home

Downsizing Doesn't Have to Be a Downer

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | December 25th, 2019

Every day in America some 10,000 people turn 65 -- a reality that will have intensifying consequences for the nation’s housing markets going forward as more boomers let go of their properties.

Take the case of an empty nester in her 60s who’d been living in an oversized Oregon house for 44 years. A combination of health issues and recent weather challenges convinced her that she could no longer handle solo living in her place.

The woman’s transition to a 700-square-foot apartment in a retirement community led to a surprisingly positive outcome, says Mary Spann, the founder of Upside of Downsizing, a firm helping seniors reduce their belongings to transition to smaller quarters.

Living a simpler life with fewer homeownership responsibilities is proving a fulfilling experience for the Oregon woman, who relishes the sociability of her retirement community.

“The night I first moved in, I did a little happy dance to celebrate,” she says.

Spann says it’s remarkably common for many people who must downsize to experience a sense of liberation after scaling back their material lives.

Of course, the actual process of sorting through one’s worldly possessions can be tremendously laborious. In many cases, downsizers must make hard choices among items they genuinely wish to keep but can’t accommodate in their new space, such as book collections, sports trophies or mementoes from family vacations.

“When you’re going to a smaller house, you must decide which things have the most meaning for you,” says Beverly Coggins, the author of “Three Steps to Downsizing to a Smaller Residence.”

A professional organizer since 1995, she says she’s learned it’s best for those downsizing to break the work into chunks rather than to attempt marathon sessions.

To avoid excessive fatigue, she encourages downsizers to focus their work on the times of day they have peak energy. Also, she recommends they spend no more than four or five hours on these tasks at any given session.

Here are a few tips for those who must move to a smaller domain:

-- Eliminate excess furniture early in the process.

For most people, one major step toward downsizing involves dispensing with large pieces of furniture. Beyond family heirlooms and precious antiques, many find this process relatively easy because they don’t have sentimental attachments to most furniture.

Sid Davis, a longtime real estate broker and author of “A Survival Guide to Selling a Home,” suggests one way to clear space and furniture quickly is to put it up for sale. He says many of his home-selling clients find it relatively easy to sell superfluous items through the websites of local newspapers. However, you’ll likely want to sell antiques through a reputable dealer.

-- Try to avoid renting a storage unit if possible.

Many downsizers succumb to the temptation to place their belongings in a storage unit before they move. But Coggins strongly advises against this course if you can avoid it.

“Storage units are expensive. And for most people, they’re just an excuse to postpone making decisions on stuff they need to eliminate,” she says.

She says many people feel especially anxious about letting go of things given them as gifts from relatives or close friends. But she says such feelings are needless.

“It doesn’t mean you love the person any less because you can’t keep everything they give you,” she says.

To be sure, you’ll not want to cast off items with unusual meaning to you -- like family pictures and love letters. But unfortunately, you may not be able to take everything you value to your new, smaller place. In such cases, Coggins suggests you take photos of the treasured items, like a grand piano passed down in the family. These can be framed and hung up in your new domain.

-- Look to charity organizations for pickup services.

Many downsizers find it easier to let go of extra belongings if they know they’ll go to good use. That’s why Coggins and other professional organizers often advocate contacting nonprofit organizations interested in collecting serviceable items.

Very often, charity groups will pick up items from your home, a convenient way to eliminate excess belongings. Also, with a pickup appointment, you’ll have a definite deadline for your work, which can serve as a motivating factor.

The Salvation Army, for example, offers pickup services in many areas. To learn more or schedule a pickup, visit the organization’s website, salvationarmyusa.org, or contact its toll-free number: 800-728-7825.

-- Attempt to stay focused on the positives in your future.

In reality, many seniors must downsize to cut expenses, whether to reduce utility bills, upkeep costs, property taxes or an outstanding mortgage balance. Yet many who must move to a smaller home find that doing so has its favorable points, including less financial stress.

Coggins also notes another benefit of downsizing. With fewer home upkeep demands, you’ll have more time to focus on the people most important to you.

“When they downsize, many people realize more fully that it’s relationships, not stuff, that bring happiness,” she says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

home

Home Sellers: Finding the Best Listing Agent to Represent You

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | December 18th, 2019

As the housing market rolls into the first quarter of 2020, buyers searching for a brand-new home have cause for celebration. Finally, builders are stepping up production.

After the Great Recession, residential construction -- especially for affordable single-family homes -- took a steep drop. Nervous about whether the economic recovery was sustainable, many builders backed off for years. Until now.

Tom Early, a longtime real estate broker, says an increase in new construction not only helps buyers. It also motivates potential move-up sellers who’ve outgrown their homes. For several years, many would-be sellers have been sitting on the sidelines, waiting for more new construction in their price range to become available.

“Lots of people with growing families are thrilled at the prospect of an exciting new place with the bells and whistles they see on the TV home shows. They crave high ceilings and a big eat-in kitchen that flows into a spacious great room. They also want extra bedrooms for home offices,” says Early, a past president of the National Association of Exclusive Buyers Agents (naeba.org).

Early, who works solely with buyers and takes no listing contracts, says it’s critically important that all sellers find a highly professional agent to represent them.

“Who you pick is hardly a trivial matter. Just as you spend time finding a good lawyer, accountant or doctor, you should do likewise when you’re trying to locate an excellent listing agent for your sale. This is just basic due diligence,” he says.

As Early points out, finding the best available listing agent can be harder than it seems -- despite the fact that more than 1 million Americans are licensed to sell real estate. Here are a few pointers:

-- Search for an agent who knows your locale well.

Your uncle or someone you know from your church or synagogue might be an excellent real estate agent. But should you consider hiring this person if their office is located a significant distance away from where you live?

Absolutely not, says Early, who contends that a faraway agent is likely to be much less effective in marketing your property than one who knows your local turf well.

“No matter how sharp he is, you really don’t want that agent across town who doesn’t have an intimate knowledge of your neighborhood,” Early says.

It’s especially wise to have an agent close by if you’re trying to sell a property in an urban setting -- such as a condo in a high-rise building. In such a case, the ideal agent is often someone with proven experience selling units in your same building.

“For one thing, the pros in your immediate area know the nuances of pricing much better. For another, they’ll know other local agents with clients who are searching for the exact type of property you’re putting up for sale,” Early says.

-- Schedule an in-home visit with at least two to three listing prospects.

Without interviewing other contenders, you may be tempted to simply hire the first agent who comes highly recommended. But Ronald Phipps, the broker-owner of a family-owned real estate brokerage, says it’s wise to interview at least one to two other candidates.

“When you talk to several people, you’ll get different perspectives on your sale,” Phipps says. Several opinions on pricing can be especially helpful.

He says you should be wary of any agent who recommends you list your place for more than 10% above what others say is its fair market value.

“Find out how they arrived at that higher price,” says Phipps, noting that occasionally some agents may suggest an above-market list price as a way to flatter you into hiring them. This practice is known as “buying the listing.”

-- Request information on the candidates’ professional accomplishments.

How can you identify agents who have achieved an unusual level of expertise? Phipps says one way to distinguish among agents is to ask if they’ve been elected to positions of leadership within their professional groups.

“This shows they have a reputation for collaborating with other real estate people,” Phipps says.

-- Select a seasoned listing agent with a proven deal-closing record.

During boom times, most sellers feel home free once they’ve obtained a ratified contract -- meaning their deal has been agreed upon by both sides of the transaction.

The economy is strong now. Still, Phipps says many sellers remain understandably nervous that complications along the way to closing could scotch their deal. That’s because these days, more purchasers have to drop out because their mortgage financing has been turned down.

“Selling has become much more complicated. That’s why it’s smart to find an agent with experience handling many different kinds of transactions. Look for their record of closing deals, not just taking listings,” Phipps says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

home

Take a Proactive Approach to Home Selling in 2020

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | December 11th, 2019

Throughout 2019, home sellers in most neighborhoods have been riding high due to rising prices and a shortage of available property. But economists are cautioning that outlook could change in the new year.

“Sellers in 2020 will contend with flattening price growth and slowing activity, requiring more patience and a thoughtful approach to pricing,” says George Ratiu, a senior economist at Realtor.com, a real estate listings website.

Still, Ratiu doesn’t anticipate a steep drop in demand for property in 2020 akin to what happened during the Great Recession just over a decade ago. What’s more, he expects that sales activity could stay robust in certain affordable communities that are popular with young, cash-tight buyers.

“Sellers of homes priced for entry-level buyers can expect the market to remain competitive and prices to stay firm,” Ratiu says.

No matter the market conditions they’ll face, those who hope to sell in 2020 can’t afford an attitude of complacency, says Eric Tyson, a consumer advocate and co-author of “House Selling for Dummies.”

“To achieve the best possible outcome for your sale, it’s tremendously important that you take a proactive approach. That means all the cosmetic upgrades and repairs your place needs should be done before it’s available for public showings,” Tyson says.

One option for savvy sellers is to arrange for a professional home inspection even before their listing hits the market. This approach is recommended by Dylan Chalk, a veteran inspector and author of “The Confident House Hunter.”

R. Dodge Woodson, author of multiple books on home repairs and remodeling, says many sellers are reluctant to go forward with pre-sale repairs because of the cost and inconvenience involved.

Still, he says it’s important to spend the time it takes to search for the right contractors for your repair work, whether that involves fixing a nonfunctional garage door or repairing a leaky roof.

Here are a few pointers for sellers:

-- Take a broad approach to identifying good contractors.

Woodson advises against using online advertising to hunt for home improvement contractors. A more reliable approach is to seek recommendations from friends, neighbors or work associates who’ve had experience with the contractors they’re suggesting.

“Ask everyone you know for names. Consider this a treasure hunt,” Woodson says.

Besides those in your immediate circle, Tyson says you may wish to garner contractors’ names through the real estate agent with whom you plan to list your home.

“Realtors can really be good sources because they have lots of interactions with contractors. They’ll hear complaints if a contractor does a lousy job,” Tyson says.

Also, contractors may be more attentive to your project if they know you might complain about their work to the agent, which could hurt their chances for repeat business.

“If an agent hears complaints about contractors, the agent might stop throwing them work. This fear gives them an incentive to work harder for you,” Tyson says.

-- Seek a number of estimates from contractors.

Woodson, who has worked much of his career as a licensed plumber and has also run his own home improvement company, strongly recommends that homeowners obtain five estimates for any job expected to cost more than $1,000.

Why five estimates? Because experience has taught Woodson that consumers need a range of bids to gain perspective on pricing.

“What you usually want is a contractor in the middle of the pack on price. You can throw away an estimate from anyone who comes in 25 percent or more above or below the others in the pack. The guy at the top is charging too much, and the one at the bottom is probably cutting corners,” he says.

-- Make sure the contractors you hire will perform as promised.

After you’ve narrowed the contractors’ field with a comparison of price estimates, you may think your next step is to ask any company you’re considering for references. But Woodson says this is usually a “pointless exercise.”

“You don’t know if that reference is really someone’s brother-in-law or maybe someone else the company hired to say good things about them,” he says.

Also, Woodson says it’s a mistake to rely on photos the contractor has sent you via email.

“How do you know that these pictures show the contractor’s real work? Even if they do, the photos could have been doctored,” Woodson says.

To get a better impression of a contractor’s work, ask to visit homes where the firm is now working or has recently completed jobs.

“Sure, someone from the company has to call clients to get their permission for you to come over. But even so, the company shouldn’t balk at letting you see their work. If they do, you’ve got to wonder what they’re hiding. This is a big red flag,” Woodson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Next up: More trusted advice from...

  • Are You Susceptible to Financial Exploitation?
  • Inheritances For Your Children?
  • Amid Recent Bank Failures, Are You Worried?
  • Research Says Gut-Brain Axis Plays Role in Mental Health
  • Lingering Symptoms Suggest Rise in “Medium COVID-19”
  • Chronic Stuffiness Could Be Rhinitis
  • Your Stars This Week for April 02, 2023
  • Your Stars This Week for March 26, 2023
  • Your Stars This Week for March 19, 2023
UExpressLifeParentingHomePetsHealthAstrologyOdditiesA-Z
AboutContactSubmissionsTerms of ServicePrivacy Policy
©2023 Andrews McMeel Universal