I’ve been lecturing and discussing the subject of downsizing a long-time home for over 20 years. It’s one thing to speak from other’s experience but now I can truly speak from my very personal journey through our purging journey!Read More
Bruce's Team Blog:
Bruce shares his advise and experience on the Milwaukee-area Real Estate Market, Senior Living Real Estate options, families helping senior parents downsize and much more!
One of the most frustrating experiences I've had over my 28 years in the real estate business has been the misrepresentation of facts as to the strength or weakness of home sales. Many of us turn to our trusted newspapers to feel the pulse of the market so that we may time the sale of our home to maximize the amount received after their home sells. For over 40% of all seniors, the proceeds from the sale of their home are their greatest asset. Best of all most or all of the proceeds are free from capitol gain taxes (a married couple is exempt up to $500,000 in gain, and a single homeowner is exempt up to $250,000 in gain) with the requirement that the home has been the primary residence for at least 2 of the last 5 years. The real estate market just like most other commodity markets are subject to ebbs and flows, ups and downs, depending on many factors. On many occasions, the market has slowed down by 30-60% in a matter of weeks, sometimes days. Weather plays an important role especially in the Midwest. Therefore, typically the best months to sell are April-June. Then after the kids or young adults finish school for summer break, we see a slow down. Then, we see an increase in activity when they go back to school, September-November. The months of November-March tend to be the slowest of the year. Why are these patterns so important to you the home owner? The more buyers in the market the higher the price for your home as well as a shorter selling time.
When watching for these trends in various newspapers, the facts of home sales are reported based on home closings. That means when you here 'real estate sales have set records for the month of May', they are referring to sales that actually took place 1-2 months earlier. It may be that May is slow for new sales, but it would seem that May is booming according to the source in the paper. The lesson is that when sales activity is reported, one must read between the lines. Make sure how activity is doing by calling a real estate Senior Specialist. We are in tuned to the market daily, and would be able to give you an accurate assessment of the best time to put your home on the market. A busy agent can give you a true read as to the present conditions of the market place. A seasoned agent can look up true statistics of the current year compared to last year's sales in your immediate area. We can see trends as to which areas are the hottest and which the coldest.
So, the lesson here is to note that the media tends to look at information which took place 1-2 months earlier. If you want up to the minute information so that you can make the best decision as to timing your home sale, call a Senior Real Estate Specialist. They can give you the best perspective on the ever changing real estate market so that you can maximize your equity in your home to add to your retirement portfolio.