The US Census Bureau reports that approximately one-fifth of all Americans will move every year. Moving into or out of Huntsville, or just across town, can be one of the most stressful experiences a family ever faces. No matter what the age of the child, change can be a difficult adjustment.
With older children moves interrupt friendships; with younger children a move can cause the child to be more dependent on parents when he/she should be going through the normal separation process that is part of growing up.
Some children do not talk about their distress. Parents should be aware of the warning signs of depression:
changes in appetite
withdrawal
a drop in grades
irritability
sleep disturbances
dramatic changes in behavior.
Properly preparing your child for the move is critical to a good adjustment in your new home.
Timing – Should The Move Be Postponed?
Under some circumstances, the timing for a move just isn’t right, and it should be postponed if possible.
For example, a family that has been subjected to a major life change such as divorce or death might have tremendous problems adjusting to yet another major life change – a move.
Children are affected by parental attitudes and pick up signals about adult feelings. Children depend on parents for reassurance. If one or both of the parents really doesn’t want to make the move, the results can be traumatic for the child.
Communicating with your child and involving your child in planning and decision making (at an age-appropriate level) can go a long way in providing reassurance. Talk early and often in a positive way, and plan ahead.
Under Age 6 – Babies, Toddlers and Preschoolers
Children under age six are the easiest to move, but young children are also by far the most dependent on parental guidance during the process.
Keep explanations clear and simple
Stories and books about moving are helpful
Act out the move with trucks and dolls
Do not sell any toys if you have a garage sale
Make sure the child understands during packing that you aren’t throwing his things away
Do not replace your child’s bedroom furniture
Don’t start toilet training and don’t take away the pacifier, bottle or any other items of emotional comfort during this stressful period
Don’t make false promises that you can’t fulfill (e.g., “We can have a dog at the new house.”)
Your child will need a lot of one-on-one attention during the move.
School-Age Children – They’re Less Pliable Than Toddlers
There are two different schools of thought about the ‘right’ time to move. Many people feel that summer is the best time to avoid disruption during the school year. Now, some experts recommend that a mid-year move is best so that children can meet schoolmates right away and benefit from the novelty and attention of being ‘the new kid’.
Middle school children may be the most open to moving since they are already in a period of transition between elementary school and high school.
Just remember that a child’s experiences in school can make or break a move. Before you move, make sure you gather all the information the new school will need including report card, transcript, birth certificate, medical records, standard test results and information about any special programs your child has been participating in. Teachers generally expect an adjustment period of about 6 weeks.
Teenagers – They May Actively Rebel
While younger children may not understand exactly what’s happening when you bring up the subject of a move, teenagers do understand and may actively rebel.
Many teenagers have invested a lot of time in belonging to a particular social group. Some are involved in a romantic relationship. A teenager who participates in multiple school activities – sports teams, musical performances, etc. – may feel you are destroying their life by a move. Do NOT be dismissive about the importance of all of the above. Do NOT say things like “You’ll do fine after we move. Just look at how popular you are here.”
Be supportive and understanding. Point out that the move is a rehearsal for future changes such as going away to college. After the move, allow your teenager to visit old friends. If your teen is strongly resistant (or a senior in high school), you might want to consider allowing him to remain in the old location with a relative or friend.
After The Move – Ease The Transition
Following are a few tips for after the move:
Get the children’s rooms in order before the rest of the house – they need a safe haven.
Maintain your regular schedule for meals and bedtime.
Introduce children to their new school as soon as possible but not necessarily the day after you move.
With younger children, be sure to accompany them to school and meet their teachers.
Allow your children to invite new friends over often.
If your child has adjusted after 6-8 weeks, it may be time to seek a family therapist.
Good things can come from a Huntsville move: many families grow closer, parents learn more about their children, and some children experience a new sense of independence and accomplishment.
Learn more about Huntsville real estate and moving with children at HuntsvilleHomesOnline.com or give us a call, 256-508-0211.
The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors®.
The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.
Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”
Let’s take a look at the Huntsville sales statistics for August 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Market Statistics
Huntsville and Madison County real estate saw a 3% increase in average sales price over August 2007. There was a 32% decline in home sales this August, when compared against August 2007. The average list price has seen an increase of 5% over last year. Likewise, the sales price to list price ratio remained constatant. The average price per square foot saw a 1% decrease. Homes remained on the market an average of 7 days longer than last year.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
August 2008
433
$210,272
$204,818
97.41%
81
$89
August 2007
633
$200,428
$197,996
98.79%
74
$90
There are lots of good things happening in Huntsville and Madison County. I encourage you to take advantage the opportunities.
For the latest Huntsville AL real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
Impress your guests with this 4 bedroom, 3 bath home in the Liberty Park neighborhood of Huntsville in the Hampton Cove area.This gracious home offers an impressive Great Room with gas fireplace that is open and spacious and room for the whole family to relax together. The formal Dining Room is ideal for those special dinner parties with its moldings and wood flooring. The charming kitchen is a cook’s delight with an abundance of cabinets and work space. Included are recessed lighting, work island, pantry, stainless appliances, and tile back splash. the master suite is sure to please with dual sinks, whirlpool tub, separate shower, and whirlpool tub. Additional amenities include hardwood flooring, smooth ceilings, and crown moldings. An extra large covered patio overlooks and extremely large yard…largest in the neighborhood… and a nature preserve, providing all the privacy you could want. This lovely home is ideal for entertaining and relaxed family living!
For more information on 5055 Patriot Park Drive or other Huntsville real estate, visit MoveToHuntsville.com or give us a call, 256-508-0211.
You can’t turn on a TV, computer or radio these days without hearing about financial crisis America is experiencing and the proposed $700 million dollar government bailout.
It is still unclear how this legislation will affect every day folks like you and me, but there are some things we can do to protect our personal financial futures.
Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers, makes 4 suggestions for protecting ourselves in today’s troubled economy in an article on Rismedia.com:
1 – Make Sure Your Investments Are Protected Through the SIPC.
2 – Make Sure All Your Bank Accounts Are Covered with FDIC Insurance.
3 – Max Out Your Home Equity Line of Credit Before Your Lender Cuts Off the Limit.
4 – Stop Making Extra Mortgage Payments and Take Out a Mortgage Even If You Don’t Need One.
5 Powerful Buying Strategies for Huntsville Real Estate Buyers
1. Don’t Get “Pre-Qualified!” Get “Pre-Approved”
Do you want to get the best house you can for the least amount of money when buying Huntsville real estate? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we always recommended that buyers get “pre-qualified” by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! Unknown problems can surface for example: recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurately and inaccurately), down payment funds that have not been in the clients’ bank account long enough, etc. So the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It’s VERY POWERFUL and a weapon we recommend all of our clients have in their negotiating arsenal.
2. Sell First, Then Buy
If you have a house to sell, sell it before selecting a house to buy! Let’s pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that’s a risky deal, since he might pass up a buyer who DOESN’T have to sell a house while he’s waiting for you. So he says OK, he’ll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency. Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that’s lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars. We always recommend that you sell first, then buy. If you’re concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that then put your house on the market. Another tactic is to make the sale “subject to seller finding suitable housing”. Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don’t find anything to your liking, you don’t have to sell your present home.
3. Play the Game of Nines
Before house hunting for Huntsville real estate, make a list of nine things you want in the new place. Then make a list of the nine things you don’t want. We call this “NINE OF THIS AND NONE OF THAT”. You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes. When house hunting, keep in mind the difference between “SKIN AND BONES”. The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller’s decorating skills.
4. Don’t Be Pushed Into Any House
Your agent should show you everything available that meets your requirements. Don’t make a decision on a house until you feel that you’ve seen enough to pick the best one. Review the Multiple Listing printout with your agent to make sure that you are getting a COMPLETE list. In the late 1980’s, homes were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn’t always this urgency, unless a home is drastically under priced, and you’ll know if it is. Don’t forget to check into the SCHOOL DISTRICTS of the area you’re considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc. You can get this information from your agent or directly from the school.
5. Stop Calling Ads!
A word of caution – agents create ads solely to make the phone ring! Many of the homes have some drawback that’s not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What’s not mentioned in the ad is usually more important than what is. For this reason, we want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer’s broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you’re no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? These “great deals” go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he’s going to call? His client, who he has a legal obligation to work hard for, or someone who just called on the phone and said “keep your eyes open”? So, to get the best buy on a property, we always recommend that you hire your own agent and stick with him.
To learn more about buying Huntsville real estate, visit our website MoveToHuntsville.com or give us a call, 256-508-0211.
Buying a Huntsville home is one of the biggest investments people make, and the process usually begins with choosing a real estate agent.
According to the 2007 NAR Profile of Home Buyers and Sellers, 79 percent of recent buyers used a real estate professional, while only 7 percent bought the house directly from the owner.
When choosing an agent, 43 percent of all buyers relied on friends, relatives and neighbors for referrals; that percentage jumped to 54 percent among first-time buyers.
Nearly eight of 10 first-time buyers said the most important benefit of a real estate agent was helping them understand the process. Agents also help buyers become more educated consumers – almost half of all buyers said their agent pointed out unnoticed features/faults with properties they were considering.
The relationship between a Huntsville home buyer and his or her buyer’s agent must be based on trust, mutual goals and understanding. The buyer entrusts the buyer’s agent with putting his or her interests first and foremost. Here are some things to consider when choosing a Huntsville real estate agent, compliments of LendingTree.com.
Some things to look for in a Huntsville buyer’s agent
An understanding of your needs.
A willingness to work with you until your needs are fulfilled.
Professionalism.
A familiarity with the neighborhoods you like.
Experience with the price range in which you have an interest.
Professional designations: for example, GRI, Graduate of the REALTORS® Institute or CRS, Certified
Residential Specialist.
Strong references from previous buyers.
Some questions to ask a prospective Huntsville buyer’s agent
How long have you been in real estate?
Are you a full-time buyer’s agent?
Are you familiar with the area in which we want to look?
How many home sales did you participate in last year?
What is the average sold price of the homes you sold last year.
Do you normally work with sellers or buyers?
How many buyers are you presently working with? How many sellers? Where do you feel your strengths lie?
What three buyers that you have worked with can you give me as references?
Will you handle the appraisal, inspection and insurance?
Will you be present at closing?
If you are a Huntsville home buyer and looking for a real estate professional to represent you, give us a call, 256-508-0211. We understand how important buying a home is and are glad to spend as much time interviewing with you as you need.
Learn more about Huntsville homes and the home buying process on our website, MoveToHuntsville.com.
I wanted to follow up our blog post, Is Downsizing Your Huntsville Home For You? with a reprint on a Money Magazine article from CNNMoney.com, When It’s Wise to Downsize. The article discusses the pro and cons of downsizing, pricing in today’s market, carrying costs involved and lesions learned from other empty nesters.
Here is the article in its entirety (but don’t hesitate to visit the link to the original article to see the interesting graphs):
“(Money Magazine) — Last year Rick and Suzanne Pepin moved from the four-bedroom 3,400-square-foot house in Minneapolis where they lived with their three (now grown) kids to a luxury condo that’s a third smaller and offers only a Murphy bed for guests. Still, the couple couldn’t be happier.
“The location of our old home dictated that we drive to the grocery store, pharmacy and cleaners,” says Suzanne, 57, a retired lawyer. Their new digs are across the street from Whole Foods and within easy walking distance of other stores and restaurants. They love the low-maintenance life.
“We have no worries about upkeep. No worries about lawn care. No worries about snow removal,” says Rick, 68, also an attorney.
Maybe you too have caught the bug. After decades of hankering after the most expensive and enormous house you could afford, owning a smaller place is starting to look appealing.
Imagine the possibilities! You could move into a posh new condo with everything from a fitness center to a concierge – or into an energy-efficient little cabin on a lake Your commute could be shorter, giving you time in the evening to do something more than watch TV like a zombie.
And, maybe, just maybe, downsizing could save you some dough. Chuck Petitti, a Boston-area real estate agent, says many of his clients right now are empty-nesters who realize, “Hey, I could be traveling or doing something else with all the money I am paying for utilities and property tax on this big house.”
If that’s what you’re thinking, you’re by no means alone. A 2006 survey by Hanley Wood, a market research firm, found that 58% of affluent baby boomers say they are very likely or somewhat likely to move to a smaller home within the next 10 to 15 years.
And therein lies a big fat problem. With millions of boomers competing for smaller homes, you may find it hard to catch a break on price. Even though the downsizing trend is in its infancy, over the past five years smaller homes (under 1,200 square feet) have shown a greater rise in value than larger houses (over 3,000 square feet) – 5.2% a year as opposed to 3.5%, according to Zillow.com.
On top of that, you have to get money out of your old house – not an easy proposition with prices in the 20 largest metropolitan areas down 18.4% from their July 2006 peak, according to the S&P/Case-Shiller index. As of July there was an 11-month backlog of existing homes on the market nationwide. The happily downsized Pepins have yet to receive an offer close to the $1.25 million asking price on their old home.
What’s more, smaller isn’t necessarily cheaper. Depending on where you move, you may face carrying costs that are as high as or even higher than you pay now.
The trade-offs are complicated. You may cut gasoline costs by moving closer to your job in the city and using public transportation, but those savings could be eaten up by costlier car insurance. You could move to a small condo nearby but be unprepared for the dues and fees that condo living entails.
So you have to plan carefully, sizing up the finances underlying both new and old houses, or the savings you’re counting on could be skimpier than you anticipate.
Get the prices right
To start you need a clear-eyed assessment of the two markets that make up your downsizing, the one in which you’re selling and the one in which you plan to buy. A real estate agent can give you an idea of your home’s value, but you should also check how much houses in your area are selling for on Zillow.com, which lists sales prices of comparable houses.
Hanging on to past high prices only delays a sale. Dodi Christiano, 55, a psychotherapist, and her husband, Paul Waldrop, 56, a producer of TV public-service announcements, put a price of $850,000 on their 4,000-square-foot Fairfax, Va. colonial last year – about what nearby homes had fetched a couple of years earlier.
For six months they received nary a nibble. Finally, after slashing the price by more than $100,000, they were able to sell. “We had to face the fact that not everybody loved our home as much as we did,” says Christiano.
You can’t assume that a home’s price is simply a function of its square footage. The national median sales price for condominiums, which are typically smaller than single-family houses, is now 5% higher than that for houses, according to the National Association of Realtors.
If you hope to reduce costs dramatically, you may have to buy your new place in another town or state. Think Decatur, Ill. or Mishawaka, Ind., where single-family houses cost just $79,400 and $80,900, respectively.
George Pollock, 67, a retired engineer, and his wife Marian, 66, wanted to get rid of the mortgage on their house in suburban San Francisco. Pollock worried that if he died before his wife, she wouldn’t be able to meet mortgage payments with the 50% portion of his pension that she would receive.
No matter how much they shopped, however, they couldn’t find a place they could afford in the Bay Area (median price: $701,700) without a mortgage. So they moved to much less pricey Sacramento (median price: $258,500), where their two grown children live. There they bought a 1,400-square-foot home for $380,000, leaving them with nearly $250,000 extra.
Says Pollock: “My wife is closer to the kids, and I know she has long-term financial security.”
Downsize carrying costs
Buying without taking out a mortgage would certainly reduce expenses. At the very least you should look for a house whose price is low enough to allow you to buy with a mortgage that’s smaller than what you have now.
If you’re at or near retirement, taking on a new 30-year mortgage is overwhelming. You may be long gone before you can repay. Consider one with a 15-year maturity; the payments may look daunting, but you will save money. The interest rate is only about 0.10% lower than that of a 30-year mortgage, but over the life of the loan, you would save about $141,000 in interest.
Another option: Take out a traditional 30-year fixed-rate loan that does not charge a prepayment penalty. Then just send in extra payments each month as if you were on a 15-year repayment plan. You’ll be saving by paying the mortgage off quicker, but if you run into unforeseen financial trouble, you’ll be able to make lower payments.
Runzheimer International, a management consulting firm, estimates average annual savings of $1,300 in utility costs and $2,600 in property taxes from down-sizing from a 2,800-square-foot house to one with 1,800 square feet.
But the devil is in the downsizing details: You need to crunch the numbers to calculate your net savings. Start by totting up the annual cost for ongoing expenses such as property tax, utilities, lawn service and snow removal. As you shop for a new place, you should be gathering comparable information.
Other potential cost savings: If you move from suburb to city, you may be able to ditch one of your cars and its trailing expenses – insurance, financing, taxes, maintenance and fuel. If you gave up your 2006 Honda Accord, for example, you’d save nearly $26,000 in the first five years, according to Edmunds.com.
On the other hand, some costs could rise. In a condo or a house that is part of a homeowners association, there are monthly maintenance fees, and every so often you’ll be on the hook for assessments to replace the roof or carpet the lobby.
Before buying, ask how much fees have risen over the past five years and whether new assessments are in the offing. If your new place is appreciably smaller, make room in the budget for new purchases to replace an oversize sectional or a king-size bed that won’t fit.
Sell before you buy
Tempting as a pristine new condo looks next to your drafty old five-bedroom Victorian, don’t plop down earnest money until you have a buyer with solid financing. Otherwise you could get stuck with two mortgages, two property tax bills and – well, you get the idea.
At least have your lawyer include a contingency clause in the sales agreement that obligates you to close only if you manage to sell your home by a set date. In the bubble-licious sales frenzy of yesteryear, sellers could make bidders do somersaults and had no incentive to agree to such a clause. But with so many homes on the market for months, sellers may now show mercy.
What downsizers learned
Don’t price your house like it’s 2006. Paul Waldrop and Dodi Christiano of Haymarket, Va. asked the same amount that nearby houses had sold for two years earlier. “We had to realize that what had happened during the boom was not the norm. It took six stressful months to sell,” says Dodi.
Get the old place sold first. Rick and Suzanne Pepin of Minneapolis moved into their dream condo but now can’t sell their house. “Don’t wait to put your home on the market if you decide to buy. We waited for renovations on our new condo to be complete, and by then we couldn’t sell,” says Rick.
Plan for smaller rooms. John and Polly Smart of Houston had the wrong stuff. “Smaller rooms may not accommodate your old things. We spent about $20,000 on new furniture and more on a smaller Silverado because the old one stuck about two feet out of the garage,” says John.
Do you (and your spouse) make more than $170,000 annually and worry about tax-efficient retirement planning? If so, send your name, age, occupation, income and questions, along with a recent photo, to makeover@moneymail.com. We will be providing advice to a family in this situation in an upcoming article – and it could be you! ”
Interested in learning more Huntsville home prices and possible downsizing? Visit our website, MoveToHuntsville.com or give us a call at 256-508-0211.
You’ve probably seen lots of financial arguments about why you should invest in Huntsville real estate and own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you’ll most likely have. Now we’re going to give you some reasons you probably haven’t heard.
1. Freedom to pursue other goals in life once the major goal of home ownership is achieved.
Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It’s as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life! 2. A greater sense of belonging to the community.
Once you own a home, you feel more attached to the city in which you live. You’re more interested in what happens in Huntsville, to the roads, schools, and shopping areas. Some people even become involved in local politics.
3. A commitment to something, a sense of stability.
Home ownership is an anchor, something that cannot be pulled out from under you. You’ll never get a notice that you have to move. You’re kids will never have to change schools. It gives you freedom to plan years ahead.
4. You can change things, a feeling of being in control.
It’s your home. You can add to it, remodel it, change the landscaping, do whatever projects you want. You have a feeling of being in control of something in your life. At work we don’t always have control of what happens, but your home is your castle and you have dominion over it. You can see what you’re building take shape before your eyes.
Huntsville Homes For Sale:
110 Fred Atkinson Road, Huntsville AL 35806
Make a home for your family in this stunning 2-story brick home in the Bishop Hills neighborhood of Monrovia. There’s room for everyone with 4 bedrooms & 2.5 baths. Don’t need 4 bedrooms? The 4th bedroom makes a wonderful game room, office, exercise room or teen get away. The dramatic formal living room is perfect for your formal entertaining. The living room also works well as a study! The dining room is elegance personified! The impressive 2-story family room is large enough for the entire family to gather and unwind. The kitchen with its breakfast area is perfect for informal family dinners. The master bedroom suite features dual vanities, separate shower and jetted tub…perfect at the end of a long day. The extra-large deck overlooks a spacious & fenced backyard. The new roof means you won’t have this expense. This is a home you will want to make your own.
For more information on 110 Fred Atkinson Road or other Huntsville homes for sale, visit MoveToHuntsville.com or give me a call for more personal service, 256-508-0211.
You just dropped your youngest child off at college and have officially joined the ranks of the empty nesters. One of the first questions that usually comes to mind is should we downsize our Huntsville home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you?
There are pros and cons to downsizing. Consider your finances and lifestyle before making a decision.
Reasons not to downsize your Huntsville home:
You want a place for your children and grandchildren to stay when they visit. The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.
You can’t bear to part with your cherished belongings. You have been in your current home for many years and have filled it to the gills with mementos you don’t want to part with.
You aren’t you emotionally ready to leave? You are not ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.
You enjoy the prestige that goes along with your luxurious home. A smaller home will not portray the correct image of success.
Reasons to downsize your Huntsville home:
The lower house payments that accompany a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.
A smaller homes means less to maintain and more time to play.
You or your spouse, are not able to navigate the stairs like you use to and a single level home is more desirable.
A smaller, newer home is more efficient and better for the environment.
You need to be closer to a spouse who is in a nursing home?
Make sure downsizing your Huntsville home is affordable:
If you decide to downsize, make sure the place fits both your pocketbook and your lifestyle.
Talk with a real estate professional about how much money you will net from the sale of your current home, as well as the costs of buying another one. This will help you determine if the move benefits you financially.
Under current tax rules, up to $500,000 (if you are married and file jointly) in profits from the sale of your principal residence are not taxable as long as you’ve lived there for at least two of the previous five years. Up to $250,000 in profits are not taxable if you’re single. Consult a tax advisor to discuss your situation.
Look into how much it would cost to move and to maintain a smaller home. Make sure it really is cheaper to live there.
Decide to downsize only once you’re satisfied that the finances make sense.
Buy into your new lifestyle A smaller house in your current neighborhood could be the right decision if your priority is maintaining close ties to neighbors. Just make sure there are amenities like public transportation and stores nearby if your health begins to deteriorate.
A condominium or a unit in a retirement community could be perfect if you never want to mow again, or if you want to focus on travel, hobbies and perfecting your golf stroke in the company of other seniors. Just remember you’ll have to pay maintenance fees for the upkeep of the common areas. Talk to current residents to see whether they’re happy with the way things are run. Also investigate the rules. If the association forbids pets and you’re a devoted dog-owner, be prepared to move on.
You may prefer to purchase a duplex or something similar. Renting one of the units will bring in extra income, and you’ll have built-in neighbors.
Thinking of downsizing your Huntsville home and want to talk with a real estate professional? We are glad to provide you the information you need to help you make the right decision for you. Give us a call at 256-508-0211.
Huntsville Real Estate – Moving With Children
1. Don’t Get “Pre-Qualified!” Get “Pre-Approved” 
According to the 
1. Freedom to pursue other goals in life once the major goal of home ownership is achieved.