{"id":4483,"date":"2019-06-24T10:18:27","date_gmt":"2019-06-24T14:18:27","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=4483"},"modified":"2019-07-22T06:59:19","modified_gmt":"2019-07-22T10:59:19","slug":"downsizing-myths-debunked","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2019\/06\/24\/downsizing-myths-debunked\/","title":{"rendered":"Downsizing myths debunked"},"content":{"rendered":"\n
\"Downsizing\"
Rethinking downsizing due to generational trends (infographic from nar.realtor).<\/figcaption><\/figure><\/div>\n\n\n\n

Downsizing was once thought of as a rite of passage for empty-nesters and retirees.  It was considered the next stage of homeownership after enjoying the big house and puttering in the yard.  But everything you thought you knew about downsizing is probably stereotyped and incorrect. Housing and generational trends has everyone rethinking their downsizing plans.<\/p>\n\n\n\n

Results of a recent survey<\/a> that was conducted on behalf of Del Webb, a developer and builder of active adult communities, revealed that a majority of 50 to 60-years-olds are not planning to downsize (pultegroup.com).  A majority of the survey\u2019s respondents who are planning a future move indicated that they don\u2019t intend to move into a smaller home.  <\/p>\n\n\n\n

Many older adults are actually are looking for a\nlarger house! In fact, 71 percent who plan a future move want a single-family\nhome, and 63 percent desire a home with three or more bedrooms.  These results may be due in part to multi-generational\nand cohabitation housing trends.  Many of\nthe 50-year old\u2019s who took part in the survey indicated they planned to buy a\nhome that can also house their parents. <\/p>\n\n\n\n

Jay Mason, vice president of market intelligence for PulteGroup, the nation\u2019s third largest homebuilder and owner of the Del Webb brand, stated in the press release<\/a>, \u201cRather than staying put, today\u2019s 50- and 60-year olds are thinking ahead to their next big move.  While millennials seem to make the headlines, there are over 140 million Generation X and baby boomers in the United States, many with the means, confidence and desire to stay active in the housing market<\/em>.\u201d<\/p>\n\n\n\n

Mason described a majority of GenXer and baby-boomer\nrespondents as \u201clooking for a different quality of life when considering their\nnext move.\u201d  Of those planning a move, 87\npercent are leaning towards a suburban or rural area. More specifically, 60\npercent described their next home as a \u201cquiet, tranquil place where they can\nslow down and get some peace.\u201d<\/p>\n\n\n\n

Downsizing is a housing trend that is building\nmomentum in younger generations as well. \nMany home owners who thought of having a large home and yard are\nrethinking their lifestyles.  By reducing\nthe time and costs of maintaining a large home and yard, they are able enhance\ntheir daily lives.<\/p>\n\n\n\n

A major consideration is that downsizing doesn\u2019t always reduce housing costs<\/a>.  It is possible that the newer condo (or house) you\u2019re considering to purchase may actually cost more than the sale price of your current home.  Besides the actual cost of the home, there are also associated costs of homeownership.  For example, the property tax of your new home could be more than what you\u2019re currently paying.  Additionally, it is likely that your new home may have the additional cost of an HOA or condo fees. <\/p>\n\n\n\n

Downsizing also doesn\u2019t mean that you have to buy your next home.  A Realtor Magazine news article (More Older Home Owners Choose to Ren<\/a>t<\/em>; magazine.realtor; January 12, 2016) cites US Census data that indicates half of the home owners aged 55-64 are either staying in their current homes, or deciding to rent instead of purchasing another one.<\/p>\n\n\n\n

Are you thinking of downsizing?  Downsizing requires planning, not just about where to live but also considering the disposition of your current home<\/a>.  To help you decide if downsizing is in your future, consult with your CPA and\/or financial planner to help you understand the costs of downsizing.  To understand the current housing market and sale prices in your neighborhood, consult a local Realtor<\/a>.<\/p>\n\n\n\n

Original located at https:\/\/dankrell.com\/blog\/2019\/06\/24\/downsizing-myths-debunked\/<\/p>\n\n\n\n

By Dan Krell
Copyright \u00a9 2019<\/p>\n\n\n\n

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Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

Downsizing was once thought of as a rite of passage for empty-nesters and retirees.  It was considered the next stage of homeownership after enjoying the big house and puttering in the yard.  But everything you thought you knew about downsizing is probably stereotyped and incorrect. Housing and generational trends has everyone rethinking their downsizing plans. … <\/p>\n

Continue reading “Downsizing myths debunked”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[257,419,406,13,27,164],"tags":[1197,926,445,797,491],"class_list":["post-4483","post","type-post","status-publish","format-standard","hentry","category-downsizing","category-home-owner","category-homeowner","category-real-estate","category-real-estate-market-trends","category-trends-in-housing","tag-downsizing","tag-home-owner","tag-housing-market-trends","tag-real-estate","tag-trends"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1aj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=4483"}],"version-history":[{"count":3,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4483\/revisions"}],"predecessor-version":[{"id":5354,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4483\/revisions\/5354"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=4483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=4483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=4483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}