from Silver Vigilante:
More than 40% of US citizens between the ages of 50-65 are planning onselling their homes and McMansion’s for something smaller and more practical, as “prospective downsizers exceed would be ‘upsizers’ by nearly 3-1,” reports the WSJ. They are under the assumption that, by downsizing, their lives will be made simpler and more inexpensive. While the former depends on each individual, the latter is certainly not always the case. Bulking your retirement up by selling your McMansion in a depressed market is certainly not the option, but with California properties losing luster due to CABs, and the aforementioned data regarding the retired and their McMansions, home prices seem anything but stable in the coming months.
In the end, selling one’s home in this market could result in added, unforeseen expenses. Thinking that you are well on your way to a new life in a new environment, your house on the market never sells, and a deposit you put down on a condo must be forfeited.
Tags: Luster, Baby Boomers, Wsj, Depressed Market, Downsizing