I’m Retired and I Wish I Had Sold My House Sooner — Here’s Why

Feverpitched / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Retirement is a time of great expectations for some people. They look forward to their free time and how they’ll spend it, which can delay certain decisions.

For retiree Laurel Ray, that’s exactly what happened. She got so caught up in taking care of her first grandchild, having lunch with her husband every day and leaving the third Thursday of each month for a long weekend at the coast that selling her home was the furthest thing from her mind.

Here’s why Ray regrets not putting her home on the market more quickly.

Delayed Repairs Became Worse

Ray knew the plumbing in her house needed work. The bathtub had been slowly draining for years and plumbers had forewarned that trouble and major expenses were down the road. However, the quoted repair costs were over $5,000, and Ray was seriously considering selling her home to move close to where her son, daughter-in-law and grandchildren live.

Looking back, she said that she should have gone ahead and done the repairs when she first found out. Now she’s faced with not being able to sell her home without footing the bill to make those repairs, and they’re even more expensive than they were five years ago.

The Value of Her Home Decreased

Ray considered selling her home before the pandemic, but she didn’t. Then, when the value increased, she was glad.

However, recently, home values have plummeted in some areas, including where Ray lives. She said a Realtor told her that high insurance, taxes and mortgage rates have resulted in fewer buyers in the large metro market where she lives.

Her hope is that mortgage rates will decrease, resulting in more buyers and more competition, which would mean she might get more for her home.

The Prices Where She Wanted To Move Increased

Not only is Ray faced with expensive repairs that she has little choice but to make and a decreased home value, but the home prices where she wants to move have increased. Average home prices there have skyrocketed substantially.

But not all is lost: She’s considering moving in with her son and his family and sharing some of their expenses. They have an extra bedroom with an attached bath that’s not being used. 

Share This Article: