Mike Budd

License#: IA.040020089

Ask A Realtor - Empty Nesters

By Mike Budd - June 28, 2019

Dear Mike: 

 My wife and I are Vail homeowners and empty nesters.  We’d like to downsize from our current home, which is larger than our needs, and buy a smaller home in the Vail Valley.  Our hope is to have our existing home sold and a new one under contract by the end of the year.  Is this reasonable timing?  Are there any factors that we should consider as a seller and buyer?

Dear Buyer/Seller:

While the average number of days on the market varies by price range, the current ballpark for homes in the $750,000 to $1.5 million mark is approximately six months.

That being said, there are a number of factors that can make the turnaround time shorter or longer, including the asking and listing price.  If your current home and the one you would like to buy are priced appropriately based on current market value, and that favorable mortgage rates, if you are financing continue expected through the summer, it is reasonable to expect you could meet your goal by year’s end.

The good news for you and what most people do not realize is both buyer and seller need to ask similar questions of their broker.   First and foremost, is to do a market analysis and determine opportunity within your price ranges and then establish attainable goals.  These would include the aforementioned pricing, inventory, days on market based on home value(s) and any other goals you and your wife have that should be considered, i.e., location and access to other amenities or services.

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