Last month, we shared an article on the hot sellers’ market we’re seeing take place across the United States. And what we’re learning is it hasn’t slowed down yet. We wanted to talk to another expert in real estate to get an insider’s scoop on what’s happening in the market, and what this means for individuals considering their retirement options.
In this interview, we sat down with Paula Snook, a realtor at RE/MAX Professionals in Gillette, WY. Paula has over 16 years of experience in the home buying and selling industry and was eager to share what she has been witnessing in her local market.
Here’s a Realtor’s Insight
Primrose: Paula, what do you see currently taking place in the market?
Paula: In Gillette, WY and Northeast Wyoming in general, we are seeing a lot of sales, and less properties on the market to sell or for buyers to choose from. The demand is high and supply is low, creating a hot sellers’ market. And sellers are getting top dollar for properties that are in good condition.
Primrose: How fast are homes selling in your area?
Paula: Our inventory is about 35% of what it was a couple of years ago. The current time on the market is only about 48 days—a record low.
Primrose: Why do you think so many people are buying homes?
Paula: Low interest rates have enabled people to buy more square footage. We’ve also seen an increase in people wanting to buy property. Don’t forget, during the pandemic, most people (and employers) realized that they could perform their jobs at home vs. the office.
This change in working environments now allows buyers more freedom to choose where they want to live and work, which is why we believe we’re seeing an increase in people choosing to move to Northeast Wyoming.
Primrose: Are you seeing any type of seller hesitancy? And if so, what do you think accounts for this?
Paula: Change is always hard. Packing and moving is a lot of work, too. Getting a property ready to sell can be overwhelming, and people might wonder where to even start the process. A trusted real estate agent should be able to provide helpful guidance and recommendations of vendors to manage the many logistics of a move or relocation. In return, it will help the seller feel more at ease about making the decision to sell.
Primrose: If I’m nearing retirement, but still on the fence about selling my home and moving into a retirement community, what advice would you give me?
Paula: Owning a home can be a lot of work and upkeep. Moving somewhere that is low maintenance and handles all those tedious tasks can allow you the freedom to live the lifestyle you choose and enjoy the activities you love, but maybe right now you don’t have time for.
Primrose: Anything else you’d like to add?
Paula: Interest rates are expected to rise in a few months, so if you are seriously considering selling your home, it might be time to start the process now.
Remember, the decision is entirely up to you, but my best advice is to get a market analysis of your property from your real estate agent first. This way you will know the expected return you’ll get when selling, as well as what needs to be completed in order to prepare your property for sale.
This costs nothing and gives you the ability to make an informed decision that you feel confident about.
What Are Your Retirement Options?
If you’re considering moving to a retirement community, we invite you to explore everything that Primrose has to offer in comfort, convenience, and care. Our team is committed to ensuring every resident lives independently, on their schedule!
We’d love to show you all the exciting amenities you’ll have access to when you become a part of our community. To learn more, browse our communities to find a Primrose near you and be sure to schedule a tour of our communities to get a feel of what life is like at Primrose!