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Funny, my husband and I have been throwing around the idea you bring up in your original question, NEWENGLANDGIRL, in general, also. What will retirees decide to do as far as moving goes? One main point my husband came up with is at our age, the age of most retirees, how long can you afford to put your life on hold and is it wise to do so? His feeling is that an awful lot of retirees have already had experience with friends and friends of friends losing their health and the various other negatives of life in this age group, and some in themselves personally. And, they're going to come to the conclusion that they'd better get on with the business of enjoying life while they still can rather than waste years waiting for this disasterous economy to straighten itself out. If that means relocating or downsizing to someone, and one can possibly afford the financial loss of doing so, retirees are going to "get on with life" rather than waste precious years living where they'd rather not be living. Whether or not he's right time will tell, I guess.
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I was just sitting here thinking the same thing. Time is precious. We never know what tomorrow will bring - I think that is one thing most of us have learned.
Excellent post (counldn't rep you again just yet).
Why do I want to move?
I am definitely planning on selling my house in the near future. The reason is because I live alone and feel I cannot keep up with all the maintenance and because I live in a bi-level which means there are always steps to climb. My health is not what it used to be. I used to love working in the yard and planting flowers but it's too hard now. Also, every time one little thing goes wrong I have to call some "professional" to come and take care of it. When you have to do this for even the little things it gets frustrating. First you have to find someone who will do the small jobs and then it gets very expensive. Also, it is getting to the point where I think it will be time to replace some appliances and the roof. No problems now but everything is getting up there in age (including me!).
Why am I hesitating?
Part of the reason is because I can't seem to find the motivation to do so. The biggest reason is because I don't know where the heck I want to go. For some reason, I think I have to make this big change and move to another state and now I'm trying to figure out why. I like it here in Pennsylvania. I love the change of seasons. With spring you see all the trees starting to bloom and a lot of flowers in different colors. In the summmer everything is so green along with different colors of plants. The fall is gorgeous with the leaves turning yellow and orange. Then there is winter. OK maybe I can't brag about that but it really isn't so bad. It's like every 3 months you are seeing something new. I also have to admit that this summer was brutal. Broke heat records from the past. However, many states had an exceptionally hot summer this year. My normally green grass is now a crispy brown. This excessive heat was rare and hopefully won't happen again. Even so, it is now ending and fall is coming. That is the thing. No matter what you are experiencing you know it will change in a few months.
About the economy:
As of now, I would not let that stop me from trying to sell my house. We keep thinking that it can't get any worse and sure enough it does. So, I would not hesitate to at least give it a try if I really wanted to move. The future is so unpredictable I would hate to keep putting it off for that reason. Also, I think a lot depends on what part of the country you live. Somes states are hit harder than others and would present a bigger challenge to sell.
As far as when to put it on the market in this area. I've had realtors tell me that it definitely slows down over the winter. Not to mention with the holidays people just aren't looking to move. Doesn't mean it would be impossible but probably would make it a little more difficult. Like someone else mentioned. A house shows so much better when flowers are growing and there is color all around. You can open windows and let fresh air in. It is just so much nicer.
I am seriously thinking of selling the house and moving into an apartment with just enough things to make it feel like home. No more clutter and things I don't need. Then I thought about using the money I made from selling the house and possibly using it to rent a place for the winter months where it is warmer. Each year maybe a different place. I actually like the winter months of November and December here because the colder weather just seems to go with the holidays. January to March would be good somewhere else. If not that then maybe use the money to do some traveling throughout the year. I may not go far but it would be an adventure anyway.
I think I am going to make up my mind to stay in Pennsylvania and stop stressing over trying to find that perfect retirement spot. In the end, you can move and make a big change only to find out you are not happy anyway. For some a big change works out great. For the rest of us maybe we can find happiness in our own back yard with a few lifestyle changes instead.
We are on the fence and that's why I am on City Data, looking around and trying to decide when to sell -- for us it depends more on whether the places we are considering are comparable to our present place -- in other words, if THEIR prices are still down, and OURS are still down, that's even...some places are still hanging onto their much-higher prices but I think they are about to fall -- who can predict, though? -- very hard decisions...
I think I am going to make up my mind to stay in Pennsylvania and stop stressing over trying to find that perfect retirement spot. In the end, you can move and make a big change only to find out you are not happy anyway. For some a big change works out great. For the rest of us maybe we can find happiness in our own back yard with a few lifestyle changes instead.
Great post, all very well said, explaining all the comp,exities of the decision about moving.
I would like to move into an apt, but they usually don't allow dogs, and the rents are very high here. I would have to pay at least $850/month , and my expenses for the house (not counting in maintenance) are $350/mo. I can't justify the apt. choice b/c I can't afford the maintenance.
I think your state (outside of the fracking ) is beautiful and well placed in the country. If you can find a comfortable apt, that might make the most sense It would afford you lifestyle changes.
The problem with waiting is that when prices rise you can be sure mortgage rates will too... you could get more for your house but it may cost you even more for the replacement if you were planning on carrying a mortgage.
dont count on rising rates depressing home prices back down either ..
that holds true less times then it happens. in fact our biggest housing gains are always between 6&7 % mortgages ....
you cant count on the rise in mortgages depressing prices anymore then you could say low rates should have booming prices.... its alot more complex then that.
usually what happens is rising rates put a sense of urgancy back in the game. its like if we dont buy now we will be able to afford even less house if we wait. those with the money now start to come off the sidelines ...dont forget there was a ton of investor money made the last 2 years in equities with alot of new money , not everyone was behind.,and that money could find its way back into
real estate once things show signs of stabilizing or rising.
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The odds are that not only will the price you sell for go up by waiting but probably the price you pay will also go up along with as you point out the interest rate.
why are you wanting to move
why are you hesitating
how does the ECONOMY, as it is and is projected, play into your thinking
I know this is a forum, but rather than hearing from folks who already made their decision to sell and/or did, I'd like to hear from people who are UNDECIDED and struggling with the decision.
My wife and I weren't undecided at all ... until we retired.
We had planned to sell our house within 3-6 months of retiring (3/08) and relocate to New England. But in the span of 2006 to 2008, the appraised value of our house fell about 30%. Since retiring, it fell another 20%. There were lots of foreclosures, and houses just didn't sell.
But over the years we've been in this house, we were careful not to get into the "pull some equity out of the house" craze, and so our mortgage is still less than the appraised value. However, we need to be able to sell the house at a price that would both pay off the existing mortgage and give us the cushion we would like to take with us when we relocate.
So, we've been staying put (Northern Virginia), and we've found that this is a *wonderful* area for retirees - there's always something to do. When we worked, and commuted into DC everyday, our work days were long, our commutes were ... unpleasant, and our weekends were often consumed by (1) recovering from the previous workweek, and (2) getting ready for the next workweek.
But being retired and living here? It really has surprised us how much we've enjoyed the area since we no longer have to work in the area.
Now, the local housing market is improving, and we may be able to put the house on the market next spring. The question is, will we? Or, since the last 2+ years have worked out really well for us as we stayed in place, will we decide to stay?
My wife and I weren't undecided at all ... until we retired.
We had planned to sell our house within 3-6 months of retiring (3/08) and relocate to New England. But in the span of 2006 to 2008, the appraised value of our house fell about 30%. Since retiring, it fell another 20%. There were lots of foreclosures, and houses just didn't sell.
But over the years we've been in this house, we were careful not to get into the "pull some equity out of the house" craze, and so our mortgage is still less than the appraised value. However, we need to be able to sell the house at a price that would both pay off the existing mortgage and give us the cushion we would like to take with us when we relocate.
So, we've been staying put (Northern Virginia), and we've found that this is a *wonderful* area for retirees - there's always something to do. When we worked, and commuted into DC everyday, our work days were long, our commutes were ... unpleasant, and our weekends were often consumed by (1) recovering from the previous workweek, and (2) getting ready for the next workweek.
But being retired and living here? It really has surprised us how much we've enjoyed the area since we no longer have to work in the area.
Now, the local housing market is improving, and we may be able to put the house on the market next spring. The question is, will we? Or, since the last 2+ years have worked out really well for us as we stayed in place, will we decide to stay?
Color us undecided, but happy.
Interesting post. What, in actual terms, would you gain by moving to New England (what would you have here that you don't have there)?
I am more and more thinking I will stay where I am (eastern Mass.) when I retire, and try/hope to have enough money to take some trips out West. Everything I like about the West seems to be the stuff of vacations, not daily living.
My house is small enough for me (actually bigger than I ever thought I'd have- 1250 sq.ft.) and the setting is wonderful. I am car-dependent, but only up to about ten miles max (hospital) and the COuncil on Aging does have a van service thing for the supermarket and a few other things, like the hospital (although who knows about funding, which is why they are high on my charitable list).
Overall, I think what I wanted, versus living in Cambridge and its environs, was a more rural feel. I didn't think I'd ever be able to afford anything while still working, needing the metro area to find work. But here I am, 20 miles towards the city for work, farms down the road, historic colonials all around. I also like that there's a few Unitarian churches, although I haven't gotten to one yet, it shows me a certain mentality that is available.
The summers are grey and sticky and awful. Hence, maybe a long stay out West in the summer will cure me (again, if I have the money).
I hope to have the money to keep this house. If not, there's a trailer park in my town which would limit my dogs, although I have seen people with dogs there. Small ones.
I don't so much love this area as feel comfortable, having moved up from south Jersey at age 20, left three times, came back three times. I just don't feel like starting over, or doubt I will feel more like it in several years when it could be a reality. My focus is to work on having the money to take at least some trips to my daydreams.
I also am trying to picture living here and not working. Life will be quite different from living here and working, at least my current working- five night shifts a week. I'm sure I'd like this area more if I wasn't so tired, and all my daydream vacations and trips have been just that- vacations from working. It's hard to compare.
I think I'm quite a New Englander at heart now, albeit an odd one, from what I hear.
I love thinking about these things and hearing others' thoughts and plans.
This is the best time in the last half century to buy a house! Historic lows compared to the previous boom, and historic mortgage rates compared to any time in recent memory.
Buy low, sell high. Buy anything when its cheap, and sell it when it expensive. Property is cheap and the costs to buy are very very low. It will never get this good again in our life times. People aho are on the fence about whether to buy are just dumb when in comes to finance.
Unfortunately there are a lot of really dumb people out there. My Granpa was one of them. He bought stocks when they seemed to be doing really well, and then sold them when he didn;t want to lose any more money. He bought high and sold low.
But we are talkig about selling when it low and buying when its low. uite a difference. then of course people who are fine as is do not want to take the chance of parting with money. Right now people just as companies are hunkered down and saving.People who have to sellt that is another story.
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(counldn't rep you again just yet).
) is beautiful and well placed in the country. If you can find a comfortable apt, that might make the most sense It would afford you lifestyle changes.
