RIGHTSIZING? EMPTY NEST? READY TO DOWNSIZE?
Do you have rooms that aren’t being used? Stuff that you don’t remember using for the last ten years? Yard seems to grow bigger every year? These are questions that I ask myself as I approach the 60 year old mark. Am I really using all this space? Do I need all this space? Do my hobbies and passions require the home I am in or can I free up time and equity by finding a more suitable home?
Time, space, passions, budget and maintenance all play a role in staying or moving. The community and neighborhood, mainly neighbors can play a role as well. Some of us stay where we are just because our neighbors are so awesome! I know we have such thoughtful neighbors it would be hard to say good bye to them.
There comes a point in time when hard decisions just have to be made. Your home starts to become a ball and chain around your neck. Property taxes, water bills, heating, electricity and yard care are just too much. You really don’t want to rely on friends and family for constant help. Independence is still a top priority!
As I write this article my Father and Mother still live in the house where I went to grade school. In his 80’s it takes him all week to do what he did in a day. In a good way he keeps occupied and active. The yard looks like a photo out of a gardening magazine! So for now this works for them. I ask myself do I want to move when I am 85? Probably not! I know my Grandad stayed in his home after Grandma passed for at least 15 years. Alone and on his own. Family made frequent visits but still he was alone most of the time till passing in his 90”s.
In reflecting on when best to make a move it would be before my mid 70’s or when my health declines. Once you pass a certain age I think your move would be to assisted living. Not my idea of what I would want. Everyone is different.
Find out What Your Home is Worth
Tips for Cutting Costs: Boost Savings for Home Buying!
Create a budget by listing income sources, tracking spending, and identifying non-essential expenses to reduce. Set financial goals by researching housing markets, breaking down savings into monthly or yearly targets.
Will You Owe Taxes When You Sell Your Home?
Homeowners may owe taxes if their profit exceeds the exclusion limits when selling their home. Single filers can exclude up to $250K in profits; couples filing jointly can exclude up to $500K.
Mortgage Calculator: How Much You Need To Buy a Home in Utah at a Rate of 6.60%
The average rate on a 30-year mortgage has decreased to 6.60%. In Utah, the median home price is $595,000, requiring a 20% down payment of $119,000, resulting in a monthly payment of $3,040. With a 10% down payment, the upfront cost is $59,500, leading to a monthly...
How to Maximize Profit When Selling a Damaged House
Selling a damaged house can still be profitable if you follow certain strategies. Start by staging the property to highlight its best features. Make necessary repairs without overspending. Improve curb appeal by cleaning up the exterior. Depersonalize and deep-clean...
Realtor.com 2025 Housing Forecast
In 2025, home prices are projected to rise by 3.7%, with mortgage rates averaging 6.3%. The housing market may experience shifts due to potential regulatory and tax changes under a Trump administration. Home sales are expected to increase by 1.5%, while for-sale...
4 mortgage interest rate scenarios that could occur in 2025
Mortgage rates have fluctuated since January 2024, starting near 7% and briefly dropping to 6.15% in September before rising to an average of 6.93%. Experts predict various scenarios for 2025, including rate stability, gradual declines, continued volatility, or...
Fed Interest Rate Forecast for 2025-26: Expert Insights
Fed Funds Rate Trends Forecast: - 2025 rate: drop to 4.0% - 2026 rate: to hold ~3.8% Economic Outlook for 2025: - GDP growth: taper from 1.8% to 2.5% by year-end - Rate cuts respond to slower economic growth
Winter Savings Tips for 2025 Homebuyers
Track your spending this winter to identify areas for cost-cutting before buying a home in 2025. Winter-proof your home to reduce energy bills and save money during the colder months.
Western state governors eye public lands for affordable housing development
Colorado Gov. Jared Polis and other Western governors are exploring the use of federal lands to address the affordable housing crisis in the region. In Nevada, officials are leveraging a federal law to acquire land for development at reduced prices, while...
Utah’s Fall Housing Market Shows Growth Despite Higher Prices
Utah's fall housing market in 2024 experienced a 1.6% increase in home prices and a 12.5% rise in sales compared to the previous year, with a median home price of $553,000. In Salt Lake City, prices rose by 7.3% to an average of $550,000, although sales decreased...