Would you stay or would you Go......

[bclover]

You come home from work last friday and what do you see, two of your neighbors have for sale signs in their front lawn.

https://www.zillow.com/homedetails/1617-Brandywine-St-Philadelphia-PA-19130/71245952_zpid/

www.zillow.com/homedetails/1616-Green-St-Philadelphia-PA-19130/8776

Here's the scenario. You live 3 doors down. you purchased your home for 650K 4 years earlier. wow big jump.

As the song goes would you stay or would you go?

Pro selling:
You would have to sell eventually. house is 4 levels with a bunch of stairs and you already have had 1 knee replacement with the other bad knee waiting in the wings.
Possiblitity of netting 650K in profit. In philly that's enough to pay cash for a pretty nice condo and have change.

Pro staying:
Great location, walk every where, 2 car garage (in Philly that's huge) and pretty low HOA fees. less than 200 a month.

 

[pacergal]

Wow, nice place!
Do you want to move now? does your current place have a bedroom on the main floor so you can avoid stairs? Would the next condo be much smaller? (If I recall, you still have older kids at home and family is important to you, so space for them would be also)
Have you found another place you would like to purchase?
Having three homes available in the same desirable area could create a price war and increase the profit, though, which would be good for you!
We are also looking to downsize, but deciding on the timing is the big question!

 

[Chuckanut]

Can you get one of those chair on a rail things that will carry you and some cargo up and down stairs? Seems like a good way to stay in what is very nice home and location.

 

[Car-Guy]

I couldn't live in Philly. (Atlantic City is only an hours drive, ask me how I know, and that's to close )

However, if "you" like it, I wouldn't move just because a few of my neighbors did unless there is some other reason to get out of Dodge. (or Philly)

 

[ivinsfan]

Don't forget to figure taxes into your number. This is well over the capital gain exclusion for selling the home you live in. I misread you post and see you paid 650 and the profit wouldn't be 650 most likely you were talking about your net after selling. It's still close on the taxes though.

When you live alone it's a good thing to tackle decluttering, moving, downsizing on your own timetable and when it doesn't feel forced or overwhelming. IMO that is worth a lot. Depending on the amount of downsizing and decluttering you are going to do, you have the chance to rent in a couple different areas for a year and make sure you would be happy in a new location.

Keep an eye on the places for sale to determine demand in your area and start looking around for something new.

 

[bclover]

Wow, nice place!
Do you want to move now? does your current place have a bedroom on the main floor so you can avoid stairs? Would the next condo be much smaller? (If I recall, you still have older kids at home and family is important to you, so space for them would be also)
Have you found another place you would like to purchase?
Having three homes available in the same desirable area could create a price war and increase the profit, though, which would be good for you!
We are also looking to downsize, but deciding on the timing is the big question!

Hey PG
Yep I still have 2 minions at home. Lol one has been given his eviction notice (gently). The other is graduating in May.. so realistically he'll be gone in a year or two.
No way to avoid the stairs. There is a bedroom on the 1st floor but I still have to walk up stairs to the kitchen. When I had my knee replaced I slept in the main floor in the living roon.
Have not even looked into other places , moving was not on the radar until I saw what the asking price was on my neighbors house

 

[Jerry1]

No advice, but with three units for sale at the same time, isn't that a bit of a concern? Maybe wait to see the other units sold and then determine what to do. Maybe put a bug in the ear of the realtor(s) of the other units that another unit may be up for sale soon - in case there is high demand and a bidding war, you can be next in line?

 

[omni550]

Having 3 homes in lose proximity for sale might raise a few red flags/eyebrows with potential shoppers.

And do you have a plan? Where would you move to?

omni

 

[l8_apex]

I'm not sure how anybody can really answer that question for you.

As for me, if I had a knee like that, I'd do everything I could to have a home that was easy to move around in. But I don't place much value on living in a densely populated city, I actually would hate that.

I'd also be excited for such a huge financial windfall, congrats on that. (assuming you end up selling)

 

[bclover]

Having 3 homes in lose proximity for sale might raise a few red flags/eyebrows with potential shoppers.

And do you have a plan? Where would you move to?

omni

Hey Omni
Lol absolutely no plan. This is truly my greedy materialistic evil twin kicking in.
And I would not do Any thing until spring 2019
Just considering the possibilities

 

[bclover]

The 2nd home is behind me and bigger.
www.zillow.com/homedetails/1616-Green-St-Philadelphia-PA-19130/8776352

 

[ImThinkin2019]

I lived in Tucson in a gated community. Nice quiet apartment complex. Rent plus water (including hot water) was $740/month for a 2 bed 2 bath apartment.
Just an option for you if you want to live low cost and invest your Philly equity.
Sunshine in Tucson is about 340 days per year. Not sure what Philly is like.
Now I live in New England.......

 

[Another Reader]

If it is not single story with an updated, easy to use kitchen with lots of storage and counter space and a master bath with a shower that is accessible or could be easily converted to be accessible, I'm not interested. I'm rapidly approaching the age where these things will be necessities, not conveniences. If I move again, I only want to move once.

 

[cathy63]

Before you count your chickens ... we came home from a trip last fall and saw a For Sale sign on our next door neighbor's place. They were asking 4x what we paid for ours in 2000 and almost 2x what they paid in 2008, which we and our other neighbor thought was crazy. Six months later, they are still there and the For Sale sign is gone.

 

[W2R]

Regardless of who is selling what in your neighborhood, with bad knees I'd sell right now and move to a home with no stairs at all.

My thinking is, why not prepare for likely future needs now, before you wind up in a tough situation. Right now you can take your time and find a home with no stairs that is just right for you and in a location that you like.

 

[harley]

Can you get one of those chair on a rail things that will carry you and some cargo up and down stairs? Seems like a good way to stay in what is very nice home and location.

When I protest that I don't want to live in a townhouse when we're old, DW always says "get one of those chair on a rail things". I looked into them, and they are so slow that most people who aren't totally incapable of movement will get out and crawl up the steps rather than wait for it. I suspect you could use up 20% of your little remaining time on earth going up and down stairs on one of those things. Not for me.

 

[RobbieB]

I agree, you fall down those stairs it ain't gonna be good.

 

[Crewer]

Of course only you can answer your question about stay or leave. Property tax amount also figured into our decision to downsize several years ago. It's a cost issue since you gotta pay that even if you own the place free and clear.

We left for a 5 week trip on March 9. Today I browse area real estate listings and see our next door neighbors listed and sold their home while we were gone. Two years ago the people across the street sold after less than a week on the market. We're in the Cleveland area - definitely not a hot real estate market. Both sold for ~40% more than we paid 5 years ago in a cluster home area where every home is nearly the same.

I think three things - 1) we are in a hot real-estate-pocket in a good location and reasonably-sized, newer homes with first floor masters 2) should we sell now and pocket the money? and 3) hope my real estate taxes don't go up too much because of this.

Of course we are not selling. We like it and we have to live somewhere. I guess other downsizing baby boomers also like it. But then we already downsized to get a first floor master, wide doorways, lever handles, wheelchair-friendly bathroom, kitchen, and light switches, etc. We're here for the long haul. By the time we're ready to sell, there won't be any down-sizing baby boomers left. Oh well.

 

[Teacher Terry]

I would downsize your stuff and kids and then move. Sounds like 2019 would be realistic on both counts.

 

[38Chevy454]

One good thing about waiting is that once those sell, it will give you good comparables to know what your house is worth. After all that is what appraisers do, look at recent similar sales that are close to your place. Add and subtract as needed to try and equalize and then come up with a number for your place.

I agree, a multi-story house is not going to work so good with knee issues, and whatever else a too big of house will need once you become empty nester.

 

[Moemg]

I would start downsizing and scout areas you would move to . It is much easier to move at 60 than in your 70's .By the way our neighbors just sold their house for a very large amount so we are in the same position but a lot older than you .

 

[ugeauxgirl]

If you KNOW you're going to have to move- I'd pick an opportune time to do it, and if property prices are good, take advantage. Also take time to find exactly what you want for your next housing situation. Waiting until you HAVE to move may leave you with less attractive options

 

[Scrapr]

I think I would target 2019. If in a hot school area I would try to put on the market in March/April. Then use the time prior to sale to get your home in shape for sale. And scout out a new home for yourself. You also get some time to process the move. And the kids know to get their stuff together too

We downsized almost 2 years ago to our vacation home. Half the size of our main home and 1 level. Our main home had 67 stairs throughout. Mrs Scrapr counted them. That & the property tax was creeping up.

Good luck

 

[Camellia]

I live in Philly too and have recently started yearning to downsize to a condo. However with 12 years until the younger kid goes to college it’s a little premature to start planning. However, I scan listings all the time, and don’t see a lot of nice buildings in comparable areas where a 2 bedroom condo is substantially less than 650K. And when you factor in higher HOA fees, transfer tax, moving costs, I would think that staying in your lovely home in its awesome location is the better move financially.

 

[Offgrid Organic Farmer]

We have multiple friends with new knees, as I understand it, give yourself 3 months for rehab. After that you will be okay with stairs again. In fact you will be back to how you were at 30 with stairs.