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Could a 55+ Community Be Right for You?

If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help you make your decision.

A happy older couple enjoying the amenities of their kitchen in a 55+ community.

What Is a 55+ Community?

It’s important to note that these communities aren’t just for people who need extra support – they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they’re looking to be surrounded by people in a similar season of life. U.S. News explains:

“The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities’ and ‘planned communities’ refer to a setting that caters to the needs and preferences of adults over the age of 55. These communities are designed for seniors who are able to care for themselves but may be looking to downsize to a community with others their same age and with similar interests.”

Why It’s Worth Considering This Type of Home

If that sounds like something that may interest you, here’s one thing to consider. You may find you’ve got a growing list of options if you look at this type of community. According to 55places.com, the number of listings tailored for homebuyers in this age group has increased by over 50% compared to last year.

And a bigger pool of options could make your move much less stressful because it’s easier to find something that’s specifically designed to meet your needs.

Other Benefits of a 55+ Community

On top of that, there are other benefits to seeking out this type of home. An article from 55places.com, highlights just a few:

  • Lower-Maintenance Living: Tired of mowing the lawn or pulling weeds? Many of these communities take care of this for you. So, you can spend more time doing fun things, and less time on maintenance.
  • On-Site Amenities: Some feature lifestyle amenities like a clubhouse, fitness center, and more, so it’s easy to stay active. Plus, others offer media rooms, libraries, spas, arts and craft studios, and more.
  • Like-Minded Neighbors: Additionally, these types of homes usually offer clubs, outings, meet-ups, and more to foster a close-knit community.
  • Accessible Floor Plans: Not to mention, many have first-floor living options, ample storage spaces, and modern floor plans so you can have a home tailored to this phase in your life.

Bottom Line

If this sounds appealing to you, let’s talk about what’s available in Tulsa, and the unique amenities for each community. You may find a 55+ community is exactly what you’ve been searching for.

Still researching? Read our article about the “Joys of Downsizing”!

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2025 Housing Market Forecast: What To Expect

Looking ahead to 2025, it’s important to know what experts are projecting as the housing market forecast. Whether you’re buying or selling, having a clear picture of what’s ahead can help you make the best possible decision for your homeownership plans.

Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.

Mortgage Rates Are Projected To Come Down Slightly

Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):

Mortgage rates are projected to come down. Continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:

“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”

Expect More Homes To Sell

The market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts project an increase in home sales next year.

Fannie Mae, MBA, and NAR, believe total home sales will climb slightly, with an average of about 5.4 million homes selling in 2025 (see graph below):

That would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.

While the housing market forecast projects that slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.

Home Prices Will Go Up Moderately

More buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):

On average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.

Bottom Line

Understanding 2025 housing market forecasts can help you plan your next move. Whether you’re buying or selling, staying informed about these trends will ensure you make the best decision possible. Let’s connect to discuss how these forecasts could impact your plans.

Learn the basics of mortgages in our “Mortgage 101” post and check out Paul Wheeler’s latest Market Update.

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The Great Wealth Transfer: A New Era of Opportunity

Recent years show a significant shift in wealth distribution among generations: the Great Wealth Transfer.

Historically, the transfer of wealth from one generation to the next was a more gradual process, limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:

“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to Gen X and millennials. If it’s managed smartly, Americans will be able to grow their wealth and ensure their financial security.”

Basically, as more Baby Boomers retire, sell businesses, or downsize their homes, more substantial assets are being passed down to younger generations. And this creates a powerful ripple effect that’ll continue over the next few decades. The graph below uses data from Merrill and Cerulli Associates to give you an idea of how much inherited money will change hands through 2045:

Impact on the Housing Market

One of the most immediate effects of this wealth transfer is on the housing market. Home affordability has been a concern for many aspiring buyers, especially in high-demand areas. The increase in generational wealth will ease some of these challenges by providing future homeowners with greater financial resources. As assets pass down through generations, buyers may find themselves in a better position to afford homes. Merrill talks about that benefit in a recent article:

“While millennials face steep barriers . . . to buying a first home in many markets, ‘that’s a for-now story, not a forever story’ . . . The Great Wealth Transfer should enable more of them to become homeowners — or trade up or add a second home — either through inherited property or the funds for a down payment.”

Impact on the Economy

But the Great Wealth Transfer doesn’t just impact housing. It’s also going to provide a new avenue for entrepreneurial spirits to fuel economic growth. If someone wants to start a business and receive funds like this, that money can serve as the necessary capital to start a new company. This helps the next generation of innovators and business owners bring their ideas to life.

Bottom Line

While affordability remains a challenge in today’s housing market, the ongoing Great Wealth Transfer will unlock new opportunities. As wealth is passed down and put to use, it’s expected to ease some of the barriers to homeownership and fuel other entrepreneurial endeavors. 

To read more about generation differences in the real estate market, read our article “From Boomers to Zoomers: Home Buying Tips For Every Generation.“