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Should You Consider Downsizing Your Home?

by Elite Asset Management Team

Are you going to be retiring soon or staring to think of retiring? Then downsizing may be one of the things on your mind. If not, then it’s something to start thinking about. Downsizing your home can save you a lot of money. A smaller home could mean big savings on utility and home insurance just to name a few. It will also be easier to maintain and manage.

            It’s not an easy decision and like all other important decisions in your life, it’s something that you really have to think about and plan. The first thing you have to make sure of is what you want. Where do you see yourself retiring? Do you plan on travelling? What activities are you thinking of doing when you retire? Do you have hobbies which you want to spend more time on? What is your goal? Are you happy where you are now? These are very important questions that you need to answer so that you can create a good plan. It could be difficult to let go because of the memories you’ve built in your home but those memories will be with you forever. It may be time to create new ones.

            Here are some tips that can help you determine if you should downsize or not.

 

Current Real Estate Conditions

            You have to know whether it’s the right time to sell. If the current real estate market isn’t good and you decide to sell, you may end up losing a lot of money. Talk to a local real estate agent and get all the right information. For example SRES – Senior Residential Specialist Pete Veres with RE/MAX provides prospective clients a full consultation that includes an in depth market analysis and estimated net proceeds. Pete Veres has the right knowledge and experience that can help you attain your goals.

Pete Veres, an SRES® designee, has received extensive education on topics such as tax laws, probate, estate planning, equity conversion strategies, and can offer you relevant information on current market trends as well as valuable resources regarding real estate transactions.

He can provide you with a customized approach to your real estate needs. He has the knowledge and expertise to counsel you through the major financial and lifestyle transitions involved in relocating, refinancing, or selling your family’s home. He and his team can offer you the opportunity to complete a real estate transaction with the patience, professionalism, and expertise you deserve.

Visit http://www.abqseniors.com for more information.

 

Items in Your Home

            Another thing you have to do is to check on the items you have in your home. Your home could still be filled with your children’s possessions from when they were still living in your home. Take note of your personal possessions as well. Invite your children over and discuss your plans with them. Ask them to take what possessions they would like to keep and sell or donate the rest. Do this with your personal belongings as well. If you find it hard to let go of most, if not all, of your possessions then you may have to think hard if downsizing is something you really want. There may be no place for those items in your new home.

 

What are your plans?

            Downsizing would depend on what your plans are. You really have to know what you want to do after retiring. If you plan on travelling, downsizing is a smart move. You’ll have extra money to spend on your travels. Do you want to pursue your dream of starting your own business? Again, the money from downsizing can help.

If you, however, need space because of your hobbies or if you’re planning on just staying home and enjoy what you have now, then downsizing would have to wait. It’s always wise to be prepared when making such a big decision. Look around, research online and find out what it is that you really want. Explore your options. It’s all about you now.

 

If you need help downsizing start by visiting: http://www.abqseniors.com 

Learn how you can save thousands of dollars by taking part of our downsizing program.

Contact Pete Veres, SRES – RE/MAX Elite 505-362-2005. Email: Pete@nmelite.com

 

Prepare Clients for Lower-Than-Expected Appraisals

by Elite Asset Management Team

Sellers may be slightly disappointed in the appraised value of their homes, unless they live out west, so agents should prepare sellers for possible disappointment.
 
Appraisals on average are coming back nearly 2 percent lower than what homeowners expected, according to Quicken Loans National Home Price Perception Index. Western cities bucked this overall trend though, appraising significantly higher than homeowners thought they would. The highest difference between perception and reality was in Denver, where appraisals came back more than 3 percent higher than homeowners expected. San Francisco, Portland, Los Angeles, San Diego and Seattle all appraised out better-than-expected. Pete Veres local CRS Specialist states “We have seen two deals this year appraise under the sales price, the key is not to over price and place close attention to the comps.
 
On the opposite end of the spectrum, homes in Detroit, Philadelphia and Baltimore all appraised more than 3 percent lower than what homeowners expected.
 
“Perception is everything. It can make or break a home sale or mortgage refinance,” says Quicken Loans chief economist Bob Walters. “That’s why it’s so important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it. If the estimate is lower by just a few percentage points, the buyer could need to bring as much as another several thousand dollars to the table to avoid having to restructure the loan.”
 
It’s not all bad news for homeowners and agents who find themselves outside the hot West. Nationally, appraised values are still growing, according to the Quicken Loans Home Value Index (which is based on appraisals, not sale prices). Home values rose more than .8 percent since spring, but have grown a healthy 4 percent year over year—though again there are regional discrepancies. The West saw more than 6 percent growth, while the Northeast had just 2 percent.
 
“Demand for housing coupled with a lack of choice for buyers pushed home values up yet again,” Quicken Loans chief economist Bob Walters says. “This is a narrative we have heard for quite some time. Many owners aren’t moving on from their current homes, which is holding back available inventory for both first-time and move-up buyers. With values on the rise, this could prove to be an ideal time to sell – especially in the hot markets where owners could get more than they expected.”
 

Sellers may be slightly disappointed in the appraised value of their homes, unless they live out west, so agents should prepare sellers for possible disappointment. 

Appraisals on average are coming back nearly 2 percent lower than what homeowners expected, according to Quicken Loans National Home Price Perception Index. Western cities bucked this overall trend though, appraising significantly higher than homeowners thought they would. The highest difference between perception and reality was in Denver, where appraisals came back more than 3 percent higher than homeowners expected. San Francisco, Portland, Los Angeles, San Diego and Seattle all appraised out better-than-expected. Pete Veres local CRS Specialist states “We have seen two deals this year appraise under the sales price, the key is not to over price and place close attention to the comps. 

On the opposite end of the spectrum, homes in Detroit, Philadelphia and Baltimore all appraised more than 3 percent lower than what homeowners expected. 

“Perception is everything. It can make or break a home sale or mortgage refinance,” says Quicken Loans chief economist Bob Walters. “That’s why it’s so important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it. If the estimate is lower by just a few percentage points, the buyer could need to bring as much as another several thousand dollars to the table to avoid having to restructure the loan.” 

It’s not all bad news for homeowners and agents who find themselves outside the hot West. Nationally, appraised values are still growing, according to the Quicken Loans Home Value Index (which is based on appraisals, not sale prices). Home values rose more than .8 percent since spring, but have grown a healthy 4 percent year over year—though again there are regional discrepancies. The West saw more than 6 percent growth, while the Northeast had just 2 percent. 

“Demand for housing coupled with a lack of choice for buyers pushed home values up yet again,” Quicken Loans chief economist Bob Walters says. “This is a narrative we have heard for quite some time. Many owners aren’t moving on from their current homes, which is holding back available inventory for both first-time and move-up buyers. With values on the rise, this could prove to be an ideal time to sell – especially in the hot markets where owners could get more than they expected.” 

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Photo of Elite Asset Management  Real Estate
Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
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