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I recently had a client that was within two years of retiring. He had lived in the Portland area for over 20 years and was planning on selling his home once he retired and then have the freedom to go wherever you want it. However, his financial advisor had been speaking to him about the possibility of selling and renting for the time being.
The Portland real estate market is extremely hot right now and with more and more people moving into the area, home prices are booming and properties are selling within a week or two. This type of movement was right for selling at this time. My clients financial advisor suggested he sell now and rent until he retired. By renting, it gave him the freedom to not have to worry about fixing up a home when he does retire and it still gives him the freedom of moving wherever he wants once he retires.
That's exactly what he did. He spent the last couple of months fixing up a 40-year-old home with repairs that needed to be done that he just never got around to. This included finishing the wall in the basement, updating a couple of bathrooms and installing new flooring. After all of these updates were completed, we listed the home on the market for an extremely great price and within two weeks he received two offers. He took the offer and the property closed last week.
Here's the kicker; because properties in Portland are selling at such a dramatic and inflated rate, he couldn't find a property to rent for less than $2000 a month. So, he moved to Vancouver Washington. Just across the river, homeowners don't have to worry about income tax and he was able to find a great rambler, 1600 ft.², three-bedroom and two-bath home for around $1500 a month. This will be a great option as he spends the next two years finishing up work and then retiring at 62. From there, he has the freedom to go wherever he wants and because he's been in the home for 21 years, had a nice talk of equities that he is able to save and invest.
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This might be a great option for many people looking to move within the next two or three years but are holding off actually selling now. This might be a great option; sell now, rent for a couple of years and then you'll have the freedom to go wherever you want. Prices are extremely competitive throughout the Portland real estate market so if you're interested in selling anywhere within the next couple of years, now might be a perfect time. Give me a call today and let's see how we can get your home on the market and sell as quickly as possible.
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