U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-24-2018, 11:56 AM
 
Location: Scottsdale, AZ
7,676 posts, read 4,719,031 times
Reputation: 28124

Advertisements

We’ve been shopping for a second, “retirement” home in Scottsdale, Arizona. The area was chosen for livability and for similarity in terms of services offered to where we currently live in Silicon Valley.

There are currently 3500 homes listed for sale here. Worse, Scottsdale is not completely built out with SFHs the way our area is. If you look at historical prices paid on a variety of properties, it seems that few will make any money when they sell. Some take a loss.

I’m not sure how I feel about this. I’ve never bought a property without a reasonable expectation of gain in the long run. I don’t expect the crazy price increases we get at home, where there’s a shortage of houses. But we both like the area and the house styles.

What would you do? Would you just decide you won’t care if the new house never appreciates in value?
Reply With Quote Quick reply to this message

 
Old 01-24-2018, 01:45 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,173,172 times
Reputation: 6696
When I bought a house for retirement I did not think about appreciation at all since I plan to die in this house and don't expect to have to worry about if it goes up or down.
If this is to be your Last house then that is less of a concern.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 01:50 PM
 
Location: Denver CO
21,176 posts, read 11,797,310 times
Reputation: 32193
Quote:
Originally Posted by arwenmark View Post
When I bought a house for retirement I did not think about appreciation at all since I plan to die in this house and don't expect to have to worry about if it goes up or down.
If this is to be your Last house then that is less of a concern.
I'm not there quite yet, but that will be my attitude too. I plan to pay cash for my next home, and if it appreciates, great, that's a little more inheritance for my son, and if it doesn't, well he's still getting the benefit of a fully paid off house (more likely condo) that he can sell.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 02:16 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,815 posts, read 54,486,657 times
Reputation: 31118
Quote:
Originally Posted by emm74 View Post
I'm not there quite yet, but that will be my attitude too. I plan to pay cash for my next home, and if it appreciates, great, that's a little more inheritance for my son, and if it doesn't, well he's still getting the benefit of a fully paid off house (more likely condo) that he can sell.
Same here. The house we are in now was bought for growing a family and for appreciation, current value at over $600,000 more than we paid. The next, for retirement in 3-4 years will be in a less expensive (lower demand) area where we can pay cash but not care about the value going up. In fact it's an advantage if it stays the same, or drops some since the property tax will not increase as fast.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 02:19 PM
 
Location: Central Mexico and Central Florida
7,108 posts, read 3,465,006 times
Reputation: 10183
We always have an eye to resale when we purchase a home. S*** happens; one never knows if their 'forever home' must be sold. We sold 2 homes within 14 months when my FIL needed more and more help and we had to get closer and closer to him (we were burning out on long distance air travel, both physically, emotionally and financially).

Our most recent home was picked with the ability to house live-in help, should that need arise. It is a large (4000 sq. ft.) single story with 3 large bathrooms that could be accessed with wheel chairs, etc.

But we have no illusions that our plan will work out for us...too many unknowns. We bought in an area where housing is on the rise, more and more boomers coming every month. It is also an excellent vacation rental property should we decide to rent it out.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 02:35 PM
 
Location: in the miseries
3,302 posts, read 3,581,162 times
Reputation: 3810
You can never know what may
happen in the real estate market

Get what you want, later may not occur
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 03:41 PM
 
2,600 posts, read 5,294,624 times
Reputation: 5194
Welcome to the sort of market in the rest of the country, where modest appreciation at a rate not too much different from inflation is typical.

You can buy a house for a good bit less than in CA. Buy something good, not too strange, in a good area and if you need to sell you will be able to do so without losing money. Making money is the icing on the cake. Take the leftover money from selling in CA and invest.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 03:48 PM
 
Location: VT; previously MD & NJ
2,206 posts, read 1,349,228 times
Reputation: 6344
Just wondering... did your husband finally agree to move? (Remembering a thread from some time ago) Or are you saying a "second home" vs a "second retirement home?"
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 04:07 PM
 
Location: Las Vegas/SF Peninsula/South Lake Tahoe
2,049 posts, read 1,333,210 times
Reputation: 1340
Congrats, fluffythewondercat, on seeking another retirement home.

I live a short distance to the north of you in San Mateo County. When I was looking for a second home, appreciation never entered the equation, as previous properties did. However, I did purchase in the best neighborhood that I could afford.

Days of building, planning, saving, etc. are behind me. Now, it's our turn to enjoy.

I trust you purchase what suits you. May you have a fantastic retirement journey.
Reply With Quote Quick reply to this message
 
Old 01-24-2018, 04:11 PM
 
Location: Sierra Nevada Land, CA
8,401 posts, read 9,148,021 times
Reputation: 13037
Quote:
Originally Posted by fluffythewondercat View Post
There are currently 3500 homes listed for sale here. Worse, Scottsdale is not completely built out with SFHs the way our area is. If you look at historical prices paid on a variety of properties, it seems that few will make any money when they sell. Some take a loss.

What would you do? Would you just decide you won’t care if the new house never appreciates in value?
Wow 3500 homes listed! Not very promising if you hope to make money and it says something about what life is like in Scottsdale. A lot of people want out it seems.

Plus, who plans/wants to make money on the house one plans to die in?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top