Profile picture for user883779

Is it worth down sizing now or next year?

I  had purchased a house about 24 years ago, and as the price has never gone up, I kept making additions and improvements till it has now grown from the original 1800sft to 5200 sft occupied space. Lot size is 1.25 acres. Property is located in northern Mass close to Nashua. My realtor keeps mentioning that the house prices have fallen rock bottom. As I am planning to retire and am too old to maintain by myself, Is it worth moving to a smaller house near Marlboro this year or next year? House has been paid off since last year. The 1100 sft sunny walk out basement is very convenient for tenants. But being in a rural part of Mass we don't get many tenants or much rent. We have several energy saving features such as radiant floors, deep well yard irrigation, town water/sewer, sun room, etc. Will the prices for housing come back to its orig values next year?
  • April 29 2012 - US
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Answers (2)

I am confused,in 24 years your home has never gone up? There is a lot here to sift through.First of all you are not even talking about the same house. With adding almost 3 TIMES the space to your home from 24 years ago there is NO way it is worth what you paid OR what if could be worth today if is was the original 1800 sq feet.
Prices are down,only based on WHICH home??WHAT amount are you trying to recapture? the original 1800 sq foot price?? the cost to improve over the years?? the combined number? or the value at the peak in 2005?
Regardless of the Realtors comments about the market,for YOU that is irrelevant unless you are hanging on to the last high amount the home was worth.  I am SURE it cannot be worth what it was 24 years ago,just from a cost approach standard,it is a larger home and the land has a set value.
The 1800 sq foot home as a shell is btwn 144-180 and for the 5000 sq foot a home it is 400,000-500,000.with OUT the land value.
 Home prices are creeping up a bit,if the inventory is low and the seller can get out of the home without a short sale you have even better options and can make more.

I think you need to determine what "original value" means to YOU.and WHICH house size are you basing it on?

EVERY seller I work with that does such modifications to their home and puts so much time ,love and care into increasing the size,are emotionally attached to the home.This was your project and purpose and now is is finished. I had a seller do the exact same thing.
This home defines you ,and you are totally commited to the design .You know ALL the reasons why you did certain things to the home.This is a very emotional choice to move,one you may not have a choice now if the home is to big and you are getting older in years.
Don;t let this home hold you back. The values have come up and you are still better off than the 1800 sq foot home you originally had.
 You won;t recapture your renovations ,you just have a view it as a labor of love.
All the best, and find a place you can manage well with,and you do not need all the work and worry about the care.
Someone out there will love it JUST the way you made it.
Best wishes Suzie
  • June 13 2012
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Profile picture for wetdawgs
"will the prices for housing come back to its orig values next year?".   In many areas of the country, the correction is still taking place after the bubble years, i.e. not at bottom yet.   In others, things have stabilized.  However, if you are hoping for prices to rebound to the peaks of several years ago - that is not likely to happen for a long long time if ever. 

Is your house ready to go on the market, or do you need to spend some time getting everything in top form to bring top dollar?

  • April 29 2012
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