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.
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.
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.
Call or write for a free consultation if you are interested in downsizing in the next year or so.
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.
“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.
As an adult, I have always lived in a smallish space. As the owner of an old (historic) house, I have never had a lot of closet space. I have gotten used to storing what we need and resisting the urge to buy or to hang onto stuff that will be stored most of the time.
There are a couple of options for storage. One would be a bigger house, another is using a storage space off site, and having less stuff to store.
Having less stuff to store is the best option for us. It is by far the least expensive option.
Before moving to a larger home consider how you are using your space today. Do you have a lot of stuff? Is there a lot of dead storage? (Dead storage is space where items that never get used are stored forever)
During my first decade as an empty nester I worked hard to get my adult off spring to take their stuff. It finally happened and I haven’t been in any rush to fill up the storage space they left behind.
If you have items in your home that you have not used in years give them away or sell them. If your children have left some of their stuff behind make them take responsibility for it. We are never too young to learn how to manage our stuff.
All too often downsizing happens after a homeowner ends up in a nursing home or after they die. As a homeowner and a mother, I made the decision long ago that I would take responsibility for my own stuff while I am still able to deal with it.
I have less stuff. I buy less stuff and I have gotten rid of many items that were stored in the basement or shed for years. When I had to move my parents out of their condo I had to figure out what to do with all of their stuff. Some of it ended up in my basement and some of it remains, ten years later.
There was furniture that I was going to “upcycle”. Clothing that for some reason I just couldn’t part with. I got rid of stuff that I brought with me when I went off to college. I sold a few items. Gave items to family members who put them to use. I recycled a few items and donated items to charity.
Sometimes older homeowners decide to move. If you are over 55 and have lived in the same house for 20 years or more give yourself some time to downsize. When the process is compressed due to an emergency we don’t always make the best choices. When we have time to think and plan the process goes much more smoothly.
We live in a society and culture where it is very easy to accumulate stuff and difficult to get rid of it. Some folks just toss it in the trash. That isn’t even as easy or inexpensive as it once was. Getting rid of stuff takes more time and planning than accumulating stuff ever did.
Getting a home ready to sell is all about cleaning and decluttering. Homeowners who plan ahead and allow enough time for both have a better and more stressfree experience.
There comes a point in our lives when “stuff” is more of a burden than a blessing.