1ºJust sayin’… we recently retired and wanted to sell our (mortgage-free, paid off) house. We got $45k over asking with no contingencies! No inspection! There really wasn’t anything major that the house needed, but still - it’s over 50 years old.
We moved to another city in our State. It has similar climate, the same Big Box stores, a much lower cost of living and generally, the same “generic” suburbs. We paid close to half of what we sold our old place for, it’s half the age of the old place, 200 square feet larger and even has a pool! It’s also in a comparable (excellent) neighborhood. Yes, the previous owner of our new place paid a lot less than we did - I know the price we paid was close to the height of this current market, but suffice it to say that, by moving to another city, we made enough money to cover our retirement expenses.
2ºheads up all not only is the real estate cooling off home sales are dropping as interest rates Rise pretty quickly the bubble is starting to burst on those homes people went wild buying well above asking in their bidding wars. here is what is hot thinking about Retiring and Planning Live in your home as long there has never been a better time to get the reverse mortgage Why Get cash for retirement out No need to pay the mortgage with Interest on the Rise as it is and this rise not going to be a short term thing as the workforce shrinks and Shortage continue inflation is going to be hard to stomp out with just Interest hikes people will need to get back into Big savings mode to cut it back where it belongs and pay is going to have to keep at a living rate as well .
3ºGlenn Affeld That also has a lot to do with location. The Bay Area is desirable, but WAY out of price range for the average buyer. Coupled with many people leaving California for tax and political reasons. Then add in that many companies in that area now allow employees to work remotely, people leave high priced areas to live somewhere else cheaper.
I’m a county over from Raleigh NC. With the insane amount of growth and tech/medical jobs in the RDU/RTP area, they can’t build or list houses fast enough. New builds are under contract before breaking ground, and resales are put up as a “coming soon” and have offers within hours.
4ºShell Sheek sometimes you get lucky. We sold a townhouse for 40k more than we bought it for less than 5 years before, and bought a home at asking price that appraised for 10k more than what we paid. We were also fortunate to be able to stay with my MIL for a couple months between homes. But we also got outbid on multiple homes, at times by over 100k. It’s a huge gamble and can go way wrong if you don’t have somewhere to live and it could easily take much longer than a few months to find your dream place.