Bruce Nemovitz

Over 45% of seniors state that their largest asset is the equity in their home. The incredible reality is that most of my clients have had a 'general idea' as to the value of their property! Imagine not knowing the value of your stock portfolio, or savings in the bank. I have found that for reasons to be discussed, many seniors have a vague idea as to the current market price of their home, which causes procrastination in other areas.

Procrastination is the number one issue detrimental to so many seniors when it comes to lifestyle changes to improve their living situation. Many times, I'll visit with folks who have been in their homes for 40 plus years. They are reluctant to have me look at the home because it is not in the 'proper' condition for me to assess the value. In many cases they are ashamed at the condition, or have so much personal property that there is not enough room to see many areas of the home. I'll have some clients cancel my appointment multiple times, as they are embarrassed to have me look at the home.

When a Senior Real Estate Specialist views a property to determine the current market value, we do not look at the clutter and assess the value by comparable sales and current competition in the surrounding community. We then establish a range of value based on condition. Condition is determined by structural and cosmetic improvements needed that a typical buyer would have to deal with after the sale is completed. We then can show the homeowner the net equity after selling costs and possible improvements the buyer would take into consideration when making an offer.

Now, once the equity is known, many possibilities are open to the senior that may want to use this money which in many cases is tax free. That is correct. A married couple is exempt of capitol gain up to $500,000 if they have lived in their home for 2 of the last 5 years, and it is their principal residence. A single person is exempt up to $250,000 in capitol gains. That is quite an asset! This money once known can provide years of freedom and happiness if one takes the time to truly assess their financial situation. Knowledge is the key to opening so many doors to a life of enjoyment and comfort!

Bruce Nemovitz is a Senior Real Estate Specialist, and has been a full time Realtor in the Milwaukee-Metro area for over 28 years. You can call with any questions at 262-242-6177 or email him at Bruce@BrucesTeam.com.