When to Downsize (Rightsize)
Many of my home sellers are well into retirement when they finally decide to sell the family home. By that time they have lived in the home for decades. They also are living on a limited income now that they are in retirement and may be unable to fully do the necessary updates to the home that would bring them top dollar. On the other hand, most of these homes usually don’t need more than paint and carpet to bring them up to date. Most the time the sellers have kept impeccable maintenance records and if the big stuff, like mechanicals, roofing, windows, etc have needed updating it has been done. That is why I tell my home buyers not to dismiss these homes that appear to be outdated when they are looking at them online. They are solid, well kept homes that will cost minimal dollars to update but will be priced under-market.
Most baby-boomers are staying in their homes well into retirement. I’ve noticed a different trend however with Generation X. This was emphasized when I received a call from a past client who must be in their mid 40’s who is thinking of “downsizing.” These younger clients want to move out of their homes earlier. Not so much to a less expensive home, but to a home that does not require them to spend a lot of time maintaining it. More of a home that somebody else takes care of all the outside work. A detached luxury townhome per se. Most of the time they are making the move so they can spend more time with their children before they go off to college or spend more time traveling if the children have already left. By moving this young, they still are in their prime working years and have plenty of funds to do the updating to their current home to get top dollar when they sell.
For the most part, buyers can find detached townhomes in a variety of communities. The nice part about these homes is that most will still allow the homeowner to have a garden and pets. Other buyers may decide to move into more of a condominium/loft type unit downtown where they are close to sports, theatre, or trails for biking and running. Whatever you are trying to get more of, there’s a townhome community that can fit your lifestyle.
I have listed some of these townhomes for sale below located in the communities of Minneapolis, St. Paul and some western-suburbs. To receive listings for a townhome community that fit’s what you want out of life, contact me now.
