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Started By
Message
NPR: Your home is too big. How can we get you to downsize?
Posted on 4/18/24 at 9:41 am
Posted on 4/18/24 at 9:41 am
LINK
Many baby boomers own homes that are too big. Can they be enticed to sell them?
Baby boomers continue to own many of the country's large houses, even after their households have shrunk to one or two people. Some baby boomers, the generation now between the ages of 60 and 78, are happy in their large homes, using the extra bedrooms for hobbies and visiting family. Others say they want to downsize, but it just doesn't make sense financially.
Smaller homes can cost more if they're newer, or are part of a community that provides extra services. Some homeowners are also affected by what's known as the mortgage lock-in effect. While 54% of baby boomer homeowners own their homes free and clear, according to Redfin, most of those with mortgages have low rates. So it doesn't make much sense to take out a new mortgage, with rates now around 7%.
Across the country, many baby boomers are facing their own version of this calculus: It can be cheaper — and more appealing — to stay in their current, large house, than to sell it and move to something smaller.
So what could be done?
Noooooo. You can't own a big home that you like!!!
38
Posted on 4/18/24 at 9:41 am to Smeg
The Blackrock monster needs to be fed.
Posted on 4/18/24 at 9:43 am to Smeg
Many boomers want a house large enough for their kids and families to be comfortable visiting.
Posted on 4/18/24 at 9:45 am to Smeg
They'll property tax you out of it.
Posted on 4/18/24 at 9:45 am to Smeg
Posted on 4/18/24 at 9:46 am to Smeg
quote:
Many baby boomers own homes that are too big. Can they be enticed to sell them?
I'm not a boomer, but I have a price in mind?
Posted on 4/18/24 at 9:49 am to Mizooag94
Looks like a dirty hippie vegan.
Posted on 4/18/24 at 9:49 am to Crimson Wraith
If they locked in a mortgage at 2.5% exactly how do they benefit when they have to buy a smaller home at 8%?
End result is a smaller, crappier house likely sitting right on neighbors they probably dont want to deal with and a massive increase in the money that gets lit on fire in the form of interest in return for a small monthly change in their budget.
Or they can just stay in the home they already like, likely on the back end of a mortgage with plenty of space and a low interest rate.
Downsizing with an existing mortgage is almost certainly a bad idea unless you cant make your payment.
End result is a smaller, crappier house likely sitting right on neighbors they probably dont want to deal with and a massive increase in the money that gets lit on fire in the form of interest in return for a small monthly change in their budget.
Or they can just stay in the home they already like, likely on the back end of a mortgage with plenty of space and a low interest rate.
Downsizing with an existing mortgage is almost certainly a bad idea unless you cant make your payment.
Posted on 4/18/24 at 9:50 am to Smeg
quote:
So what could be done?
Here's a thought.... nothing?
Posted on 4/18/24 at 9:51 am to Smeg
That hasn't washed that nasty cooch for years!
Posted on 4/18/24 at 9:52 am to Smeg
I’m reminded of the part of Doctor Zhivago when he returns from the front to find the Bolsheviks have confiscated his house…
“There was living space for 13 families in this one house.”
“Yes. Yes, this is a better arrangement,
comrades. More just.”
“There was living space for 13 families in this one house.”
“Yes. Yes, this is a better arrangement,
comrades. More just.”
This post was edited on 4/18/24 at 9:54 am
Posted on 4/18/24 at 9:53 am to Mizooag94
As I said in another thread, it's always the ugly, nasty women
Posted on 4/18/24 at 9:56 am to Smeg
quote:
Your home is too big. How can we get you to downsize? -NPR
If any employee wanders away from our extreme left wing bias, they will be fired - also NPR
This post was edited on 4/18/24 at 9:57 am
Posted on 4/18/24 at 9:58 am to Smeg
Meanwhile… the chief climate alarmists are allowed to keep their mansions and vacation homes that are vacant most of the year. Right?
dipshit climate lemmings.
dipshit climate lemmings. 
Posted on 4/18/24 at 9:59 am to tide06
quote:
Or they can just stay in the home they already like, likely on the back end of a mortgage with plenty of space and a low interest rate.
This is us. My wife and I will be empty nesters in year or two, and our home is probably a little big for 2 people, but we're still paying a mortgage and the rate is 2.3%. It would cost us a fortune to downsize
This post was edited on 4/18/24 at 10:00 am
Posted on 4/18/24 at 10:07 am to Smeg
This isn't a political issue, it's a financial issue.
Those that are locked into low mortgage interest rate are not going to want to move and take on a higher interest rate.
Even if you can fully pay off a new downsized house, it may not make financial sense to give up a loan of only 2-3%
Those that are locked into low mortgage interest rate are not going to want to move and take on a higher interest rate.
Even if you can fully pay off a new downsized house, it may not make financial sense to give up a loan of only 2-3%
Posted on 4/18/24 at 10:08 am to bird35
A number of years ago we switched to a 15 year mortgage, and we're within 2 1/2 years of having it payed off. I wrestle with this decision all the time. Personally, I want to sell at the next hot housing market and invest that money (currently age 51). (edit: wife not so keen on the idea)
This post was edited on 4/18/24 at 10:16 am
Posted on 4/18/24 at 10:11 am to Mizooag94
It never fricking fails.
Angry white liberal woman who are hideous are ruining everything.
Angry white liberal woman who are hideous are ruining everything.
Posted on 4/18/24 at 10:16 am to Smeg
My parents are in their 70's and downsized. My dad fought it all the way and now he would never go back. They love having half the space under roof to worry about managing.
I could see downsizing some day after kids go to college. Right now we both work at home, two huge dogs, kid, frequent family visits, the big house makes sense. But 25 years from now I might not want that.
All that said NPR can eat a fat one if they think they can tell us what to do.
I could see downsizing some day after kids go to college. Right now we both work at home, two huge dogs, kid, frequent family visits, the big house makes sense. But 25 years from now I might not want that.
All that said NPR can eat a fat one if they think they can tell us what to do.
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