For those 60+ years of age, a major life transition is leaving your longtime home for a retirement community. Add to this major decision an unsure housing economy that can delay selling your house, and it can become difficult to follow through on your plans.

A crucial step in switching to an independent- or assisted-living community is selling your home so proceeds from the sale can finance the new place. Nationally, retirement communities are reporting drops in occupancy that tend to mirror the percentage of unsold housing stock in their areas. On a personal level, this means people who want a home that matches their changing needs are left in a frustrating holding pattern.

Should you find yourself in this odd situation, here is something to consider:

What if you could turn your existing home into the ultimate version of the retirement villa you are considering?

Would you stay in your home if it meets all the wants and needs of your new lifestyle?

An AARP survey found that over 80% of people over 60-years old desire to stay in their own homes for the rest of their lives, meaning they prefer to age in place. Typically, the aging process is blamed for many problems seniors encounter with daily activities, when, often, it is the home that creates the difficulties. Most homes are geared to young healthy adults so do not properly support the physical and sensory changes we experience as we age. For a person with even minor aging changes, an insignificant home feature can have significant effects. For instance, a change in lighting can change how well you navigate your own home.

We understand how the aging process changes the way you feel about and use your home, and we know how overwhelming the list of questions and concerns can be. We have two Certified Aging In-Place Specialists (CAPS) on our team (including Scott Mosby, who was the original CAPS national ambassador) who can work with you to explore all your options. Together, we will create a plan that is beautiful, functional and satisfying.

At this point in time, it can be a better investment to remodel your existing home to suit your needs than waiting a long time to sell your house for less than it is worth. If you love everything about your neighborhood, and wish you did not have to leave, then this is exactly why you should talk with us. We are certified and experienced to keep you comfortable, vital and productive in your own home.

Mosby architect Brian Yount (left) and Scott Mosby (far right) during a client design review in the Mosby showroom and selection center.

Coming upon this scene (above) earlier today was a beautiful moment.

In the present moment, it is our Planning & Design team reviewing a client’s remodeling project. The architect’s floor plans, elevations and 3-D renderings are shared on the large LCD screen so the homeowner can feel and see the new spaces. This creates productive conversation about details and concepts in a language that everyone understands. Since they are sitting in the showroom and selection center, examples of the very items being discussed are an arms-length away, so informed decisions can be made. This is an energizing process, creating confidence and enthusiasm for everyone involved, and assures that we provide exactly what a homeowner wants before construction begins.

From a historical perspective, this is a satisfying moment. We had so longed to have the ability to present projects to our clients in a dynamic and comprehensive way. We knew that being able to fully share the process with them would allow us all to create exceptional designs and solutions that give them lasting value.

This form of client/remodeler team work was a goal we worked toward. In the moment captured above came the proof that we finally did it, and it works as wonderfully as we always dreamed it would! Achieving a goal is a special moment, and it’s just as important to realize a goal has been achieved as it is to reach it. Along with this comes gratitude and the inspiration to continually improve. Yes, it was a beautiful moment.

The production crew who built the 2008 Homer winner for Outstanding Historic Renovation (left-right): Jim Morris, Steve Korte, Dennis Thuernau, Doug McCauley, Fern Taylor & Project Manager Rick Henson

We are proud to announce that Mosby Building Arts has just won 2 Homer Awards for 2008, courtesy of the St. Louis Home Builders Association (HBA).

An award for Outstanding Adaptive/Historic Renovation goes to our Historic Farmhouse Renovation in St. Clair County, Illinois. Congratulations to our own Architectural Designer Adrienne Morgan and Project Manager Rick Henson, and their respective teams, who met the challenge and broad scope of this unique project with enthusiasm, skill and dedication.

Mosby Project Estimator Tim Wahlig (left) & Home Consultant Rich Oris with the 2008 Homer Award for Outstanding Addition.

Our second award was in the Outstanding Addition category, for the Creve Coeur Library project. At the time of this project, Tim Wahlig and Rich Oris (shown above) were the Project Lead and Project Manager, respectively. They helped to transform the front exterior of a brick ranch house by adding a stately library that features completely custom wood paneling mapped out and made by our wood work wizard, Jim Morris. Congratulations to everyone on the team who elevated the aesthetics, function and form of this home.

Mosby Carpenter Jim Morris with his custom contributions to the Homer Award winner for Outstanding Addition.

Scott Mosby (left) and Mosby Building Arts Home Consultant Rich Layton during the live KMOX remote at the 2008 Fall Home Show.

At the Fall 2008 Home Show, Scott Mosby gave a very powerful presentation, “Preparing For Better Times: Your Home in an Unsure Economy.” As a recent St. Louis Post-Dispatch headline declared, “Fear Rushes In,” and many homeowners have had a few moments of concern in the last couple of weeks. Scott applied sound logic and historical comparisons to assure us that a homeowner’s position is not as dire as the media indicates.

Scott is uniquely qualified to address this important topic. As the KMOX Home Answer Man he hears the most pressing concerns of homeowners. As a respected home remodeler he knows which projects increase equity, which maintenance projects are crucial for retaining value and how to gauge if you should remodel your current home or buy another one. His Bachelor’s degree in Finance and Real Estate – coupled with over 30 years of construction and remodeling experience – gives him keen insights into how long a downturn typically last and how to survive it while waiting for indicators of a forthcoming upswing.

His talk covered the following important points:

WHO IS AFFECTED

Those with Adjust Rate Mortgages (ARM) and falling equity, and those trying to sell their house are feeling the effects of the unsure economy.

It is important to have clear information on foreclosures. Even in a strong economy, there are 250,000 – 500,000 foreclosures annually. For 2008, 1.5 million Americans face foreclosure, which is half of a percentage point of total mortgages, and that 1/3 of those foreclosures are for investment properties – not homeowners.

WHO IS NOT AFFECTED

Homeowners with fixed rate mortgages on houses bought before the price appreciation that have substantial equity are doing well. If you plan on staying in your home, you are not affected at all.

During the home sales boom years, the St. Louis metropolitan area seldom experienced dramatic house value inflation, so our values remain relatively stable at this time. Indicators show only a temporary drop of 2%-5% in our house values, which actually brings prices more in line with market-place reality. When compared with other regions of the country, our bi-state region is in good shape.

WHAT TO DO UNTIL THINGS IMPROVE

If you don’t have to move, hold onto your biggest asset by staying put. Protect your investment by maintaining and improving it. Remember that a good home in a good neighborhood always holds its value.

Mortgage interest rates are low, so you can finance remodeling projects at historically low rates rates, and when house prices begin to rise again (and they always do), the percentage of return on investment for the project rises along with your home’s value.

Remember the classic saying: Buy Low - Sell High. The inventory of For Sale homes is very high at this time, making it a Buyer’s Market. Now is the time for first-time buyers and those wanting to accumulate investment property to get good deals; buy low and hold ‘em.

For those not immediately affected by the current economy and contemplating buying a new house because the prices are good, factor in that moving cost adds 10% - 15% to the purchase price, and that the rule of Buy Low - Sell High alerts you to hold onto your biggest asset until it returns to a Seller’s Market.

Your home is your biggest asset, so protect it while the turbulent market corrects itself.

PROTECTING YOUR ASSET

While interest rates are low, there are 6 remodeling projects that benefit you now and strengthen the value of your home in the future:

● Protection & Repair – Maintain what you already have and repair the obvious problems that affect both home value and your comfort.

● Energy Efficiency – reduce energy bills and increase comfort with energy-conscious HVAC systems, low-flow plumbing fixtures, and air-tight ducts, windows and door jambs.

● Mobility & Comfort – A flexible home that accommodates people of all ages and abilities elevates your daily life and makes the home valuable to a future buyer.

● Exterior Renovation – The outside of your house is the first impression. Renovation improvements to siding, roofing and landscaping set the tone of house value.

● Kitchens & Baths – These are the rooms we use the most and that future buyers care about the most. Improvements and upgrades to these areas bring the highest return on investment.

● Outdoor Living – creating “outdoor rooms” effectively adds square footage to your home that can be used 6 – 8 months out of the year.

ECONOMICALLY, THE TIME IS NOW

The convergence of low interest and high supply creates many opportunities for both buyers (low prices and ample choice) and homeowners staying put (improvements will strengthen your asset). Whichever path you choose, be sure to choose wisely which companies will provide you the most security and value.