(This article will also be printed in the Senior Perspectives magazine's May issue in Cincinnati)
While economic and financial conditions tend to have a major impact on the real estate market, the number one influencing factor for residential sales is still simple: life. A roof over your head is a necessity, and the emotion involved with buying or selling a home makes it different than any other investment. Peoples' lives move on, regardless of whether it is a sellers' or buyers' market. Throughout the course of your life you can recall reasons for your real estate purchases. Maybe you had a child on the way, maybe you had a surprise of twins, or maybe when your new bride moved in you realized you needed twice as much closet space. The bottom line was that your real estate decisions revolved around your life circumstances. That hasn't changed.
As the nest empties, the four extra bedrooms you needed now seem like a burden, and the yard the children once loved is now a major chore every week. Downsizing is tempting. Is this the right time? Good news: the market is getting better every day. Cincinnati's market is stabilizing, and prices have hit their floor according to many local experts. Assuming your home is not over-mortgaged, you can most likely downsize and have money to enjoy for all those things you wanted to do: travel, spoil grandchildren, and give back to your community.
This decision, however, is more than just money. Many seniors looking to downsize have a lifetime of memories in their home, and the decision becomes much more emotional. Consider the memories you have made, and give another growing family a chance to make their own in your home. If you're curious about your home's value, please contact me for a free market analysis.
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