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We are recent empty nesters who planned to sell in next 5 years or so after retiring. I just took a glance at homes for sale in Clayton in our price range (650 plus) and there are very few available with most contingent. Wow-should we go ahead and list? We have another local property to move to but would have to store/sell a majority of our belongings until we are ready to retire somewhere. How long will this low inventory last (that’s the crystal ball part!)? Thanks!
Last edited by ncmomtothree; 02-18-2021 at 09:05 AM..
Reason: Finish sentence
Were it me, I'd also consider what I would do with the profit I made from the house sale. How would I invest the cash, estimate the ROI and compare that the potential increase in the market value of the house.
Bird in Hand is sometimes a better financial plan.
(I'd also be selling and purging all that 'stuff.' Paying to store 'stuff' for 5+ yearsi is the definition of flushing money down the toilet.)
Were it me, I'd also consider what I would do with the profit I made from the house sale. How would I invest the cash, estimate the ROI and compare that the potential increase in the market value of the house.
Bird in Hand is sometimes a better financial plan.
(I'd also be selling and purging all that 'stuff.' Paying to store 'stuff' for 5+ yearsi is the definition of flushing money down the toilet.)
Ditto!
Your money will do better in investments than attached to an aging home. And I can't agree emphatically enough with the suggestion to purge. When we moved in November 2019 we were brutal about shedding possessions. Books we'll never read again, children's artwork that their adult versions will one day throw out.... the pile was enormous and now it's mostly gone. We kept a storage unit for one year, used initially to allow us to clear out of our last house in stages, but emptied it one year later and still wound up throwing out even more "stuff".
I lost enough money on Wall Street, (not a fortune, thanks for caring. ) here and there, to accept the bromide, "There is no such thing as a bad gain."
Your money will do better in investments than attached to an aging home.
I think it really depends how long you are investing for. If you need to turn around and buy a home to retire to in the somewhat near future, you really have to consider how volatile the stock market can be. We’ve had a very long bull market and CAPE10 is very high. The possibility of something like a 50% downturn and years to get back to even is very possible. If you are investing long term, no big deal. Ride it out. But short-term, finding something relatively safe with decent returns right now is hard.
If you are planning to buy another place within 10 years to retire to, might be wise to go ahead and do so. Or do some mix, like roll half the equity into the retirement home and let the other half ride the market, taking advantage of these interest rates.
I think it really depends how long you are investing for. If you need to turn around and buy a home to retire to in the somewhat near future, you really have to consider how volatile the stock market can be. We’ve had a very long bull market and CAPE10 is very high. The possibility of something like a 50% downturn and years to get back to even is very possible. If you are investing long term, no big deal. Ride it out. But short-term, finding something relatively safe with decent returns right now is hard.
If you are planning to buy another place within 10 years to retire to, might be wise to go ahead and do so. Or do some mix, like roll half the equity into the retirement home and let the other half ride the market, taking advantage of these interest rates.
I always assume that most people with substantial assets work with a financial planner and have some sort of managed account(s). Individual investors who play the markets are a different animal and not really representative of the scenario I'm describing. I'm 56 years old and have been through both bull and bear markets and absolutely stand behind my earlier comment that $250K in real estate equity will perform way better if invested in a well-managed plan than it will staying attached to the house itself, even for a relatively short period of time (less than 24 months).
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) here and there, to accept the bromide, "There is no such thing as a bad gain."
