A golden window for retirees who wish to downsize
Downsizing can allow near-retirees to beef up their retirement nest egg late in the game. And now could be the time to get a jump on higher mortgage rates ahead, writes financial journalist Kira Brecht, which the National Association of Realtors® forecasts in 2017.
Near-retirees ready to downsize may not need to wait for the start of the spring selling season either, since winter can be an opportune time to put one’s house on the market, says John Lazenby, president of the Orlando Regional Realtor Association. Home sellers may benefit from less competition and experience fewer tire kickers during this time of year.
Before selling a home, move-down buyers should explore the market and have a new residence lined up.
“The challenge for buyers in 2017 will lie in continued limited inventory, especially within the lower-price categories,” says Lazenby. “Empty nesters or retirees should expect their large family home to sell quickly, then face fierce competition in securing a less expensive replacement.”
Source: Florida Realtors
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