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Boston condos for sale: Downsizing to a Boston condo
Over the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist at realtor.com, shares:
“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans…In a sense, it has elevated real estate markets as a centerpiece of our lives.”
For some, this has spurred an interest in making a move to a home that better suits our changing needs. In a recent study on today’s homebuyer preferences, the National Association of Home Builders (NAHB) states:
“When asked more specifically how the pandemic may have impacted their preference for home size…21% or about 1 out of every 5 buyers, do want a larger home now as a direct result of the health crisis, while another segment – 12% – would prefer a smaller one instead.”
While you might expect more time at home to lead to a need for more space, it’s interesting that a significant portion of homeowners actually want less. For those who own larger homes right now and have a desire to move, today’s housing market is full of opportunities. Danielle Hale, Chief Economist at realtor.com, explains:
“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards…Those who are selling homes can use the profits to help them buy new ones.”
As a homeowner today, you likely have equity that can be put toward the purchase of your next home. With the equity growth homes have seen over the past year, you may have more than you think, which can help significantly as you make a move into your next home. According to a report from the National Association of Realtors (NAR):
“Home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. Sellers 22 to 30 years gained the least at $33,400 in equity compared to sellers 66 to 74 years gained $100,000 in equity as they likely had lived in their homes for a longer period of time.”
Despite the benefits of growing home equity, some homeowners are still hesitant to move and could be considering remodeling or making changes to their current space instead. However, if you’ve thought about aging in place rather than downsizing, you may want to reconsider. The U.S. Census Bureau points out:
“Of the nation’s 115 million housing units, only 10% are ready to accommodate older populations.”
If your house is no longer the best fit for your evolving needs, it may be time to put your equity to work for you and downsize to the home you really want.
Boston Real Estate and the Bottom Line
Today’s housing market favors homeowners who are ready to sell their houses and make a move. If you’re thinking about downsizing this year, let’s connect to discuss your options in our local market.
Boston Real Estate
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Boston Real Estate One More Move
Are you of the age (40+) where you might move one more time? Here are my resources to assist you.
Reasons to move again:
- Be closer to the family (primarily to be near the grandkids).
- Change from Beacon Hill condo walks up to a high-rise condo building.
- Looking for a new Boston downtown condo neighborhood for you.
Being closer to family, and especially to be near the grandkids, is high up the list of reasons for seniors to move. Not only will it be easier for you to get some help from them as you grow older, but they will appreciate the free babysitting and help around the house!
If that means you will be leaving the downtown Boston real estate market Ford Realty Inc., is the best at finding you a quality agent in your new neighborhood.
Are you thinking about buying into a Boston high-rise condo?
We have a large selection of Boston high rise condos on our Boston real estate website here – it might ask you to sign-in but I promise I won’t call you every day until you buy or die:
Boston Real Estate and Empty-Nesters
Today’s video topic of discussion will be about downsizing especially how it applies to empty-nesters. The video below will discuss: downsizing, decluttering, mistakes to avoid, the emotions of leaving your large home for a Boston condo, the decisions, helping elderly family members, preparing to downsize, moving into a smaller Boston condo.
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