Is this a good time to sell our family home of 28 years to buy into an adult community.?

Asked by Susan, badalamenti Sun Jul 15, 2007

We are 61 years old and would like to move into a beautiful, well known adult community. Should we wait till real estate values rise?

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Deborah Madey, Agent, Brick, NJ
Sun Jul 15, 2007
BEST ANSWER
While no one has a crystal ball, most projections do not foresee a strong rise in real estate values soon. As a Broker, I am always concerned with the financial aspects of home ownership. But, a home is not just an investment. Where you live shapes your life. Your home is where you share time with family, friends, and build your memories.

You could wait a few years to sell and find out that the financial landscape changed minimally, but you missed out on a few years of the lifestyle you wanted. If you believe that a move to an active adult community will provide you with activities, joy, and connections to existing or new friends, there is value there also.

If you move to an adult community and 3 years from now, real estate values went up, but you loved the life you had, would it be worth it? Also, if real estate values go up, your new adult community home may appreciate also.

Where do you want to live? What lifestyle do you want? Does an active adult community offer that to you? For some, the answer will be yes; others no.

Best of Luck.

Deborah Madey - Broker
Peninsula Realty Group, Inc.
New Jersey
(800) 973-5855
Web Reference:  http://PeninsulaFirst.com
1 vote
Denise Mcena…, , 92253
Sun Jul 15, 2007
Yes, this is a great time to sell your family home of 28 years to buy into an adult community. You are so fortunate to be able to live the life that you want. NOW is the time to take advantage of this opportunity. Remember, if the price of your house is lower, then the price of your new home is also lower and you save taxes! If you wait for the price of your house to go up, then the prices of the newer homes will increase also.

I just put my Brea, California home up for sale. I've had it since 1977. I'm so excited to sell it and get a great deal on a new home.

Oh, one more thing...have fun doing this. The process can be as wonderful as the results.

Onward and Upward,
Denise
Web Reference:  http://www.ChooseDenise.com
1 vote
Michael Bohd…, Agent, Sparta, NJ
Mon Jul 30, 2007
Hello Susan,
Real estate values have more than doubled in the last 10 years. We are seeing a small retreat from the highs reached in early 2006. I would guess you have little or no mortgage left, so yes this is a good time to sell and a great time to buy.
0 votes
Mario Pinedo,…, Agent, Cupertino, CA
Sun Jul 15, 2007
In general the housing market is soft. Though not in all segments. The adult community market is stong and will continue to be so. The Baby Boomers are just showing their push into these communites. Therefore, for the next 10+ years will more and more people sell their principal residences and move into these communities. I would suggest you are at the start of a good rise in values in those communities. Also, if you've lived in your house 2 out of the last 5 years and are married, there is the $500,000 capital gains exclusion from which you can benefit. Get the golf clubs ready!
0 votes
Rob Gerhart…, , Lansdale, PA
Sun Jul 15, 2007
Will the money that get from selling your current home be enough so that you will not have to take a mortgage on your next home? A big concern among people moving into adult communities is not having to endure another mortgage in their retirment years. If you have enough equity in your current home to get to your next home free and clear, is that enough? Waiting till "values rise some more" is always a gamble. You should consult with your CPA to see how your move will fit into your overall retirement plan.
0 votes
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