It’s Graduation Time! Who is Thinking about Downsizing?

Filed under: Market Comentary

It’s that time of year: high school students are graduating and preparing to move to college. At the same time, recent college graduates are moving away to start their careers. This topic touches the hearts of my wife and I because three of our four kids are off to college, which means that we only have one left at home. It’s a little early for us to have an empty nest, but we sure have plenty of spare bedrooms in our house.

This topic brings up the conversation that is often a major life event for many families: what are you going to do when you have an empty nest? We aren’t ready to downsize right now because we don’t want to give up the space yet. But, it’s definitely a topic that will be addressed in the future.

Personalizing Your Plan for Downsizing

If you are thinking about a single-story home or reducing the amount of “stuff” in your house, then it is a good idea to look ahead to the next few years. The best thing that you can do is talk to an experienced real estate agent and mortgage provider so that you can work through some of the logistics. Looking at options right now will ensure that you are ready in the future when the timing is right to move to a smaller home.

When you talk to our team, we will help you address some of the questions that might be relevant to your situation:

  • Does it make sense to keep the house and rent it out?
  • Should you sell the house and use the equity to buy another house?
  • Is a reverse mortgage a good strategy to supplement your retirement income?

It is a notable time of year with many kids moving out to move forward in their lives, giving parents the opportunity to rethink their housing situation and determine the right solution to match the needs of the family.

If you have any real estate questions about downsizing, property management, reverse mortgages or other related topics, then you are welcome to call any time. I would love to share insights and answer your questions, helping to create a customized plan based on your goals.

Type out a comment, shoot me a message, or give me a call if you would like more information. Also, it would be great if you could help me out with a like or share on this video.

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