source of being able to make that move into a retirement community."
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Want to sell?
Liz Moore offers these tips for seniors looking to sell:
•Make cosmetic changes, such as pulling down wallpaper and painting in neutral colors.
•Update kitchens and bathrooms. Buyers are looking for stainless steel appliances. Consider replacing kitchen counters and bathroom tile if color schemes are outdated.
•Consider replacing carpet, even if it’s in perfect condition, if it’s an outdated color scheme or pattern.
A complimentary market analysis will advise sellers what updates they should consider to make their house more attractive.
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