With the economic downturn many retirees retirement accounts have been devastated. Some retirees have lost up to 50% of their value of their retirement funds. So it is really tough for them to take that their home values have dropped so dramatically. Many retirees planned on selling their Metro Detroit homes and moving to a warmer area. Now their moving plans may have to be put on hold because of their losses.
I have sat down with 3 retirees lately going over the latest Metro Detroit area comparables to determine what they would net out of their house. What I have told them is they have determine what they really want. Are they willing to wait or stay here in Metro Detroit suburbs. I myself think it is going to take 9 years for home prices to come back to their highest levels.
So what am I telling them is do is figure out if they are willing to put their life, their retirement on hold. Do they want to enjoy their golden years right away?. I ask them can they afford to take the loss. Home prices across the country have taken a beating. So if they have taken a loss on their home value they should make a little bit up on their purchase of a new home.
What each retiree must determine their finances, their future plans, their future budgets. I can’t determine that. I can only show you what you home is worth.
What I can tell you is that it is going to take time to sell your Metro Detroit real estate. And you are going to be insulted by home buyers trying to get a deal. So before you jump into this buyers market be sure you want to sell and then price your home right. Remember when you retire you do not have to move up north to enjoy our beautiful lakes. We have so many beautiful lakes right here in Oakland and Livingston County. Lakes like Baetcke Lake in Livingston County and Big Lake in Oakland County are slighty remote, and rural yet close to the metro Detroit area. Or you may want a busier lake in a more urban setting like Lake Oakland in Waterford MI.
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When you retire it is smart to think about having to wait or moving on with your life now. Nothing would be worse than sitting on your piece of Novi real estate or any home you own in Metro Detroit waiting for the market to go up then having you or your spouse die, or have major health problems. You may have been able to spend some quality time in the retirement area of your choice.
Here are two other topics I will touch on today.
Buying Metro Detroit investment properties can be a losing proposition if you do not know what you are doing. It if so very important to know what the home will sell for after you fix the home up. You as the investor have to know the costs of fixing the home up and the cost of carrying the home while you are fixing it up. Even if it is a Waterfront homes for sale Commerce Township Michigan you need to know these items. Just because there are a limited number of waterfront properties does not mean there will be a huge profit in the lakefront home.
If you have a move to Michigan some relocation buyers want to be close to the City of Detroit. They may be coming into Ford Motor Company and a Wayne County relocation makes the most sense for them. They do not want the long drive. Remember when we have heavy rains or snow travel time increases dramatically. Here are more Michigan relocation tips.