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I think if I were in your position I would wait a few months until I was pretty clear & settled about my emotional & financial state. You mention how much selling your home is costing but you haven't told us what you expect to net when it's sold, so we are a bit blind as to your finances. But I would probably opt to take the sale proceeds & find a nice condo/townhouse to rent. The mortgage rates right now are around 7% + the down payment, realtor/lawyer fees, etc... really add up over a few years. Also I would do a quick & dirty estimate on presumed life expectancy for a rough guess for what I would need financially, renting vs owning.
If you were to find a nice condo in a good area you won't have to be concerned with the upkeep of the grounds, roof, exterior, etc., And if renting you could always move again if the development doesn't meet your expectations more easily than if you bought a house & wanted to move, not that either is easy at this point but renting would be simpler.
I know finances need to be part of the equation, but what about what makes you HAPPY? Would you miss your garden if you moved into a condo or rental apt.? Wound the noise and reduced privacy make you unhappy? Would you miss your neighbors and friends if you've moved out of your current house? (We ALL think our friends will follow us if we move nearby, but they usually don't. The friend you've seen once a week becomes the friend you see once a month.)
In any event, I agree with the others that you should wait to make a decision. A minimum of six months, IMHO.
3 years ago I was in a similar situation when I found out my husband was cheating again. I couldn’t afford to stay without a roommate so I bought a 2 bedroom condo that was half the price of my house.
Some people that didn’t know our local housing market suggested I wait a year to buy. If I had heeded that advice I would have paid 50k more for the same condo. Within 6 weeks our house was sold and I was in my condo.
Another reason I didn’t consider renting was that it is 3 times the price I pay for my small mortgage and hoa fee. However, I was absolutely certain I didn’t want to move to a different city. I also like the maintenance being handled and no yard work. Being alone I feel much safer. I’m the same age as you. 55+ communities here are extremely expensive.
There’s lots of variables to consider when making a decision. Honestly even if our prices go down I don’t care because this is my last stop in life. My kids will inherit when I’m gone.
My spouse of 41 years passed away after a long illness three weeks ago. I've had quite awhile to plan ahead and thought everything in my mind was settled. Now I'm rethinking things. Maybe purchasing another home right now isn't the right course of action. At my age, it might not be wise to tie up so much capital into another house.
Moving is expensive. Getting this house ready to sell has cost me a few thousand dollars already. Once it's ready, I still have to pay the realtor's fees, escrow fees, moving costs....
If I buy a new house, I reckon to get a few years out of it. If it has to be sold by me or my kids after awhile, there we go again. Expenses and fees. If I buy a house for, say, $400k, it will cost me $20k in realtor's fees, etc. to sell. That means it has to appreciate in value by that much just to break even. That's a lot of appreciation and it might not appreciate at all.
If I rent somewhere, the capital can be reinvested and at my disposal. No more maintenance worries, upkeep. I might decide to buy at some point and this will give me time to think.
Moving out of this house will be sad but I can't afford to keep it now.
Thoughts?
Please rethink this.
A friend lost her husband three years ago. She sold her house last month. She's looking in Maryland and having a terrible time finding a new house or condo. All her offers have been turned down. New buyers are making offers including waving the right to an inspection, cash offers, and offering serious amounts above the asking price. In a month, she will be homeless.
When I moved to Virginia in 2021 - same situation - people were waving their rights to an inspections, offering fifty thousand or more over asking price, cash offers, etc. Houses were sold in a weekend with multiple offers outbidding each other.
This is seriously the worse time in history to move. I've moved five time in the last twenty-five years and have never seen anything like this before. This isn't even taking into account the number of apartment buildings sold to investors who knick out the long term tenants to convert to airbnb short term rentals.
Besides, you need a year to adjust to your new situation in life. It's too early to move.
There are real predictions of a coming stock market crash. If you aren't a well seasoned investor, this is definitely not the time to begin.
I'm sorry for your lost! You are in a tough situation, please take your time.
A friend lost her husband three years ago. She sold her house last month. She's looking in Maryland and having a terrible time finding a new house or condo. All her offers have been turned down. New buyers are making offers including waving the right to an inspection, cash offers, and offering serious amounts above the asking price. In a month, she will be homeless.
When I moved to Virginia in 2021 - same situation - people were waving their rights to an inspections, offering fifty thousand or more over asking price, cash offers, etc. Houses were sold in a weekend with multiple offers outbidding each other.
This is seriously the worse time in history to move. I've moved five time in the last twenty-five years and have never seen anything like this before. This isn't even taking into account the number of apartment buildings sold to investors who knick out the long term tenants to convert to airbnb short term rentals.
Besides, you need a year to adjust to your new situation in life. It's too early to move.
There are real predictions of a coming stock market crash. If you aren't a well seasoned investor, this is definitely not the time to begin.
I'm sorry for your lost! You are in a tough situation, please take your time.
Well, your friend took 3 years to make her decision and apparently, she didn't make the right decision. So, waiting a long time doesn't guarantee a correct decision.
It would definitely behoove anyone in the OP's situation to shop around for condo prices and rental prices (and availability) before making any final decision to sell. But it doesn't take a long time to size up the market.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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If your current home won't work long term, I would sell when reasonable for you.
Tho living rural all my life, I plan on renting or buying into a coop as I age.
I enjoy a nice view, and quiet neighborhood... So keeping eyes open for desirable and acceptable options.
After 50+ yrs of being a landlord, I'm all for renting!
Fwiw, I've sold over 40 props without realtor fees. They complicate and delay the process. Commission structure is set to change in July 2024. Should be reduced 50% for sellers. (If a buyer wants an agent, they can pay the fees.)
Well, your friend took 3 years to make her decision and apparently, she didn't make the right decision. So, waiting a long time doesn't guarantee a correct decision.
She made the "right" decision however, real estate has been crazy since the start of the pandemic. It's a whole new world compared to when the OP brought her current home.
3 years ago our market was extremely hot so good on the selling side but not the buying. You had to see a property quickly and make an offer. Most sellers took offers for 3 days over a weekend and then chose one at the end. The condo owner said that it wouldn’t appraise for what they were asking and they wouldn’t come down. They also wouldn’t make repairs or give a credit based on the inspection.
I got in a bidding war and paid 13k over asking. I didn’t bother with an appraisal and did have the inspection so I would know what I might need to fix. You just have to be prepared to be quick in a hot market. Much easier if you are retired.
A friend lost her husband three years ago. She sold her house last month. She's looking in Maryland and having a terrible time finding a new house or condo. All her offers have been turned down. New buyers are making offers including waving the right to an inspection, cash offers, and offering serious amounts above the asking price. In a month, she will be homeless.
When I moved to Virginia in 2021 - same situation - people were waving their rights to an inspections, offering fifty thousand or more over asking price, cash offers, etc. Houses were sold in a weekend with multiple offers outbidding each other.
This is seriously the worse time in history to move. I've moved five time in the last twenty-five years and have never seen anything like this before. This isn't even taking into account the number of apartment buildings sold to investors who knick out the long term tenants to convert to airbnb short term rentals.
Besides, you need a year to adjust to your new situation in life. It's too early to move.
There are real predictions of a coming stock market crash. If you aren't a well seasoned investor, this is definitely not the time to begin.
I'm sorry for your lost! You are in a tough situation, please take your time.
That's no longer the case. High mortgage rates have cooled that fever considerably.
Now it's people with cash that have the upper hand.
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