NEXT STEPS FOR THE EMPTY NEST

The month of June presents significant milestones for many families across the country; senior prom, the last track meet, and of course high school graduation and preparing for the college send-off. Approximately 3.3 million public high school seniors are expected to graduate this year. According to the Bureau of Labor Statistics, 65.9 percent of people who had graduated from high school the previous spring had enrolled in college. That's a lot of possible empty nests.

When homeowners question whether or not to sell their empty nest, there are many factors to consider. Is it the right time to sell the family home? Is there enough equity in the property to afford college tuition and purchase another home at the right size? Is there enough equity to purchase a home for retirement with cash? There are numerous factors to consider when making a decision on one of the largest investments a family will make.

With recent price increases, historical equity values, and current inventory levels, right now is an excellent time to place a home on the market. As reported in Bloomberg, U.S. home-price gains have restored $3.8 trillion of value to owners since the beginning of the real estate recovery in 2012. According to the National Association of Realtors® the median existing-home price for all housing types in April was 5.2 percent above April 2013.

Historically, home values nearly double every 10 years. If an empty nester purchased their home 10 or more years ago, the home could have a wealth of equity and offer a significant return on investment if sold in today's market.

Limited inventory in many areas is ensuring a fast sales environment as well. According to NAR, four out of 10 homes sold in less than a month in April and the median time on market for all homes was 48 days. With that pace, an empty nester could move into their dream nest before the start of fall semester.

To learn if the time is right for you and what options are available, speak to a sales professional affiliated with Coldwell Banker Residential Brokerage. Using information included in the attached graph, along with additional data gathered about your community of interest, a Coldwell Banker Residential Brokerage sales professional can explain the precise factors that could impact you in your decision making process. You may just discover that now really is the perfect time to fly the coop!