Okay, now I am seeing tears from the seniors on our listing appointments and I don't like it one bit. Over the past couple weeks we have had a few listing appointments involving seniors that need to downsize. These sellers are in the over 70 age group, better know as the "Silent Generation".
Since this generation was born in and around the Great Depression they are usually thrifty, they learned to save for a rainy day and were raised to pay off their mortgages and own their homes free and clear. Unlike the generations after them they were also very loyal and generally worked for the same company their whole life. When you talk to them most can remember standing in bread lines, walking to school (usually miles) in old shoes and eating bacon grease with bread.
But now even this generation is starting to feel the effects of the real estate crash. Last week we sat across the kitchen table from an elderly couple that sold their home in 2002 and used the proceeds to purchase a condo for $172,000. After careful review of the comparables we informed them that they could list the condo for $130,000 but that they should expect a sales price around $120,000 - $125,000. Then as I look up from my paperwork, I am seeing tears from the seniors sitting across the table from me.
As we try to comfort them - we are reminded of other seniors we have met with this year and like the others they too are scared...
- worried about their health care or lack of it
- worried about their pensions
- wondering what happened to the companies they worked for
- worried about their children if they should lose their job
- worried - that they may run out of money
Downsizing is never easy but in Macomb County right now, many seniors are being forced to leave hard earned cash on the table, when they sell. Money they could of used to live on and it's happening more and more. This is why I am see tears from the seniors I meet.
While these seniors were paying their mortgages off or paying cash for their homes, many of their neighbors were putting very little down and getting large mortgages. Now these neighbors are simply walking away - foreclosing and leaving a mess of the property values.
While the "Silent Generation" asks us "When do you think it will turn around?" or "Do you think it will get worse before it gets better?"
I hate it when any buyers or sellers cry! Usually it is at closing, when they have to leave it all behind...
Hi Ed & Cindy,
It may get worse before better (imho) depending on one's location.
I'm in total agreement with you about the silent generation, I experienced it first hand with my own parents. Fortunately for them, they paid off their home and did not have a mortgage. Although I will say up and until their passing, they pretty much exausted their savings and had very little left in the way of funds.
People also live so much longer now and so much is spent in their later years. Not sure if it's true, yet I've heard that often times more is spent in the last 6 months of life than an entire lifetime.
It sounds like your sellers may be better off staying put (if possible) than downsizing. Maybe there are other alternatives.
And this post brought tears to a Baby Boomer's eyes.
It is very sad out there right now. Seniors who are stuck and can't move. Not sure when it will recover in Mi. Are you?
We need J O B S!! It is worse for Seniors because the days of their being able to make up negative equatity on their next move are gone.
I've already warned my 5 kids, we may have to live with ya'll someday.
Young or old I NEVER leave a listing appointment without being sad...
Kris, For a long time seniors have been forced to leave Long Island, no longer able to afford it here on fixed incomes. It is unbelievably sad and unfair. I hate to hear about the sadness with seniors all over--I don't blame them for being worried, they have good cause to be.
Yes it is sad to see some seniors stuck with no way out and no way of bringing in more money. We've had several seniors opt into a reverse mortgage (that could appraise out) and that has brought relief to them - big time. Not where they thought they'd be for sure......
I had a similar listing appointment last week--equity declining, stocks dropped 40%, no money in the bank and 70+ years old. It's a difficult position with no simple solution.
There are some hard choices right now and too often waiting for assisted living is not one of them. There is no good way or fast way to deal with this ...what is worse is when agents tell sellers of any age what they want to hear and not what's realistic.
Ed and Cindy - Yes this is a sad situation. We have had this at some of our listing appointments as well. Very sad. We try to help them the best we can though.
Over 50% of all my listings appointments . . . I see people crying across the table. Our business have changed so much. . .
Ed and Cindy - This is so sad and I wonder how it's going to be when I'm that age. Most of the people I know in my generation have nothing saved for the future.
Wow, what a tough story. They say the economy is beginning to turn around, but it sure can't be soon enough!
The housing mess has affected not just seniors, but people who did nothing wrong. I am particularly sensitive to the plight of Seniors. They can't pull up and start all over again. They can't wait for the market to turn around. They are forced to play with the hand they are dealt. I think it is shameful. I have no solution to offer except do the best job I can do.
I've seen responsible people make what some consider irresponsible decisions, because no other option was available to them. Folks who walk away from homes or file bankruptcy are not always the culprits of the problem, they are often the victims.
I read a very honest and heartfelt post from one of our members who described her trip down the slippery slide. When your back is to the wall you sometimes have to make decisions that orindarily are not palatable to you.
If you get a chance read her post http://activerain.com/blogsview/1207757/poo-happens-then-what-
Ed and Cindy: I have seen this dilemma from all angles. As a son, son-in-law, and mortgage lender. No angle is easier than the other. These are hard times exacting hard decisions from us all. Having to represent and work with people in these financial predicaments cannot be easy for you. Facilitating the most optimum sale possible on their behalf is sometimes the best assistance that can be offered. Take comfort in that.
Other solutions may exist. I understand that Reverse Mortgages have a somewhat negative aura attached to them ... recent media reports have not helped that. But, I stress once again (as in prior blogs) ... that for some seniors these mortgages can provide the financial answer and relief desperately needed and should at least be considered and investigated. The senior individual's personal financial situation and scenario will dictate whether the solutions they seek are available within these mortgages and make sense to initiate. This being said, family, friends, and senior advocates need to become involved and at minimum, oversee and assist seniors' best interests and protect their vulnerabilities while these considerations are being made and after. We all need to step up and become educated regarding these and other financial options on their behalf ... and for our own futures, as well.
You are right. This is a hard situation. Thank you for caring and reminding us all that we need to be informed ... and prepared.
Sad how the "innocent" are being impacted by this "crisis!"
I recently encountered a situation similar to this - Potential sellers in their 80's, unable to afford basic maintenance and upkeep on their 35-year old home, and unable to sell /buy. All I could do was leave them with the materials I prepared and their children to advise them...
Pat - happy tears I can handle but the sad ones rip me up
Lynda - these sellers need to move for health reasons but will be staying now
Candice - my baby boomer eyes were filled with tears too
How heartbreaking that the ones that made America so great have no where to turn. We trust our elected officials to make policy for everyone and all they do is fight and get us deeper in debt.
But, if we, reputable, Realtors are not there, they could be treated worse and that should comfort you.
Ed and Cindy, the loss in values has indiscriminately hit all of us. For seniors they see this especially troublesome cause they feel they don't have time to recover the lost money. It is very frustrating for sure, and reminds us the brutal fact the market is what the market is.
I feel sorry for them, but also sorry for the rest of us who weren't as frugal as they. We may have it worse than they have it, and not because they didn't try to teach us. We should have listened to them.
Sarah in Nashville
Ed,
When you say the "Silent Generation" asks us "When do you think it will turn around?" or "Do you think it will get worse before it gets better?"
What do you tell them?
Hi Ed & Cindy,
Thank you for sharing this story. What's really sad are the seniors who are in a little deeper than these folks and are losing their homes. And a lot of them have nowhere to turn.
Ed and Cindy,
Thank goodness these seniors have such a compassionate real estate team working for them. It is so hard to have to tell someone that they are losing value in what, for most, is their most expensive investment, but the truth is always best. There are agents that would not be so honest about true market value. These agents would list for a price that they have no chance of getting, frustrating the sellers and destroying their trust. Keep up the good work.
Missy - Yes we will be moving in with them and still working till we are - ah maybe 90
Carole - here in MI the bank foreclosures are hurting these seniors
Anna - we have given some the reverse mtg option but none like it
Norma - exactly what we are seeing and very sad
Sally & David - I would rather be realistic and walk away and sleep at night
Lisa & Robert - yes all we can do is give them the options
Fernando - yes our business has changed a TON
Morning Ed & Cindy, While I have yet to see a seller cry I can imagine the shock and dismay ( and embarrassment ! ) they must feel. Your post reminds us all that behind every distressed sale there is a sad story !
I'm sure you both know that it's just the same on the west coast, the recession has been an equal opportunity event. I recently had a neighbor come over and say " Greg, I think I have to sell my house because I've lost so much of my retirement savings, and just can't afford to stay". I'm sure these conversations are taking place everywhere right now.
We had a lengthy conversation about her possible options, and I also recommended that she visit with a Senior Financial Advisor. I have the SRES designation, but am not qualified to advise anyone on their personal financial issues. Fortunately she obtained good advice and remains in her home today. Seniors need to know their options and it's our job to see that they get honest advice from qualified professionals.
What a sad situation. They've worked to do the right thing and are now faced with this. And to top it off, the neighbors walking away from mortgages just keeps the downward spiral turning. Thank goodness for your honesty with these Seniors. They do need to be given options in a frank, respectful manner and it appears you have done just that.
What a sad situation. These are the people that help build our country into what it is today and here they are afraid they will be left behind with noone to care for them and no way to do it for themselves.
Breaks my heart, because I had a grandmother who ran out of money due to the crash and a risky investment someone talked her into. It is a sad day in the United States when we leave behind the Greatest Generation.
What a sad situation and like Michael commented there are seniors in worse condition. I really enjoy working with seniors and while none where in trouble with their homes the last couple I worked with the gentleman had Alzheimer's and would frequently forget whether he had been in a house before or not.
We need to take care of these folks...we are them!
Michelle - like I commented before I will be working till I am 90
Bob - They say the economy is turning around but they are not in the trenches
Bonnie - I know some can not avoid it but we are seeing way to many just walk away because it seems like the thing to do - it's simply acceptable
Gene - here in MI it is just to hard for some our seniors to stay in a home so the reverse mtg just won't work if they have to move
Gary - yes very sad and sure you are seeing it in Brevard too
Margaret - it's tough and yes sometime the children need to help in the decision making
We're not just leaving them behind, our government is stomping them into the ground. Bailouts are hurting those who have worked the hardest, rewarding those who think the government owes a living them at the expense of those who have paid their taxes the longest.
It's disgraceful and it's going to get worse as our country plunges into the deepest hole ever. This isn't socialism...it's facism. History will teach us, if we'll read it and think. Benjamin Franklin said we have a republic if we can keep it. I'm not sure we've kept it.
It's sad for anyone of any age when hard fought for money goes down the drain. If they don't have to move it would probably be best if they can stay a while longer. In our area I think things are improving.Kathy
I have 2 family members in some form of a retirement home and it's happening there too!!! Many surviving spouses are be forced to move/downsize within the retirement facility because of econmic necessity !!!
Wow, that is really sad. And you are right, this is happening everywhere. I saw on television where a 91-year-old man had to go back to work - I think this was due to Bernie Madoff- but it just broke my heart. No regular person has been left out in this economy and it is really awful.
Another causualty of the runaway crony capitalism that was so rampant during the last administration. These are real people suffering needlessly while the big banks get bailouts and record bonuses are being paid to the same crackpots who created this mess. The re-appointment of Bernanke yesterday only guarrantees us more of the same. Unfortunately what we are not seeing in the mainstream news is what's coming down the pike. Hold on to your hats, the roller coaster is about to take the plunge!
I read and then watched Fernando's video about the children that are not receiving enough nourishment. I also read Bryant's post about helping families move on with their lives. Now your post about the seniors plight. There are some wonderful caring people here on ActiveRain who are trying to help in whatever way they can.
This country has faced hard times in the past and have come through I just hope that this time we learn the lessons.
I find it odd that the government is offering tax credits to first time home buyers and no tax credits to the elderly that have to sell their homes in this economy. Maybe we need a new bill that will help keep our seniors in their homes by loan modification financed by Uncle Sam! (Ouch, I think I just raised my taxes!!)
Not only are we seeing tears from older people we are seeing a huge increase in the sellers who are in a negative equity situation. I would like to see some stimulus money to help these unfortunate souls, who bought at the top of the market, now they need to sell, and are going to have to sell short to move on!
If they are not upside down they are lucky. I understand how they might resent those that walk away. What I point out to people is you may be selling low, but you will be buying low too.
why do they have to sell? is it the last resort or have they looked at other options like sticking it out.. or are the suzie ormans telling them to leave... if they can make their payments they should stay or look at reverse mortgage... they have to live somewhere and it is our job to help them find the best path for them
It's sad because now their social security is being cut, their healthcare is being cut and in some instances, their pensions also. It makes me sad and left with a huge wish to help in any way possible.
The housing downturn has hit everyone from all walks of life, all agent and social strata. This time will be written about in future history books.
Many Seniors are being forced to downsize due to their bills being higher than their "income". So they sell to get funds to provide for their life. Oftentimes they are moving into smaller, and 'not so good' properties.
There is a great program out there (Reverse Mortgages for Seniors - 62+) for them. Instead of selling to get their 'equity' out and downgrading, they can use the money they have saved up and still stay in their homes. They can get cash up front and a monthly payment TO them.
The main issue that most have is their families, and not so much in a good way. Most 'loved ones' let the thought of that big inheritance check rule their thinking and don't care if mom or dad have to downgrade to be able to exist. Seniors have worked hard all their lives, they deserve to still 'live the good life' and actually spend the money THEY made!
Check with your local lenders regarding the program. Not trying to be an advertisment, just giving an option for those that are just selling for financial reasons.
It's a sad story. We work hard to make sure we're comfortable when we retire or get old but we're still now sure what will happen when that comes.
David - I am just glad they called us and not an agent that would not tell them reality
Gary - frustrating is an understatement
Sarah - I truly believe that we would not be in this mess if we would have followed their lead and been frugal
Ed - as for the market turning around - we tell them we have no idea and if we did we would be on wall street
as for the market getting worse - since the banks were holding off foreclosures in the 1st quarter this year and we have a 6 month redemption in MI, we just may get slammed again with a ton more foreclosures. If that's the case than the market will fall even more. Here in MI we never saw huge gains in the market but our prices have fallen back to the early 90's and some places late 70's
Lots of tears in so many eyes right now. Seems particularly difficult when it is older people who are negatively impacted -- as there is so little chance to wait it out, or recoup any losses. Met with someone - young - the other day - bought a home on a dream to fix it up and live there for many years, now there is a job loss and struggling to find options that help him stay. Seems there are so few safety nets of any kind.
It's as if they're having to witness the Great Depression all over again - after spending a lifetime recovering from it. It's our responsibility to take care of them, many don't have alot of time left. Both of my grandmothers know I'm here to support them any way my sister and I can. I hope others are as fortunate to have family that can give back.
Just seeing this title brought tears to my eyes. I hadn't thought about seniors being affected by this.
I have an 80-something year old man who is losing his house potentially, to foreclosure. How sad.
This brings home the point, this is the worst economy since the Great Depression. So what does that make this current condition, the not as great depression, the some what serious depression? All kidding aside, it is very hard to be the one to break this news to people. Many of them have no idea how bad it has gotten and still have inflated views of their properties value. I feel much like a counselor and less like an agent all the time.
This is definitely a sad situation for all property owners, the older, the more likely to be serious. If someone is retired, or close to being retired, and they lose a lot of what they worked for and planned on retiring from what they accumulated, they are now in trouble. There is no way for them to rebuild. They just do not have the time to do it. Now it is all gone, they are left to figure out how to service instead of how to live a nice comfortable retirement. It is no wonder there are tears!
Michael - we have not seen any older sellers lose their home Yet
Cindy - we try our best to explain everything but sometimes they call mr/mrs I can sell it for more and talks them into listing only to get them much less
Bill - every listing is hard but the seniors can't come back in 2-3 years and buy again
Greg - so glad to hear your neighbor received some help and is able to stay
Susan- after 22 years we learnedit's not always about the money - sometimes it's about understanding
Nick - sad indeed to hear them say "we were taught to work hard and pay our homes off"
David - I just pray the market will stop it's free fall so more are not effected
Tim - it is so sad to hear how people take advantage of our seniors - just glad I can help some
Monica - you got that right - here in MI the auto bail outs hurt a ton of our seniors
Like seniors in their 70's and 80's, Baby Boomers in their sixties have also seen their equity evaporate and retirement savings greatly dimenished. Most are now upside down on their mortgages too.
And there is not enough time to recover these losses. In a need for survival, many are walking away from homes that have now become debt anchors. Relocation to cheaper areas, renting or investing their remaining funds in lower-priced housing is a growing trend...somewhere in here is a market niche for enterprising Realtors.
But for Baby Boomers, you have to play the cards you are dealt.
That is sad but I don't think it is going to change any time soon or for the better. What is really sad is that 5 years ago congress was told that this day was coming.
When we do short sales it is especially hard when the people are of retirement age. To lose their house is to lose control of their lives.
As I said in a recent post, you have many hats to wear. Counselor and comforter are especially uncomfortable hats - especially when you have no comfort to offer.
Damon is right - congress was warned, but kept on the same path of destruction. Now they're looking for other people to blame, but at this point the blame doesn't really matter. The reality of the situation they created is a painful burden the citizens must bear.
I don't envy your task...
You're seeing tears and I'm seeing anger. They are furious with buyers and their agents (that would be me) because their net proceeds are a fraction of what they expected, planned for, need.
My last two settlements were with some pretty angry sellers.
Hopefully they can hang on for a little while longer. The peak of foreclosures should be within the next 8 months and we may get to see a big improvement fairly soon after that. But then again, if we don't get some job creation going in the country we will never see a "normal" market again.
It's good to know that so many REALTORS feel the same and not just talking them into listing
Team Honeycutt - I am not sure we are turning around yet which makes their decisons even harder
Michael - we have seen a few go into assisted living wishing they would have done it years before since they lost so much money
Emily - I think going back to work is a concern of manybut I saw the story about the 90 year old - sad
Sharon - if we all work together we can get through this and I hope that this was a larning experience for many
Keith - honestly I think to many people took loans they knew they could not afford, bought way to much junk and thought the ride up would keep going - perhaps they should have taken lessons from the silent generation and did with less, saved money and bought less
Debbie - the tax credits are just a band aid that may add to more sales but less taxes in a country that is in major debt and needs income
Sandy - until we stop the short sales and foreclosures we will continue seeing negative equity and giving these sellers any money will encourage it even more - how about we give money to those that are Not bailing
Gene - these folks were not upside down and do not want to buy they just want to spend less monthly
Debra - they own free and clear & wanted to get a smaller place & rent - the $60,000 they are losing could pay rent for at least 7 years
Linda - exactly why they feel they need to downsize
Vickie - the future can only be corrected if we learn from our mistakes - daily I hear folks say "I just foreclosed on my house how soon before I can buy again.
Matt - every senior we talk to wants nothing to do with the reverse mtg.
It's good to know that so many REALTORS feel the same and not just talking them into listing
Team Honeycutt - I am not sure we are turning around yet which makes their decisons even harder
Michael - we have seen a few go into assisted living wishing they would have done it years before since they lost so much money
Emily - I think going back to work is a concern of manybut I saw the story about the 90 year old - sad
Sharon - if we all work together we can get through this and I hope that this was a larning experience for many
Keith - honestly I think to many people took loans they knew they could not afford, bought way to much junk and thought the ride up would keep going - perhaps they should have taken lessons from the silent generation and did with less, saved money and bought less
Debbie - the tax credits are just a band aid that may add to more sales but less taxes in a country that is in major debt and needs income
Sandy - until we stop the short sales and foreclosures we will continue seeing negative equity and giving these sellers any money will encourage it even more - how about we give money to those that are Not bailing
Gene - these folks were not upside down and do not want to buy they just want to spend less monthly
Debra - they own free and clear & wanted to get a smaller place & rent - the $60,000 they are losing could pay rent for at least 7 years
Linda - exactly why they feel they need to downsize
Vickie - the future can only be corrected if we learn from our mistakes - daily I hear folks say "I just foreclosed on my house how soon before I can buy again.
Matt - every senior we talk to wants nothing to do with the reverse mtg.
This is just terrible. The same thing is happening to my grandparents. Luckily, they have been very frugal as well and have a very nice home that they had built. My uncle in Idaho is their Realtor and I did not envy him when he had to tell them the house should sell for around $650,000 as opposed to the $850,000 they were hoping for. They have done very well for themselves so it won't really affect their living standards, but it may delay the renovations they want to do in their new house they just purchased.
Oh, Ed & Cindy, I feel your pain. That generation, in particular, is really getting hit hard. AGAIN. It is a shame. The tears are so painful to see, as they bought that condo brand new -- in the height of the market...ugh, it just stinks.
I am sorry to hear you are seeing the tears too. I hope things change for them, and others in their positions...
I'm with Heather, just seeing this title made me tear up. Losing your sense of security is the worst thing other than losing your health.
I have a particular affinity for my older clients, probably because I was so close to my grandparents when I was growing up. It makes me sad to read this.
Oscar - not knowing what will happen is why they tear up
Alexsandra - you are right the seniors can't recoup
Lisa - I think to many of their kids think they are better off than they really are
Heather - exactly why I wrote this I don't think people realize what is really going on
Erica - 80 years old that is sad
James - what's funny is my seniors all say this is nothing like the great depression - the malls are still packed, people still buying and waiting in line at the restaurants - sure not bread lines.
Jirius - the sad thing is some may need to try to find work
Al - All should play the cards they are dealt and stay put even if it means a 2nd or 3 rd job
Damon oh don't you know it - what's really a shame is the public puts them back in office over and over
Joe - a few years back a short sale was not common now it seems everyone is jumping o the band wagon
Talking about sellers who are upside down, I got this email yesterday I want to share with ar members.
Could you use a good laugh today?
Then this video is for you.
It stars the U.S. Secretary of the Treasury, who
can't seem to price his home to sell.
Check out this comical "tutorial" on how NOT
to sell a home, from The Daily Show...
Click here to watch this short video
Ed and Cindy,
This is my 5th day on activerain. I read the post and tried to process what it meant and how readers were supposed to respond. I read all 68 comments and came to the conclusion that your post is a wake up call to us. Instead of being sad can we take this current situation and turn it around. We can see the glass half full. Our Realtor Pledge tell us our actions will be in the spirit of the Golden Rule. As professionals we can treat the sellers with the respect that we would want to be treated. We can help them solve their problems. We are only the messenger of the message of the market we are individually participating in. As Professionals we KNOW what they need to do to SELL the home and as the messenger we will tell them. They are free moral agents and they can decide on their own which direction is best for them. But helping them through the pain of market value decline and giving them new options is a help and with kindness and implementing the Golden Rule we can make a difference in their lives and a difference in how the world perceives the Real Estate Industry. I think we should take the lemons and make lemonade and help the sellers with a plan B.
Carra Riley CRB, CRS, GRI aka Cosmic Cow Pie.
I do feel bad for the seniors who have lots so much with the housing prices coming down. Hopefully their HOPE is somewhere beyound just their finances.
This is certainly one of the difficult parts of our jobs. There are many seniors who were planning on downsizing and using their equity to live on in their older years. Now it's gone. It's very sad and there is no solution. As much as I want to help sometimes...I can't...and that's very frustrating.
Very good post and topic.
Man, that is jut heartbreaking. Gut wrenching.
That is really sad and I know it is difficult for you. It does not seem fair that they work so hard and are losing about 30% of their original purchase price and yet the like you say the younger people who could not really afford a house are walking away, not too conderned about their credit, because they have time to recoup from it. I feel for you!
Oh my gosh. This brought tears to my eyes. I just moved my mother to Huntsville from Nashville last month. She too sold for a bit less than she thought she would be able to. It is hard on her, knowing she will never make it back.
I feel so badly for the seniors and do wish I could help all of them. Heartbreaking, to say the least. Hang in there and good for you, being such a kind human being!
There are so many sellers young and old who are facing this dilemna. While the younger seller may have the advantage of many more years ahead of them to recoup their losses and the opportunity to rebuild again, our seniors are the ones who have worked their fingers to the bone and are suffering the hardest from this economy and real estate market.
I find myself getting very emotional when I'm with a senior couple who are faced with such uncertainty and make sure I tell them honestly what profit if any or loss they may face if they sell. I would much rather prefer it if they can stay in their home if at all possible.
I never thought I'd see the day when I thought it just might not be a good idea to pay off a house or put a lot of money down. Pretty sad.
I'm in the Manufactured Home Industry. Talk about TEARS? I've seen enough tears t fill up a swimmimg pool. One of your commenters commented on how old folks can spend more in their last six monthes than they did their entire life. I've gotten a belly full of that. Right down to the state taking anything of value for a grant that takes care of a dying senior and allows the survivor to stay in the home until their death but that and what's left of their social security is it. Many of these once very proud and prosperous folks go out of this world as indigents. It is very very sad.
I do alot of short sales, what is even worse is when a senior has maximized the equity in their homes, just scrape by, can't make the monthly payments and needs to short sale their home to avoid foreclosure, I feel terrible, now we know we can't rely on social security.
It is very sad -- we see it all the time and it is not seeming to get better.
Hi Ed and Cindy -- It's a national shame that this housing mess has unfolded the way it has and especially more so when innocent people who have done the right things all their lives are also now under extreme stress.
So sad! I know Michigan has been hit hard!!! My two neighbors are from Michigan. I feel blessed to be in the Austin, Texas Metro Area market which is only slightly off and predicted to completely rebound. I have a seller who lost a lot of money in their retirement account. He really needs his home to sell for TOP dollar. I wish we as REALTORS could control the market but we can only help our clients get the most money in the shortest time for the current market in the particular city and market area the property is in.
Marte - sometimes I think I need a counselor
Lenn - first we see the tears then we see the anger and I am just as mad
Jane - I hope the market turns around
Christine - glad to hear they will still be okay
Marney - the bad thing is we never saw the jump others areas saw
Carol - and this couple is losing both that's why they are downsizing
Jason - I worked with seniors for many years and love to hear them tell stories
Carmen - this was not only funny but scary - wonder if it's true
Carra - welcome aboard and yes I wrote so all could see just how connected we all are and who is affected
Ed & Cindy,
Working and living and age restricted (55+) communities I see and hear about it every day. It's a very sad situation. Having a lower price, staging the home and the house still cannot sell because people who want to buy the house needs to sell theirs. It's a revolving problem.
Many seniors need to move due to health reasons. A reverse mortage will not help if the senior is no longer capable of physically taking care of themselves or they need to go into an assisted living facility.
This economy and housing market leaves no prisoners behind that's for sure. I cannot tell you how many time I have sat across that very table watching the tears flow. It's sad and it makes me angry. My grandmother, who lived through the depression , never owed a dime in her life, never in credit card debt, is now with end stage COPD and fighting the bill collectors and her home so she can be and die in her home where she wants to be. I have called every debt consolidation business in the book and they can't help her. She is on a fixed income with more going out than coming in. She has maxed out every credit card to pay her mortgage including lines of credit that the banks kept giving her even while knowing she was on fixed income. Because my grandmothers credit score never dipped below an 800 ( and that is putting it mildly ) for years the banks extended her whatever she wanted without even asking. Now, today in times of trouble she did what she never did and swore she would never do. Used all her resources until there is no more. Bail-Out ? Where is hers. She can't even get her mortgage re-worked and her home is worth 1/2 of what she paid.
The ones who built a home for cash years ago and stuck with it are not losing money on their sale. They paid $38000 lived there for 55 years and are selling for much more. The ones who moved around are seeing the big loses. It affects us all and it is sad to sell a home due to health issues etc. The govt has an answer for everything - don't they?
This is indeed a tough time to deal with some of our customers. Unfortunately bad things happen in down market times, but we surely do not have to enjoy it.
We are seeing these tears almost daily now. Our friends, our associates our customers and clients alike. We all need to stand together and help those in need during these tough times.
There are countless organizations proividing help to those of us in need at a local level. We need to support these organizations and we need to spread the word that "some help" is there for all of us.
Helo, when is everyone going to wake up? Eveyone making comments on this blog is human and we relate to our relatives, friends and others as humans. We have hearts, souls, we are flesh and blood and we care. We always want to make things better for ourselves, our families and others.
The Big Banks and Wall Street firms consider themselves "Masters of the Universe". They live and play in another world. When their crony capitalism and moral hazard lending created this mess they all got bailed out with our tax money. They are now laughing all the way to the bank so to speak. They are planning on paying each other $74 Billion in bonuses this year.
Does anyone really believe they care about anyone or anything other than themselves? If this isn't a wake up call I don't know what else has to happen before we see real change?
It's like night and day between the 2 different generations. A sad story that's happening all over the country. They are probably worried too if it gets worse! Maybe 40K is just the start for them.
Edand Cindy - That's truly sad. I thought everyone at the closing table was supposed to be happy. Unfortunately, I think things are going to get quite a bit worse, before they get better. The people in power right now are making all the wrong moves, doing the same kinds of things that prolonged the last Depression.
Wow this is sad Ed. I have not experienced this YET. I hope that I do not have to either. Good luck though
Sorry for the delay -
Chuck - they aree just worried they will run out of money
Bryant - frustrating is an understatement
Chris & Kim - for sure heartbreaking
Sybil - yes and some of them walking away are looking to buy again
Elizabeth - good thing your mom has an agent in the family
Donna - I can't tell you how many listings we walk away from if possible from seniors IF they can stay
Barb - I hear you there paying extra on the mtg or even investing more into the home right now a ???
John & Janis - it is a shame and a wake up call for all us boomers
Tatyana - until we can stop the SS and foreclosures it will for sure continue
Bob & Carolin - we will not stabilize until we get jobs and stop the above
Chris - stress is bad enough but in our seniors it can make them sick
Betty - yea TX is were everyone went to from MI in the early 80's and seeing many leaving now
Leolinda - many times they decide to sell while they still can Before something happens
Melissa - just not right what's happening and what has happened especially from greedy mtg reps that took advantage of many seniors
Kathleen - the govt allowed this to happen and kept saying all was fine now look at the mess we are in
Dave - we have gone on tons of listing appt this year, gave tons of advice, counseled and spent countless hours with folks - no fun here and no money
Brad - I try to help out but folks like our clients above are not considered "In need"
Ed and Cindy,
Thank you for sharing this. It is very hard for sellers and realtors right now. These are tough times and it is very difficult for all of us to keep from becoming emotional when we are meeting with the sellers. I have had a few of those experiences myself lately. Yes, it is a wake up call for all of us to become more frugal (wiser with our spending habits) and thankful when we are able to be of help to any of them. One of my seniors sold their home and are living in their RV. I am sure everyone has heartbreaking stories also.
Carol Riley, Huntington Real Estate, Alb., NM, CarolsellsNewMexico.com