For Boomers

Try Senior Linkage Line

Posted on by Teresa Boardman

There are times when we need help. Moving is one of those times. Maybe there is a house to sell and the owner wants to downsize and buy something smaller. There are plenty of real estate professionals who are eager to help but there are limits to what a real estate agent should be doing. Even though they sometimes act like it real estate agents are not social workers.

Real estate agents should not be giving legal advice or tax advice. A real estate agent should never discourage a client from having an attorney review contracts. Agents are not education experts either. Always verify the school district if that is important in selecting a home.

It is never a good idea to contact a real estate agent and tell them your life story and include comments about your finances. Give out little information when contacting a real estate agent you do not know. Ask a lot of questions.

Real estate agents and Realtors are salespeople first and foremost. Sometimes it helps to talk to a third-party expert, so I recommend calling Senior Linkage Line if you are over 65. They can also recommend resources for older Minnesotans who are aging in place.

The service is free but unlike some of the other “free” services Senior Linkage Line is provided by the State of Minnesota. It isn’t paid for by a third party for making referrals to housing or service providers. House

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Is your house ready for aging in place?

Posted on by Teresa Boardman

Orange and red maple leaves

Just some numbers on aging and housing to think about:

The 85 and older population is projected to increase from 6.7 million in 2020 to 14.4 million by 2040 [Centers for Disease Control and Prevention]

92% of older adults prefer to age in their current home [Importance of Home Survey American Authors Group]

Only 10% of American homes are “aging ready”. [US Census Bureau 2023}

The house I live in has a main floor space that could be a bedroom but I use it as a home office. When my husband got sick last winter we turned part of the living room into a bedroom. Sometimes a little creativity can make things work. Eventually, I’ll move my office upstairs or down.

When my parents were in their mid 80’s we added grab bars in their bathroom. One of the biggest challenges was making more space so that a person with a walker could navigate through the house. Some of the furniture had to go as did the throw rugs.

Falling down is one of the greatest threats to seniors. Here is more information about avoiding falls.

 

The pandemic and Downtown St. Paul

Posted on by Teresa Boardman

The Covid-19 pandemic had a strong impact on downtown St. Paul and it looks like the neighborhood is still struggling.  Downtown is the only St. Paul neighborhood that isn’t experiencing a strong seller’s market. In fact, we are seeing a weak buyer’s market.

There are definitely opportunities for those who would like to move downtown. The graph shows the increase in condos for sale after the pandemic hit.

Housing supply graph for downtown St. paul
Housing supply in downtown St.Paul

Resist the urge to buy storage solutions

Posted on by Teresa Boardman

Over the last few years, I have gotten rid of a lot of excess stuff. Probably half of my possessions. I have made few mistakes in determining what to keep and what to toss, donate, or recycle.

When I go to a big box home improvement store I am confronted with multiple options for storage. Before I buy I think about what I would use the storage for. Sometimes it is best to get rid of items rather than to store them.

I now have many empty plastic totes that were once used for storage. I got rid of many items that languished in storage tubs in the basement for years. What is the point of having possessions that are never used but always take up space and require storage?

My goal this summer is to eliminate the need for one of the tall shelving units I have in the basement. Almost everything on the shelving unit has been there since 2014.

storage containers

 

Is downsizing right for you?

Posted on by Teresa Boardman

If there is one thing I have learned over the years it is that there is not one size fits all housing solution for retirees. There isn’t a retirement age either. We used to assume that when we reach a certain age we will retire and want a smaller house. I have had clients who wanted to move into larger houses during retirement. They wanted space for family gatherings and for children and grandchildren.

You don’t have to move just because you are retiring. You can stay where you are. Don’t let anyone talk you out of it if that is what you want to do.

Downsizing is an option for those who can afford it. Buying and selling can be stressful but it has always worked out for my clients.

downsizing info graphic
Perks of downsizing

Call or write for a free consultation if you are interested in downsizing in the next year or so.

Baby boomers own a lot of real estate, when will they sell.

Posted on by Teresa Boardman

The boomer housing sell off is going to be gradual but will drop 9.2 million homes in the next 10 years . . according to Freddie Mac.

  • Declining boomer ownership will free up 9.2 million homes by 2035, a Freddie Mac report found.
  • The 32 million homes owned by boomers will drop to 23 million by 2035, when the oldest members of the group are pushing 90.
  • Homeownership rates “gradually starting to decline as households age beyond age 75,” the report said.

“The offloading of homes will accelerate in the 2030s as boomers reach the ages of 70 to 80, Freddie Mac said, based on an analysis using American Consumer Survey data. The 32 million homes owned by the generation as of 2022 will drop to 23 million in 2035, when the oldest boomers will be close to 90 years old.” [Business Insider]

. . . but don’t start making plans or knitting little things because this model is based upon the trends of former generations and so far the baby boom generation has been unpredictable and doesn’t always follow their elders.

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