In our most recent radio broadcast I had the pleasure of sharing the topic of The Reality of Real Estate with Kim Laforet, a licensed Realtor in Mid-Michigan since 1976, and founder of The Laforet Team.
For many of us who fall into the MiddleLiving age demographic Kim’s advice is something to take heed to. All baby boomers fall into the MiddleLiving demographic of 45-75 years old and the oldest of GenXrs do as well, early planning especially as it relates to real estate is critical.
Reality television and its lack of reality as far as real estate is concerned is what fuels this ongoing series of episodes on our radio talk show. Featuring the best talent and knowledgeable real estate experts will empower your future plans with your property decisions.
MiddleLiving people face a plethora of issues when it comes to the ReFirement Zone (retirement). For many of us we were already well into our working careers when the ReFirement zone landscape changed from pension plans to 401(k) plans. Many of us were nailed in the 2008 financial crisis and plunging stock market crushed many dreams. As we built our nest eggs for the so-called golden years the landscape changed forever.
Resilient we MiddleLiving/ Boomers are, and we continue to make adjustments so we can enjoy their ReFirement years as much as possible. Coming to grips with The Reality of Real Estate is decisively important. Kim Laforet and my expert friends in the real estate business are allies we need to listen to, they can educate us and as Kim said to me, “not leave money on the table”.
According to surveys when ReFiree’s moved 51%went to a smaller home, 30% went to a larger home and 19% went to a home about the same size, with the main reason given for downsizing; lower monthly housing costs and less maintenance’s. While moving to a larger home reasons given were more room for family members to visit or live with them. Many of us will relocate to a more temperate area, here are the top five locations with an ocean breeze.
Either way we go there is a whole lot of moving going on! Preparation and planning are the keys to fulfilling your transitional years after that first career. With $4 trillion in home equity held by those people who are over 65 it is a powerful economic engine waiting to fuel the 21st century, and future generations.
For those of us under 65 planning our movement, home improvement and sales strategy is even more important.
Having a comfortable home that empowers our quality of life is what 85% of people surveyed expressed as their desire. Receiving extended care at home is desirable, only 10% of respondents expressed interest in assisted-living, 4%, a family members home and 1% in a nursing home facility. If you are going to relocate, downsize, or upsize it makes prudent sense to prepare your home early for sale. Here are some of the tips Kim listed during our interview-
- Declutter and take stock of your memorable possessions
- Repairs and kitchens and bathrooms, always keys to a good inkling
- Your front door, maybe a little love for that first impression
- Painting and neutralizing, do you know what are trending colors
- Staging and think ‘marketing your home’
Making a smooth transition is what should be a key to your planning, long term planning and strategy can enable you to have many more options and potentially a lot more return on your real estate investments. As Kim Laforet states during our conversation 95% of a home sale is emotional, and you want to capture someones heart if you are selling.
I welcome your comments and questions for our experts.