Archive for July, 2014

What Do you Do When You Are Thinking About Retirement?

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If you are planning or already retired then this blog post is for you. Many people who want to retire are trying to figure out what it will cost them each year to live and make sure they have enough money saved to live a happy and healthy retirement.

When calculating for retirement you must think about life style changes you want to make.  Following are some questions to ask yourself when you do your planning:

Do I Stay or Move: The first thing you need to decide is whether you want to stay where you are or move when you retire. This decision is based on amount of equity you have in your home, the size of your home, location, and cost to continue living in your home. If  you are not sure what to do this is a good time to get a Free Market Value of your home so you know what your home is worth in today’s market. This will help you with a budget.

Where Do I Want To Retire:  I recommend picking up a retirement magazine that rates the popular cities to retire. Many of these articles will rate cities based on life style, health care, outdoor activities, cost of living, air quality, etc.

Do I Own or Rent: Many people who are retired live in two places based on the seasons. If you live in a cold area like Chicago many retirees like to live in warmer climates during the winter months. There are many options for seniors like rentals, timeshares, and ownership. The big question is can I afford to Own two places when I retire and do I want too?

Downsize or Dream House: When you retire do you want to downsize to something smaller or do you want to find your dream house?

City versus Country: Are you the type of person who likes the activities of the city and would benefit from the cultural activities that a city provides like museums, art, music, restaurants or do you enjoy the peacefulness of country living?

I hope some of these questions have provoked you to think about your retirement and I would like to hear from those of you who are retired or planning retirement to give me feedback on some of my suggestions or add your own wisdom to the age old question of ” What do you do when your thinking about retirement

 

 

 

 

 

Written by Jack Lewitz | Discussion: No Comments »

Austin Community is one of the “Hardest Hit” Communities

We often here about communities that are defined as “hardest hit” when it comes to foreclosures.

Hardest Hit Area: For purposes of this report a hardest hit area is where there are higher % of distressed sales. Austin under this context is considered a hardest hit area because 58% of Single Family home sales and 60% of all 2-4 unit sales are distressed.

Distressed Sales: Distressed sales are Short Sales or Bank Owned Foreclosure Sales.

Silver Lining in all of these statistics: While the number of distressed sales is higher in Austin than other communities Sale Prices are increasing nearly 4% for SF and 20% for 2-4 units over the past 18 months. This is good news for the community and for investors looking to buy in Austin.

Pending Sales:  Another important statistic not in the chart below is the number of Pending Sales. These are sales under contract and due to close. Currently there 86 SF homes and 59 2-4 unit properties under Pending sales status. The number of Pending Sales tells you that there are people investing in Austin because they see value in Austin.

As these homes sales close and get recorded we will see the market statistics listed below change and hopefully for the better.

 

 

Property Type Time # Active # Closed # Distressed Sales % Distressed Avg Sale Price Increase/Decrease
Single Family 6 Mo 102 143 84 58% $115,059 4%
Single Family 2013 0 282 158 56% $110,048 0
2-4 units 6 Mo 67 84 51 60% $92,039 20%
2-4 units 2013 0 220 153 69% $76,164 0

Written by Jack Lewitz | Discussion: No Comments »

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