Wealth & Real Estate: Empty Nesting & Downsizing Homes
About This Episode
In part one of our wealth and real estate series, we explored how hard it is for first-time buyers and people looking to upsize to find a home in the current market. For part two, we’re looking at the other side of the equation; people who are ready to downsize.
After years of accumulating wealth in their primary residences, downsizers usually fall into two categories: empty nesters and seniors. But while downsizing of course has big financial implications, the emotional aspect also plays a big role in these decisions.
Today we’re so fortunate to be joined by two highly experienced real estate professionals, Libby and Mark Broady from Team Broady. Libby started in real estate over 30 years ago and her passion is in working with downsizers. She developed one of Canada’s biggest and best teams in residential real estate, Team Broady, which is ranked as one of the top 1% at Royal Lepage in terms of transaction volumes. Mark joined Team Broady over 10 years ago and is heavily involved in managing the business communications and projecting Team Broady’s voice on social media.
In this episode, Libby, Mark, and Keith talk about the main types of people looking to downsize their homes, the key motivators for downsizing, why many people are sitting on the fence when it comes to downsizing, and so much more!
Thank you for listening!
- Why we’re talking about downsizing (1:02)
- Introducing Libby and Mark Broady (2:22)
- The two main types of downsizers (5:09)
- Libby’s experience as an empty nester (6:21)
- The main advantages of downsizing (8:57)
- Libby’s key motivators for downsizing after her children moved out (11:29)
- The shortage of available homes for downsizers (13:29)
- Why many potential downsizers are still sitting on the fence (15:14)
- Psychological challenges of downsizing (17:08)
- The importance of planning for downsizing (17:50)
- Organizing your personal belongings before a move (19:46)
- How Team Broady helps homeowners with the whole downsizing process (22:17)
- Different options for intergenerational homes (24:59)
- The unprecedented state of the real estate market (28:29)
- What the frustrating lack of options means for buyers (30:28)
- Why the demand for residential real estate is so high (33:15)
- Why it’s so hard to fix the low supply issue (35:09)
- Libby and Mark’s recommendations for addressing the housing shortage (38:22)
- The two most important things to keep in mind when it comes to downsizing (41:40)
- And much more!
Thanks for Listening!
Lifestyle creep—a subtle increase in expenses as income grows—could be impacting your financial future and threatening your retirement more than you realize.
Retirement has the potential to be the happiest phase of one’s life. Learn how retirees can uncover their unique paths to a gratifying and purposeful retirement.
A reverse mortgage can offer an opportunity to unlock home equity and provide much-needed cash flow. Today we discuss the best candidates and strategies for using them.