Is 2022 a good time to downsize?
Should you sell your Metro Raleigh - Cary home?
It's no secret that Baby boomers (1946-1964) are leaving the workforce to live their best lives according to Forbes. This is one of the best hardest working generations alive. It's also one of the largest generations. Everybody is talking about the Boomers right now!
There's no doubt that boomers are winning in today's economy. Boomers are smart, many are cash rich, they have a place (or two) to call home, they can retire, they're healthier than previous generations, and can sell their home for premium prices.
So, what's the problem?
Some people blame boomers for the housing shortage because they're not selling their homes. Is that fair? Honestly, why does everyone want to blame boomers for everything? I regress.
Most boomer I talk to say they know their house will sell fast and don't have anywhere to go once their house sells.
What's the solution?
We're successfully negotiating leasebacks so sellers can stay in their house while they get another house. If the buyer plans to live in the house and is getting a loan, those leasebacks are usually about 60 days. If the buyer is an investor or cash buyer, it can be longer.
So now what's the problem?
I don't know where I want to live. Maybe I'll just stay where I'm at now. The New York Times says boomers don't want to let go of their Real Estate. I hear this from a lot of boomers as well and honestly, you worked for that house and you should do what you want. But, do you really want to live in an older home that needs upkeep at this stage of your life? Do you want to move when you're older and it is taxing to pack and declutter? Is it helping you live your best life now?
What's the solution?
Think about the possibilities. What would make your life easier? Many of my clients opt for Over 55 communities while others are moving to maintenance free homes and condos. Some are keeping a small place in town while they work and a vacation home at the beach or in the mountains. The thing is, you can move from the home you're in and it doesn't have to be your last home. It just may be the home you choose for yourself and you enjoy! The interesting thing is, once the over 55 client makes the decision to move, they often feel a burden lifted. I've found they're excited for this new time in their lives.
Are there any other reasons you don't want to sell not?
Some feel overwhelmed with getting their house ready to sell. This can be especially true if you've lived in the house for a long time.
What's the solution?
This isn't an uncommon feeling for many demographics and different stages in life. Tackling decluttering, cleaning out, deferred maintenance and potential upgrades can feel like a daunting task. Real Estate agents who specialize in this type of home selling can offer exceptional services to assist in the process. Most agents can at the very least give you a checklist to help you take on these tasks one step at a time.
So, how do you really know if now is the time to downsize?
Think about it, it has never been a better time to sell your home. You can do it with ease. Most homes will sell within 2 weeks and many within a weekend. According to Money, you're uniquely poised to cash in on your big home as a boomer. Look at some of the pre-pandemic headlines and you'll see we went from a time of who will buy the boomers big house to we can't get boomers to sell their big home. I mean, the tides will change and you don't want to get caught in a riptide.
So why now?
- Family - You can move to be closer to your children.
- Dream Location - You can move to your dream destination!
- Dream Home - You can get the house you want.
- Easy Maintenance - Now lawn maintenance and in some cases no exterior maintenance.
- Weather - You can live where the weather is better for you.
- Cost of Living - You can live where taxes are lower and maybe home prices.
- CCRC - Moving to a Continuing Care Retirement Community might be better sooner than later.
- Amenities - You may enjoy the activities and amenities in an Over 55 community.
- Equity - You can cash in on your house now while the market is hot.
- Interest Rates - If you're getting a loan, interest rates are still good but rising.
If you need additional information to help you make a decision about moving or want to meet with me, please feel free to reach out. I specialize in selling homes in Wake County and portions of the counties that touch Wake County. I also have solutions for seniors/over 55/elderly parents who need to sell their home.