Are you considering retirement? Are you thinking about downsizing? Is 2023 the year to do it? As we contemplate making these major life decisions, timing can be very important. Depending on the structure of your retirement, if you choose to retire sooner than later, you stand to earn more money through interest and also the time you sell your home. We wanted to go over some current market conditions to help those who are considering making this transition in The Triangle.

Downsizing and Home Selling

Are you ready to downsize? If this feels "too final", consider reframing downsizing. This can feel like a ton of work, but the first step is to clear the clutter, recognize the opportunity in reducing maintenance of homeowning, and considering the financial gain of selling your home in 2023.The real estate market is still up in The Triangle, interest rates are coming down, inventory throughout the Raleigh-Durham area is still limited and there are buyers for your home. Our sellers continue to see strong interest and appreciated home prices so if you are thinking of selling and downsizing, even if you are not looking to buy again, timing looks good for 2023.

Lifestyle Goals and 55+ Communities

Want to try out a smaller home? We suggest renting something smaller if you are concerned about buying or are not sure if you want to be in a 55+ community. There are a lot of advantages of aging in place communities and continuum living and they are NOT all like The Villages or stodgy 55+ of other generations. The communities we have in The Triangle are sustainable, they have world class programming and education, some offer five star food. You can truly live the good life in these retirement communities that you deserve. The Triangle 55+ continuum living is so popular, that spaces sell out. Luckily on The Triangle now, in 2023, there are spaces left at some of the top communities. Contact us to learn more.

Adapting Your Current Home

Are you thinking about making changes to your home, instead of selling? Some of our clients are reluctant to sell their home in favor of a smaller one. If you find yourself in this camp, here are some of the ways that you can adapt a home for aging in place. First, create a zero threshold entry, which means it can be wheelchair friendly. Additionally, widen areas to accommodate wheel chairs. Second, brighten the space with more lighting. Here is more information on adding lighting without an electrician that is also helpful. Design wise, you should consider incorporating more contrast for aging eyes, and updating your home with voice activated features. There are some really state of the art ways to upgrade your home for aging in place, that are actually exciting and increase home values. Smart Home options and great lighting are definitely upgrades that maintain value.

Organizing Retirement Saving

2023 is a good time to invest. Some financial institutions are offering great rates of interest on your capital. If you are looking to gain interest find federally insured institutions offering financial products that yield high interest. You can make more towards retirement if you do not need it immediately. According to Fidelity Investments, the calculations to determine retirements savings is to divide assets by salary. Divide how much you've saved for retirement by your current salary. They suggest having 10 times your salary saved at retirement, eight times your salary saved by age 60, six times by age 50, three times by age 40, and one time by age 30.

Are you ready to retire? Have you saved? Are you considering selling your home? My NC Homes helps people in The Research Triangle Park make informed decisions about real estate and retirement plans. Let us help you take this next step in 2023, if the timing is right!

Posted by Larry Tollen on
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