The seniors’ housing deal factory that churned out record numbers over the past 3 years hasn’t shut down completely, but financing terms have become increasingly difficult as lenders and investors alike retool their expectations amid the credit crunch. Most of the deals that are going through today are getting re-priced downward, and sellers are starting to face that reality. On the other hand, with more discerning residents, longer life expectancies, growing acceptance by consumers and an outdated supply, players will be able to capitalize on the need for quality independent living, assisted living and continuing care retirement communities. Cap rates will rise in the second half of 2008, partly because of the liquidity issues in the capital markets and less aggressive bidding. As a result of that, sales of the higher-end properties that tended to have the lowest cap rates will not be as prevalent as in the past few years.

Consolidation Is Coming

Ninety percent of senior housing will be owned by institutional investors by 2015, a reverse from the current 90% mom-and-pop ownership structure of today, according to a recent report by Jones Lang LaSalle Capital Markets.

The Wall Street Journal reports that senior housing is set to boom in the next 20 years, and with the increasing older demographics, there will likely be a big shift in senior housing ownership. According to the US Census Bureau, the oldest baby boomers will turn 65 in 2011, and the senior population is expected to double between 2010 and 2030 from 35 million to 72 million. To put the influence of older Americans into perspective, while the total US headcount is projected to go up by 18% between 2010 and 2030, the older population will rise 78% during that same period. As a result, one in five Americans will be 65 or older in 2030. Those 85 or older are also projected to grow from 4.2 million in 2000 to almost 10 million by 2030 and 21 million by 2050.

Assisted Living Rents Increase

The average assisted living resident pays $3,008 per month for housing and services, according to a recent national study by Genworth Financial. That figure is up 25% from $2,397 per month in 2004. The higher end costs topped $4,900 per month in New Jersey, while the lower end is about $2,000 per month in Arkansas. Read more

Finding Your Real Estate Agent

Whenever you buy or sell real estate, you may be like millions of other people out there, in thinking that you don’t need a real estate agent. Most people who buy or sell homes, generally think that a real estate agent is a waste of money. Those who choose to buy a new home, think that real estate agents only add to the cost of purchasing the home.

What most people aren’t aware of, is the fact that real estate agents are normally paid by the seller, not by the buyer. As a buyer, you’ll get to work with a professional real estate agent without really having to pay for it yourself. The policies can vary greatly from state to state and company to company, which is why you should always check any paperwork or contracts that are provided to you to ensure this is the case. When you are interviewing agents, make certain to ask about any type of fees as well. Read more

Buying A New Home With A Canandaigua Real Estate Agent

Buying a home can be a daunting task. It is therefore advisable to buy new homes through Canandaigua Real Estate Agent. A residential mortgage broker will make it easier for you to buy your new home, by guiding you through various types of mortgages available in the market and identifying the deal most suited for you. Even you are a first-time buyer and new to the real estate industry, a residential mortgage broker will make the entire buying process a lot easier.

By virtue of their professional expertise, Canandaigua Real Estate Agent have access to mortgage brokers that have specialist knowledge of the lending market. They guide potential buyers, who need to find a mortgage to purchase a property, and educate them on the huge range of deals, interest rates and incentives available. The mortgage broker offers financial advice and recommends the most appropriate mortgage for the buyer. You would certainly feel more confident and at ease with a qualified residential mortgage by your side.

You need to know that there are three different kinds of mortgage brokers. Some mortgage brokers work in close association with specific lenders, which means they will only recommend these specific mortgages and will not give you a choice. This type of broker usually charges commission on the mortgage rather than an upfront fee. Other category brokers recommend mortgage lenders from a panel, which represents a limited section of the entire market. There are also independent brokers, who are not tied to any lenders. They recommend mortgage lenders from the whole of the market. This means they may be in a better position to offer genuinely impartial advice. Read more

Does Home Staging Really Sell Homes?

The answer to that question is quite simple. Yes, home staging your Canandaigua House for sale will, in fact, sell homes. All statistics show that homes that are well prepared for the market sell at a higher rate and at a higher price than homes that are not show ready. Often sellers recieve a higher appraisal on staged homes and multiple offers up front.

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