Will Your Current House Fit Your Needs In Retirement?

Will Your Current House Fit Your Needs In Retirement?

Will Your Current House Fit Your Needs In Retirement?

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1

 

  1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

 

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

 

  1. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

 

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

 

  1. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

 

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?

 

  1. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

 

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

 

  1. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

 

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

 

  1. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

 

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

 

  1. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

 

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

 

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, contact a local real estate professional who can evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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WILLIAMS ISLAND REAL ESTATE BIGGEST SALES (06-14-19)

06-14-19 Williams Island 1

WILLIAMS ISLAND REAL ESTATE BIGGEST SALES

*as of  June 14, 2019

06-14-19 Williams Island 2

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN WILLIAMS ISLAND .

 

#RealEstateMiami #SouthFloridaRealEstate #RealEstateWilliamsIsland #WilliamsIslandRealEstate #RealEstateSouthFlorida

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WILLIAMS ISLAND REAL ESTATE BIGGEST SALES (06-14-19)

Home buyers with kids face greater struggles, Zillow survey says

BY KAREN D’SOUZA THE MERCURY NEWS

School’s out for summer. That means many kids are scrambling to have as much fun as possible and may parents are hustling to move into a new home before school is back in session.

Buying a home is tricky for anybody, especially if it’s your first one, but parents have a far more stressful time than those without kids, according to Zillow Research. Parents with kids under 18 are far more likely to bust their budget and make smaller down payments. Sadly, they are also more likely to end up with crushing commutes and smaller homes than they wanted.

“Having kids is a major destabilizer in life – their needs are constantly changing and seemingly impossible to anticipate,” said Skylar Olsen, Zillow’s director of economic research. “Combine all that uncertainty with a massive financial decision that inevitably requires tough trade offs among a limited set of options and has to be wrapped up in time to move before school starts and you’ve got one of the biggest challenges around.”

WILLIAMS ISLAND REAL ESTATE BIGGEST SALES (06-14-19)

For starters, parents tend to have a longer wish list. Things that may be negotiable for people without kids seem mandatory for parents. Think about things like safety, enrichment and community. They also place a higher importance on having the right number of bedrooms and bathrooms, private outdoor space and community amenities.

Location is always key but it’s a deal breaker for parents, who need easy access to daycare, schools and work. An endless commute means less time with the kids, especially if they go to bed early. Making dinner and doing homework can take up all your quality time.

Zillow also found that parents are more likely to have an offer or mortgage financing package fall through and they attend more open houses. Despite the extra effort, two thirds of these buyers with children say they ultimately made sacrifices to stay within their budget. About a third of them sacrificed a shorter commute (34.1%), a larger home (31.2%) or their desired finishes (32.7%), according to a nationwide survey of recent home buyers.

For the record, renters with children also have it rough. They fill out 1.9 times as many applications as renters without kids and it takes them a month longer to find their home. Many renters with children also are financially vulnerable, with more than half (54.1%) saying in a survey that they couldn’t afford a $1,000 unexpected expense.

The good news is that 94.6% of parents who recently bought a home say they love it, which is actually slightly higher than those without kids. A softening home market might help too.

“As markets cool, parents will have more time to breathe and reflect on what tradeoffs they’re willing to make,” says Olsen. “With interest rates back down, they’re be more able to lock in an affordable monthly payment that will last through college. The trick is finding the home that still fills the family’s needs as toddlers turn into kids, kids into teenagers, and teenagers into the young adults in your basement.”

 

Credit Source: miamiherald.com

#RealEstateMiami #SouthFloridaRealEstate #RealEstateWilliamsIsland #WilliamsIslandRealEstate #RealEstateSouthFlorida

Check out homes for sale in Williams Island. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Kids’ Rooms: Storage Solutions for Every Age

Kids' Rooms: Storage Solutions for Every Age

Kids’ Rooms: Storage Solutions for Every Age

From babies who adore you to teens who ignore you, kids change — and so do their storage needs.

Here’s how to organize kids’ rooms from cradle to college.

Cradle Crawlers

Transformer cribs. An ordinary crib accommodates baby for two to three years — until he learns how to escape over the rail. Boost storage with a convertible crib with storage drawers ($145 to $350) that’ll convert and adapt to your toddler’s needs and beyond.

Some convertible cribs change into toddler beds, daybeds, or full-size headboards, giving you options as your youngster gets older. If you can’t find a crib with storage below, use the space between the legs for stowing bins or baskets for diapers, toys, and more.

Pimping the closet. Remove the door on the nursery closet for easy access, and install a variety of cool storage features. Drawers, bins, and shelves can round up onesies, booties, baby towels, diapers, and toiletries. A simple wire rack storage system is $90 to $350 at home improvement centers.

Install lower rods so baby, as he grows, can easily latch onto duds (and maybe even hang them up). Expandable hangers ($14 for a 3-pack) fit tiny baby clothes but open up to accommodate larger sizes when needed.

Toddlers and Elementary Age

Look ‘em in the eye. Stow books and puzzles on a low magazine rack or shelving unit so toddlers and elementary-age children can grab a good read or brain teaser on a whim. As children grow, paint the shelf to suit changing tastes and use it for teen magazines, framed photos, and school books.

Cornering the market. Young kids love nooks, so create a cozy hideaway by arranging storage units — open shelves, a desk top, and cabinets — so they (mostly) enclose one corner of your kid’s room. Bookshelves and kids’ desks range from $50 to $200.

Stock up with plenty of games, books, toys, and crafts supplies. Paint cabinet doors with blackboard paint to add an eye-level creative opportunity.

Corral the bling. Little girls often possess a cartload of hair ribbons, barrettes, and bows. Look for special organizers that keep them on display, orderly, and within easy reach. One option: Sort items into the pockets of a clear vinyl shoe holder ($10) that fits on the back of the door.

Tweens, Teens, and Beyond

A magnetic personality. A bulletin board is a great way for your tween or teen to organize and display all those photos of friends and Fido. Or, coat a vertical surface (such as a closet door) with magnetizing primer ($25/quart) and paint over the primer with a hip color. Use assorted magnets and magnetic clips and holders to display artwork, sports schedules, and homework reminders.

Making a (book)case. A bookcase headboard ($100 to $200) is a grown-up way for your teen or college student to keep reading materials organized and the tablet reader handy. Platform storage beneath the bed provides room for drawers or cubbies that can hold baskets and bins for corralling small stuff.

Explore the shallows. Commandeer space between wall studs and create a shallow storage niche outfitted with hooks, shelves, or rods for organizing jewelry and other smallish gear. Add a mirrored door to keep clutter out of sight.

Lofty ambitions. For a small bedroom, a loft-style bed offers a fun spot for snoozing and space below for bookcase storage, a futon, or a study desk. Loft beds for kids’ rooms start at $150 and range to $3,000 or more.

Keep rolling. Give your tween or teen a rolling caddy ($25 to $80) for storing personal bath supplies, jewelry, cosmetics, and hair gear. The caddy stores in the bedroom and rolls to a nearby bath and back.

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

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Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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4 Reasons Why We Are Not Heading Toward Another Housing Bubble

 4 Reasons Why We Are Not Heading Toward Another Housing Bubble

4 Reasons Why We Are Not Heading Toward Another Housing Bubble

 

With home prices continuing to appreciate above historic levels, some are concerned that we may be heading for another housing ‘boom & bust.’ It is important to remember, however, that today’s market is quite different than the bubble market of twelve years ago.

Here are four key metrics that will explain why:

Home Prices

Mortgage Standards

Foreclosure Rates

Housing Affordability

  1. HOME PRICES

There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone.

Last week, CoreLogic reported that,

“The inflation-adjusted U.S. median sale price in June 2006 was $247,110 (or $199,899 in 2006 dollars), compared with $213,400 in March 2018.” (This is the latest data available.)

 

  1. MORTGAGE STANDARDS

Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a monthly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”

Their July Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

 

  1. FORECLOSURE RATES

A major cause of the housing crash last decade was the number of foreclosures that hit the market. They not only increased the supply of homes for sale but were also being sold at 20-50% discounts. Foreclosures helped drive down all home values.

Today, foreclosure numbers are lower than they were before the housing boom. Here are the number of consumers with new foreclosures according to the Federal Reserve’s most recent Household Debt and Credit Report:

2003: 203,320 (earliest reported numbers)

2009: 566,180 (at the valley of the crash)

Today: 76,480

Foreclosures today are less than 40% of what they were in 2003.

  1. HOUSING AFFORDABILITY

Contrary to many headlines, home affordability is better now than it was prior to the last housing boom. In the same article referenced in #1, CoreLogic revealed that in the vast majority of markets, “the inflation-adjusted, principal-and-interest mortgage payments that homebuyers have committed to this year remain much lower than their pre-crisis peaks.”

They went on to explain:

“The main reason the typical mortgage payment remains well below record levels in most of the country is that the average mortgage rate back in June 2006, when the U.S. typical mortgage payment peaked, was about 6.7 percent, compared with an average mortgage rate of about 4.4 percent in March 2018.”

The “price” of a home may be higher, but the “cost” is still below historic norms.

 

Bottom Line

After using these four key housing metrics to compare today to last decade, we can see that the current market is not anything like that bubble market.

 

searchable by state. Energy Star has a discount and rebate finder, too.

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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SUNNY ISLES REAL ESTATE BIGGEST SALES (06-07-19)

06-07-19 Sunny Isles 1

SUNNY ISLES REAL ESTATE BIGGEST SALES

*as of June  7, 2019

06-07-19 Sunny Isles 2

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN SUNNY ISLES .

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

#RealEstateMiami #SouthFloridaRealEstate #RealEstateSunnyIsles #SunnyIslesRealEstate
#SunnyIslesEstate  #RealEstateSouthFlorida

 

Sunny Isles 2

June is Time for Summer Fun and Hurricanes

By Dwight Snyder, Police Chief

(Friday, May 24, 2019) – As we enter the month of June, it’s a wonderful time for summer vacations, and spending time with family, while experiencing exciting new adventures and destinations. But June is also the start of hurricane season, which begins June 1 and ends on November 30 of each year. Living in South Florida, and especially in our beautiful community of Sunny Isles Beach, is a blessing for which we all should be thankful. We enjoy the year-round warm climate, balmy breezes and our amazing beachside atmosphere.

Sunny Isles 1

But part of living in South Florida is understanding the importance of hurricane preparation and taking time to prepare a plan of action to protect you and your family in the event we are threatened with a tropical cyclone. The good news: hurricanes can be predicted and monitored for days giving us adequate time to make the necessary preparations well in advance of its arrival. The key to successfully weathering a hurricane is having a plan! Below are some helpful tips to ensure you are ready.

 

Sunny Isles 3

  • Have adequate food and water supplies for each member of the family, as well as your pets.
  • Shutter your home properly to avoid wind and debris damage.
  • Clear your yard/balcony of any outdoor furniture or yard decorations, which could become flying objects.
  • Have an evacuation plan ready to go at a moment’s notice.
  • Pay attention to your local news for your best source of information.

Have a great summer, be safe!

Credits to original post: https://www.sibfl.net/june-is-time-for-summer-fun-and-hurricanes/

#RealEstateMiami #SouthFloridaRealEstate #RealEstateSunnyIsles #SunnyIslesRealEstate   #RealEstateSouthFlorida

Check out homes for sale in Sunny Isles. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Americans Rank Real Estate Best Investment For 5 Years Running!

Americans Rank Real Estate Best Investment For 5 Years Running!

Americans Rank Real Estate Best Investment For 5 Years Running!

Some Highlights:

  • Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years!
  • The generations agree! Real estate is the best investment!
  • Generation X leads the way with 37% believing in real estate as the top investment.

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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NORTH MIAMI BEACH REAL ESTATE BIGGEST SALES (05-31-19)

05-31-19 North Miami Beach 2

 

NORTH MIAMI BEACH REAL ESTATE BIGGEST SALES

*as of May 31, 2019

05-31-19 North Miami Beach 1

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN NORTH MIAMI BEACH .

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiBeach #NorthMiamiBeachRealEstate

Snake creek 1

Snake Creek Canal voted among Bike 305’s Top Cycling Trails

North Miami Beach’s beautiful Snake Creek Canal was recently mentioned in Miami-Dade Parks’ Miami-Dade ParkLife Magazineas one of Bike 305’s Top Cycling Trails. Miami-Dade County Parks’ Bike 305 is a comprehensive safe-cycling initiative that creates and advocates for safe cycling programs, rides, routes, infrastructure and information campaigns to ensure residents and visitors can enjoy cycling as a health recreational activity and an overall transportation option.

 

Snake creek

This is the excerpt from Miami-Dade ParkLife Magazine:

  1. Snake Creek Trail

In the northern portion of Miami-Dade County, the Snake Creek Trail links the municipalities of North Miami Beach to Miami Gardens. This paved trail is near Greynolds Park and Victory Park and runs alongside a beautiful palm-tree dotted canal. The 6.5 mile route includes smaller parks, picnic shelters and fitness stations and is close to shopping areas, restaurants, several schools and workplaces. You can’t beat this neighborhood trail with plenty of attractions to enjoy. Parking is available at the North Miami Beach Public Library (1601 NE 164th Street) and Schreiber Promenade (NE 172nd Street and South Glades Drive). One day, this trail will extend 18 miles and be a great way to get to Dolphins Stadium without a car.

 

Original Post: https://www.citynmb.com/CivicAlerts.aspx?AID=79

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiBeach #NorthMiamiBeachRealEstate

Check out homes for sale in North Miami Beach. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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