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Real Estate Review: Is now the time to downsize?

Karen DeRose
Coldwell Banker
Clifton Office
Office: (973) 778-4500
Direct: (973) 778-4500 Ext. 144
Cell: (973) 580-6445
Fax: (862) 345-3516

 

For many families, this month brings with it some significant milestones. Teenagers across the country will move from their home and enter the college dormitory. According to the National Center for Education Statistics, this fall, a record 21.6 million students are expected to attend American colleges and universities. Teenagers across the nation have been eagerly packing their belongings and moving from home towards their bright new futures.

This leaves many empty nesters planning their bright new futures as well and wondering what to do with the family home. Is it the right time to sell? Will the sale enable the family to afford college tuition and purchase another home at the right price and size? There are numerous factors to consider when making a decision on one of the largest investments a family will make.

Recent statistics may help in making that decision. According to a recent release by the National Association of Realtors® (NAR), sales of existing homes rose 10.4 percent higher in July when compared to July 2011. The national median existing-home price for all housing types in July was up 9.4 percent from a year ago and shows five consecutive months of year-over-year increases.

Many industry watchers attribute this increase to lower inventory levels across the nation. Additionally, the market is ripe for homebuyers. Affordability is the best that it has been in years, mortgage rates are still historically low and financing is available for those who qualify.

These factors make it an incredibly advantageous time for empty nesters. If a homeowner purchased a home 10 or more years ago, the home could have a wealth of equity and offer a significant return on investment if sold in today’s market.

To learn if the time is right for you, speak to a sales professional at Coldwell Banker Residential Brokerage. Using information from various reliable sources your Coldwell Banker Residential Brokerage sales professional can provide you with and explain the precise factors that could impact you in your decision making process. You may just discover that now really is the perfect time to move toward your bright new future.

 

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