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Old 01-02-2010, 12:04 AM
 
1,450 posts, read 3,787,916 times
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We're facing retirement in the next 5 years, and are considering selling our oversized home now, figure we could profit about 60-80k, and buying a smaller home, it would be in another city, as opposed to staying put here, and hoping the value of this home will go up and sell when we retire.

We still have teenagers, so could use the extra space provided by this home, but could also consider downsizing now?
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Old 01-02-2010, 02:04 AM
 
Location: Not where you ever lived
11,544 posts, read 25,989,343 times
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My thoughts are this. You have much to consider. The first thing to do is invite realtors to your house and get an opinion as to the saleability, price it might sell for, and the time it would take to move the house. Watch the Sunday real estate ads. If the house is paid for, stayin in it might be your best bargain. It's a craps shoot right now. No one knows if if the market has bottomed out where you live or not. I have a friend who has been trying to sell his Dallas house for 2 years. I live in a different part of the country. In that same two years i sold, bought and then re-financed last summer. The difference is the little rural bank. They are lending when the BOAs are not. The market will not recover until the big banks start to lend again.

One of the things you can do is go to the court house and see what houses in your area have sold for in the last six months. It will probably be an eye-opener. Jeeo reading the real estate ads in your Sunday papers. The ads will get larger when the market begins to move.
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Old 01-02-2010, 10:14 PM
 
1,450 posts, read 3,787,916 times
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Quote:
Originally Posted by linicx View Post
My thoughts are this. You have much to consider. The first thing to do is invite realtors to your house and get an opinion as to the saleability, price it might sell for, and the time it would take to move the house. Watch the Sunday real estate ads. If the house is paid for, stayin in it might be your best bargain. It's a craps shoot right now. No one knows if if the market has bottomed out where you live or not. I have a friend who has been trying to sell his Dallas house for 2 years. I live in a different part of the country. In that same two years i sold, bought and then re-financed last summer. The difference is the little rural bank. They are lending when the BOAs are not. The market will not recover until the big banks start to lend again.

One of the things you can do is go to the court house and see what houses in your area have sold for in the last six months. It will probably be an eye-opener. Jeeo reading the real estate ads in your Sunday papers. The ads will get larger when the market begins to move.

Good advice
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Old 01-03-2010, 08:24 AM
 
Location: Two Rivers, Wisconsin
11,722 posts, read 11,543,470 times
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Good point and sometimes you can find it online. Some towns have websites, within it is the tax section which provides a wealth of info, sometimes pictures, and as mentioned, sale price.

I recently did this for a former neighbor in Illinois who was curious about a piece of property her husband had (deceased) that she pays a small tax bill on every year. I was able to print off the actual area and tell her who owned land bordering hers. She is in her 80's and needs to get it sold.
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Old 01-03-2010, 11:22 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,545 posts, read 39,924,861 times
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good points to consider have been stated.

It is also possible that there is a slight window of selling opportunity between now and when interest rates move up. (6 mo > 2yrs??) It is also highly likely that the housing market will have a 7-10 yr slump.

so... if you are in an area that has not been hit real bad, you may be able to sell now for more than later, Also if you are moving to an area that HAS been devalued more than your current area, there may be a possibility of you recapturing some gain. (I would tend to put excess RE $ back into income producing RE as an inflation hedge)

teenage kids... That can be an issue, but really depends on the kids and future plans. I left home at age 16, but that is not the norm. See if this is an undo stress on the kids (They may be college age and still teenagers, mine went to college at age 16). If they have essentially 'split' from their locale, I would say give the sale a whirl. It is gonna take some extra time anyway, + give you an early go at 'downsizing', and the kids less reason to 'boomerang'.

I have a feeling that large houses are gonna be really tough to sell in the future market and the potential of higher taxes and energy costs will add to their falling from favor.

Good Luck
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Old 01-03-2010, 01:39 PM
 
1,450 posts, read 3,787,916 times
Reputation: 968
Quote:
Originally Posted by StealthRabbit View Post
good points to consider have been stated.

It is also possible that there is a slight window of selling opportunity between now and when interest rates move up. (6 mo > 2yrs??) It is also highly likely that the housing market will have a 7-10 yr slump.

so... if you are in an area that has not been hit real bad, you may be able to sell now for more than later, Also if you are moving to an area that HAS been devalued more than your current area, there may be a possibility of you recapturing some gain. (I would tend to put excess RE $ back into income producing RE as an inflation hedge)

teenage kids... That can be an issue, but really depends on the kids and future plans. I left home at age 16, but that is not the norm. See if this is an undo stress on the kids (They may be college age and still teenagers, mine went to college at age 16). If they have essentially 'split' from their locale, I would say give the sale a whirl. It is gonna take some extra time anyway, + give you an early go at 'downsizing', and the kids less reason to 'boomerang'.

I have a feeling that large houses are gonna be really tough to sell in the future market and the potential of higher taxes and energy costs will add to their falling from favor.

Good Luck
Excellent points---this is a huge house, 3800 sq ft! taxes and utilities are eating us alive!As time goes on, this will be a selling liability.Now's the time to downsize, get rid of this lability!
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Old 01-08-2010, 10:53 AM
 
1,450 posts, read 3,787,916 times
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Another thought when relocating into retirement, do be close to services, such as medical, shopping, etc. Just yesterday and today I spent a lot of time taking my son and myself to doctors, tests, etc, and it was all within a 5-mile radius. We must realize as we get older our need for helath care increases, it doesn't get any easier.

We have some friends who took early retirement, they're both in great shape now, but who knows about later? They're waaaaaay too isolated, on a 10-acre plot of land in the middle of nowhere, I don't even think they have ambulance service in that area. Something to consider.

At my doctor today there was an elderly man who traveled 200 miles for the appointment, his son drove him, they looked dismayed when they were directed to various labs, etc for tests, with the weather and all they were discussing staying in a hotel tonight, he's lucky to have options like that!
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Old 01-09-2010, 06:20 AM
 
Location: Not where you ever lived
11,544 posts, read 25,989,343 times
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They wee talking today on Washington Journal about the economy. The guest from PNR mention the "W" effect. The economy improves, gas prices rise, and economy that has not recovered yet goes down again. We are looking at that now. Gasoling and house heating is not going down this winter. It is another blow to struggling economy plus we seem to be caught in a bad winter from coast to coast. It all plays into the bottom line.
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Old 01-09-2010, 07:14 AM
 
Location: Two Rivers, Wisconsin
11,722 posts, read 11,543,470 times
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I think many people go for the idyllic, beautiful area, big piece of property, not looking at the big picture or years later.

My sister and I have this discussion, I chose a town where I can walk for groceries/pharmacy, bank, senior center, within a mile and on sidewalks plus the hospital has a clinic 2 blocks from me.

On the other hand, she loves quiet, is 6 miles from a convenient store, 45 minutes from stores and a clinic (in very good weather). I had to go stay with her and take her for eye surgery (not a problem). I can get that done easily if I don't have a friend to drive me, senior services are excellent.

Personally, I just think these things are important to consider if it is to be a retirement place.
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Old 01-09-2010, 08:46 AM
 
6,223 posts, read 4,721,373 times
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I think many of us realize that it may be necessary to move more than once after retirement. We will be looking for a house located near medical facilities and also will be looking for factors such as a single floor and low maintenance or a home owners association. Later it may be necessary to move to assisted living, etc.
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