Property Value for Retirement Planning
3 Examples of Property Value for Retirement Planning
1. We spoke with some seller clients who had just retired and planned to travel the world for a year then buy a new home down south with the proceeds from the sale of their current home. Unfortunately, they believed their home was worth $300,000 more than the true market value. We couldn’t help them. They are now on their 5th real estate agent in as many years, still trying to sell the home, still at a super inflated price. They believed in all their heart that the home was worth what they thought and haven’t dropped the price yet. They planned their retirement around it.
2. We assisted some buyer clients with the purchase of an upper end home which was purchased for half the original listing price. At the closing table the sellers cried while they explained how they have to rethink their entire retirement as they had planned on cashing out a certain amount from their home. The home had been on the market for three and a half years.
3. We met with some retiring sellers who explained they had an appraisal done a year ago to cash out some funds to buy a home in a warmer climate. The appraisal came in at almost double the amount they BUILT the home for eight years ago. The fair market value for selling wasn’t anywhere close to the appraisal amount. See our article about “The Justifier”.
What do all three of these examples have in common?
These people had planned all their lives for retirement and yet they completely overlooked one of their biggest assets. If you are nearing retirement, it is time to get a handle on the real value of your home before you commit to your future plans. You need to know the TRUE Property Value for retirement planning.
Call the Homes Sold for MORE™ Team at 612-306-9558 today for a no obligation consult on how we can help you monitor the true market value of your home as you approach retirement.
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