Today we’re going to talk about how to get out of a property. Thanks for tuning into the Real Estate Today Podcast.
I’m Bob Nelson, real estate investor and broker with Pacwest Real Estate Investments; and, I’m Marcia Edwards, residential broker with Windermere Real Estate.
Marcia Edwards: It is fun to be a home buyer. Even in a tough market, you get to shop all day, all night, get to look online and see all the photos and think about how your future could look. What I would encourage you to do as a buyer and we want to talk about today is not you getting into the new property, but how will you optimize the next transition when you’re trying to sell that same property.
Bob Nelson: It’s an interesting concept. Do anticipate you will be selling what you currently own at some particular point. Most people say “Oh no, this is my final property.” Maybe. What are you going to do jump off a cliff tomorrow?
Marcia Edwards: What you want to do is right thing for your own estate, but also life happens, things change. For example, illness, income sources, things transition where you may be selling when you do not expect to and you want to make sure you can optimize that as well.
Bob Nelson: It’s certainly a consideration. In some instances as you grow older, you want a single story home. Going up and down stairs may not quite be as much fun as it used to be, as I speak for myself in a four story house.
Marcia Edwards: Stay agile, Bob. Well, that is a good point. When I saw it happen as I progressed with some of my peers through raising kids, the up sizing of a house came too late often. They sold their first time buyer house, got a place with a master suite, a separate bonus room for the movie nights and sleepovers, and then when the kids left, just four years later they needed to downsize back to where they were previously sometimes.
Bob Nelson: Exactly. It’s an interesting maneuver. It’s mentally very stressful because you have grown accustom to your surroundings. In some instances, you’ve grown accustom to not liking your surroundings and you can do something about that.
Marcia Edwards: What’s interesting to me and what I’ve noticed now at the next stage, you can tell I’m progressing through life like many of you have seen in hindsight, you replace the people with stuff if you don’t downsize. Pretty soon, you’ve got furniture in every corner and now you’ve got an overwhelming project to downsize, so you’ve got to look at the forecast for yourself to benefit you logistically so you’re not overwhelmed, but also financially.
Bob Nelson: The financial concept is one that takes a certain amount of planning. Frankly, get a hold of Marcia, understand you do the counseling sessions with individuals?
Marcia Edwards: Absolutely. In fact, I’d spend more time first in the conference room before you’re hopping out to houses.
Bob Nelson: Absolutely. Yeah. In fact, we don’t even … From my standpoint, we don’t need to look at property until we’ve gone through a series of these things.
Marcia Edwards: It makes you on the same page with the right expectations and realistic successes by putting some planning ahead. I’m Marcia Edwards, Windermere Real Estate.
Bob Nelson: I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments.
Join Bob Nelson and Marcia Edwards Eugene, Oregon, real estate experts daily at 5:30 on KPNW for the “Real Estate Today ” radio show.