There’s a huge issue with America’s housing stock. There’s an overall shortage of homes, particularly starter homes, for young families. Yet many older people are clinging tightly to property and possessions they’ve owned for decades.
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The problem isn’t only that baby boomers are sentimentally attached to their property. Many would like to sell, but simply can’t seem to complete the agonizing chore of clearing through their clutter, says Rita Wilkins, author of “Downsize Your Life, Upgrade Your Lifestyle.”
Wilkins, based in Delaware, is known as the “Downsizing Designer.”
Her clients include those grappling with the daunting tasks of dispensing with superfluous possessions to sell their property.
She realized the enormity of the problem recently when she posted a video on her YouTube channel with downsizing advice. It’s called “How to Finally Declutter Things You Thought You Couldn’t Let Go.”
“I was shocked. This video went viral and drew more than 25,000 responses,” Wilkins says.
Of course, there are many older people not grappling with downsizing because they have no intention of selling anytime soon. Indeed, a new survey by Redfin, the national realty brokerage, indicates that fully 43% of boomers say they’ll never sell.
Still, as Wilkins says, life circumstances such as illness or divorce sometimes force homeowners to put their property on the market even before they’ve planned to and before they’ve finished the decluttering process.
“I call these ‘life quakes’ because they happen unexpectedly,” she says.
As Wilkins notes, many young homebuyers can’t envision the potential of a property that’s jammed with too much furniture, books and collectibles. The same is true of a place with crowded closets or many small appliances on kitchen countertops.
But those who can look beyond the chaos of excessive belongings may be able to score a good deal on their first property.
“The idea is to find a house with really good bones that could work for you and your family with only a reasonable amount of work,” Wilkins says.
Doro Kiley, a certified life coach since 1999, helps clients craft their lifestyle plans. She argues for a holistic approach to home selection.
“Before launching a home search and checking out the floor plan of a particular place, start by imagining your ideal lifestyle. That way, you’re likely to get closer to your best possible match. Also, always begin by thinking about what you’d really like as opposed to what you’d settle for.” Kiley says.
Here are a few pointers for buyers:
-- Put down a vision of your future on paper.
Partners often differ on ideal housing choices. That’s why Kiley says it’s helpful for both to write down their respective visions and then seek to shape them into a single statement.
Written statements help people clarify their thinking and refine the details of their plans as they move through successive drafts. They’re also a way to help reconcile differing views.
-- Think through issues related to commuting time.
Eric Tyson, a personal finance expert and co-author of “Homebuying for Dummies,” says one of the most wrenching trade-offs many families face is between a larger, newer house with a longer commute and a smaller, older place that’s closer to the city center and the workplace of one or both partners.
“Typically, it’s the person with the higher salary who gets to live closer to work. Then the other person is stuck with a long and exhausting drive,” Tyson says.
Buyers who consider an outer-tier suburb are often driven by the desire for a larger property or what they perceive to be better schools.
But before you opt for a distant suburb, he encourages you to do morning and afternoon rush-hour test drives. This way, you’ll know more precisely what sort of traffic to expect if you buy there.
Tyson says buyers should let go of the belief that the current level of traffic congestion on their drive will remain static. Rather, it’s likely that the traffic will worsen as the years go on.
-- Realize that your children may not need a large yard.
Many people with young children hang on tightly to the hope that their kids will have a large backyard where they can play -- just as they did as youngsters. This aspiration can influence them to pick an outlying suburb at the expense of their convenience and commuting time.
But are the trade-offs necessary to acquire a large piece of land worth it? Not necessarily, says Tyson, noting that the current generation of kids often spend much more time in organized athletic and recreational activities than did their parents.
-- Slow your home search until you find the best possible place.
Though inventory levels have lately improved in many communities, those seeking to own in a popular neighborhood can face fierce competition. They feel pressured to act quickly, lest they lose out to a rival bidder. Because of that, many buyers take regrettable shortcuts, often rushing into a purchase without analyzing whether the property they’ve picked truly matches their lifestyle.
But because so much is at stake, Tyson urges buyers to slow the process down to avert the possibility of taking a wrong turn.
“In a hot market, some folks let their emotions get the best of them. Faced with competition, they lose control and spend just 10 minutes on property selection. Then they spend the next 10 years suffering buyer’s remorse,” Tyson says.
(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)