Listing Courtesy of LINDA VISTA REAL ESTATE
That housing needs change as people get older goes without saying. For Georgetown Baby Boomers, the "getting older" concept has gradually morphed from the distant abstraction it seemed in the 60’s and 70’s to a more immediate concern. And of all the decisions that will have the most impact on those nearing their golden years, buying the right Georgetown home—one that makes the most sense for the future—tops the list.
Boomers have heard and read much advice about buying a home; advice having to do with downsizing, mobility issues and the like. Most of it is cautionary…and not very cheerful. But suddenly weighing into seniors’ "buying a home" deliberations is a contrary point of view: one that many of them have apparently begun to suspect on their own. It’s news that could be of considerable importance, not only for their own age group, but for younger adults as well:
Growing older doesn’t seem to be nearly as dire as everyone has been led to believe.
Last Monday, "Why Everything You Know about Aging is Probably Wrong" led The Wall Street Journal’s special insert on planning and living "in the new retirement." Its lead article dissected the most common preconceptions Americans have about aging, including the expected declines in mind, body, productivity, and stereotypes of growing loneliness and depression. "Everyone knows that as we age…life becomes less satisfying and enjoyable," the Journal reported…followed by what a wide range of research shows: "Everyone, it seems, is wrong."
Among the scientists quoted was the former director of a Baltimore study that has been underway for three decades. Of the widespread notion of the aged as being depressed, cranky, and irritable, etc., he says they constitute no more than 10% of the older population. The remaining 90% are "not like that at all." Another Stanford study showed that as participants aged, their moods improved!
This may or may not change how we approach buying a home for our latter years, but to the extent that it’s a 180-degree reversal from what most of us have always believed about what to expect next, it should warrant at least a thoughtful examination of how we choose.
: Downsizing. Baby boomers who stay in large houses are probably spending more money than necessary; cleaning unused rooms may be too physically taxing, etc.
: "Extra" rooms may be needed to accommodate new hobbies, visiting children and grandkids.
: Mobility. Must be a single-level home; mobility issues are paramount.
: Stairs provide regular mild exercise; greatest threats to physical well-being are inactivity (and over-exercise).
: Budgeting. A budget showing exactly how much can be afforded when renting or buying a home is critical. It should include taxes, insurance, maintenance, and other expenses.
: No research changes this one: buying a house in retirement should always be based on solid budget realities.
Whether you’re retirement-bound, buying your next Georgetown home sets the table for the coming years in so many ways it’s vital to base your selection on reality rather than myth. Once you’ve set your course, I’m standing by to help find your dream house in all the many ways that I can put at your disposal.
For more than a year, it’s been the happy trend across the nation for the average DOM (days on market) for residential properties to have been declining. It’s a “speed of sale” measure—one that most Delaware home sellers hope will reflect that it won’t be long before they are handing the keys to happy new owners.
There are some ruling considerations that go into establishing a winning Delaware asking price. One is psychological: thinking of a buyer’s frame of mind, most people don’t want to be the only ones who are interested in a house. When a slightly lower-than-comparable asking price is part of the marketing message, it draws a crowd. Another consideration is the search bracket. Knowing how buyers tend to bracket price range parameters for similar Delaware homes is something I can help with. If comparable homes have been selling in a range that tops out at $400,000, asking $410,000 (so you can discount it in later negotiations) is a mistake: your property won’t even appear on search results you’re aiming for.
It is said that pricing is an ongoing discussion—something that holds true if the activity level is less than expected. In every dissertation, oration, article, comment, FAQ, and essay about successful house sales, the dictum is the same: if the place doesn’t sell, first check the asking price.
Sometimes that truism can seem indisputable. If the property in question has been listed at an asking price that’s higher than comparable Delaware houses—other homes that have sold—unless outside factors have slowed all area sales, the asking price is probably the stumbling block. A homeowner can quite reasonably object that their property has unusual qualities that make direct comparisons with other Delaware homes inexact, but that logic may not be powerful enough to counter the market figures that buyers can see (remember that they don’t want to be the only ones who are interested). Sometimes even for a home that shows spectacularly, lowering the asking price can be the simplest and quickest route to a “sold” sign on the front lawn.
In the case of those Delaware homes where Delaware asking price conformity isn’t the issue—as when there simply are no other properties that are at all similar—if lowering the asking price is not indicated, it will simply become a waiting game: waiting for the buyer who appreciates the special character of the property. The good news is that there IS a buyer out there for every property; the bad news is that unique properties attract unique buyers—as in, there are fewer of them. But there is some second good news: when they do show up, they are apt to fall in love with the place!
Pricing is part math and part skill, and since the market is constantly changing, it’s a skill that rewards experience tempered by consistent monitoring. I monitor Delaware real estate full time so I can provide the most timely assistance and advice in all phases of selling and buying. I hope you’ll give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.