Listed my upstate NY house today

[Pew]

Originally Posted by SevenBizzos
Originally Posted by Pew
Originally Posted by mrsilv04
I can't wait to get out of Illinois...


Makes two of us.


Oh yes. I see people every day either losing $100k on their house just to get rid of it or opting to rent it out at a loss (bad idea). At least around me (burbs) the market is so bad. I know of a house in a classy area near me where a $1.5mil house is on the market now for $500k less still can't get offers. Then I hear from my friends that have left describing housing markets where houses are selling hours after listing. One of them bought his house two hours after list and he never saw it live. Had to do it.

Both the short term and long term outlooks here are very grim. People are leaving if they are able.

Congrats to the OP on getting into that retirement house. Enjoy!


Dang, yea the housing market around me is really up and down. There was a nice average sized home for a 3-4 person family that sold within a few days while down the street is a similar sized house that's been on the market for months now. My subdivision isn't too bad either, the properties managed to fill up really fast but people are asking way to much for what these town homes are worth.

 

[JTK]

I'm sure Donald's area in NY is similar to mine (Buffalo), but homes are selling quickly and for more money than ever. Apparently it's not that horrible in NY.

 

[Mr Nice]

Originally Posted by JTK
I'm sure Donald's area in NY is similar to mine (Buffalo), but homes are selling quickly and for more money than ever. Apparently it's not that horrible in NY.

True, especially if you have kids and good jobs....

But once the kids are out of the house and you're both retired, some folks wants to get out of the NE part of the USA.

 

[Cujet]

Originally Posted by JTK
Apparently it's not that horrible in NY.



As many know, just about anywhere in the state of NY outside of the (incredibly large) NYC metropolitan area is nice. In fact, there are many parts of the state of NY that are truly stunning. HOWEVER, subjects that remain unmentionable on this site, drive people out of the state in droves, despite the raw beauty. Hint, it's mostly financial in nature, coupled with a large dose of other restrictions and difficulties.

For a guy from Florida, living in NY is a very difficult pill to swallow.

When small homes are advertised as having low taxes, only $15,000 per year, there is a problem.

The NY experience results in zero disposable income for those of modest means. I'm an aircraft mechanic with an average income, I'd be living in abject poverty in NY. No thank you.

 

[Donald]

Originally Posted by Bottom_Feeder
Whereabouts in NY?


In New Lebanon NY. Town touches MA border. Tanglewood is 20 minutes away. Summer home of Boston Pops Symphony.

It's in an area where NYC "weekenders" buy houses. Half my dirt road of 7 homes are weekenders. It's the country. My property is 26 acres with pond.

 

[Donald]

Originally Posted by Sayjac
Ok next question, what destination(s) you have in mind? Not going out on limb much to think, somewhere south. Good luck with the sale.


We bought a home one town in from the Rehoboth Beach area in Delaware. We had criteria of a "retirement friendly state", driving distance from Northeast (our kids and grandkids), and since we are a mixed race couple, a place where my wife would feel comfortable.

In Delaware, we pay more for our landscaper than property taxes. No sales tax, kids buy back-to-school clothes (for their kids) at Rehoboth outlets.

 

[Donald]

At this point in time we can carry two mortgages but the SALT deduction limit is killing us. My job is in Springfield MA, but the two other team members who I push the work to are in India. They are well trained and handle all the annoying things I would not feel like doing. I keep the management in Springfield happy, but since it's mainframe computer work, they have no clue. My current manager was not born yet when I started on a IBM 370-168 in 1976.

So we can move and I can work from DE. Wife is a different story. She cannot work remote but has 30 yrs with NYS.

Social Security has many quirks. I will be FRA in a month but cannot take SS and still work until January.

At some point we will empty our NY house and move to DE and wife retires. She still wants to contribute to mankind so she will need to take the BAR in DE so she can practice law there.

 

[GON]

Originally Posted by SevenBizzos
Originally Posted by Pew
Originally Posted by mrsilv04
I can't wait to get out of Illinois...


Makes two of us.


Oh yes. I see people every day either losing $100k on their house just to get rid of it or opting to rent it out at a loss (bad idea). At least around me (burbs) the market is so bad. I know of a house in a classy area near me where a $1.5mil house is on the market now for $500k less still can't get offers. Then I hear from my friends that have left describing housing markets where houses are selling hours after listing. One of them bought his house two hours after list and he never saw it live. Had to do it.

Both the short term and long term outlooks here are very grim. People are leaving if they are able.

Congrats to the OP on getting into that retirement house. Enjoy!



My Domicile is Alaska, I am active duty military. I was stationed outside of Chicago 2004-2007. We have not been able to sell the suburban Chicago house we purchased, it is on 1.3 acres and has a pond in back. We have to give the bank 100k to sell it, so we just rent it. It has not gone up in value, although the market has rebounded quite nicely in most of the country. All we can figure is if one keeps raising taxes, while the State's debt increases- it is a formula for disaster. Add legalized gaming on every corner- it is a really bad situation for the residents of Illinois.

With the new Illinois governor, and constraints on crazy BS spending is over. In just a few months in office, he signed off on things like A million dollars for the new TimeLine Theatre in Chicago's Uptown neighborhood; $2 million for the South Side Community Arts Center; $850,000 for the Puerto Rican Arts Alliance; $927,500 for the planned Northlight Theatre in Evanston; $725,000 for the Paramount Theatre in Aurora. And $300,000 to help restore the building belonging to the Kehrein Center for the Arts in Chicago's Austin neighborhood.

This is just a drop in the bucket of what Madigan and Pritzker spent. All while the hard working people employed by private industry see their homes worth less every year. It will take every single resident in Illinois to vote to make change- and no one sees that coming. Instead, good people are just taking their losses and moving to places like Tennessee and Texas. It is a shame for hard working American's that need to reside in Illinois.

And someone mentioned Alaska as a tax free refuge. Like Illinois, Alaska has a very corrupt political system. The late Alaska Senator, Ted Stevens was a master in getting the lower 48 to pay for all of Alaska's needs. As he is gone, getting the lower 48 to pay for all of Alaska's bills is not happening so well, and it is catching up to Alaska- expect some very tough choices tax wise in Alaskas's future. I was home last week, and the State employees are outside protesting past 530pm because they know what is coming.....

 

[Donald]

One thing not talked about too much is future state tax increases. You might retire in a retirement friendly state and 5 years later, bang, they double state taxes. Many states have very poorly funded pension funds and they are required in most cases to pay the obligated pension even if the state is broke. NJ is the worst, 30.9% funded, $168 billion dollar shortfall. Wisconsin is the best, basically fully funded. NY and DE are in good shape also. State taxpayers will end up picking up the tab.

https://taxfoundation.org/state-pensions-funding-2018/

 

[Donald]

One concern about moving is how to carry boxes, etc of stuff that I will bring myself. My back cannot take carrying things all day. I am not talking about heavy stuff. Maybe I need to do back exercises before house sells. Maybe I need to accept I am not 25 yr old.

I still have energy when back aches. If I keep going, the next day it will hurt when I wake up.

 

[Cujet]

Originally Posted by Donald
One concern about moving is how to carry boxes, etc of stuff that I will bring myself. My back cannot take carrying things all day. I am not talking about heavy stuff. Maybe I need to do back exercises before house sells. Maybe I need to accept I am not 25 yr old.

I still have energy when back aches. If I keep going, the next day it will hurt when I wake up.


I once read that a specific secret to happiness is actually hiring someone to do the hard work for you. I tend to want to do everything myself. However, as I've aged and become sick, I've discovered this fact. What's more interesting is that the cost is really not that high and the money is never missed. It's SO worth it.

I hired the local off duty fireman team to help me move. They did everything perfectly. Everyone was super happy with the deal. All I did was drive the truck.

 

[SevenBizzos]

Originally Posted by GON


My Domicile is Alaska, I am active duty military. I was stationed outside of Chicago 2004-2007. We have not been able to sell the suburban Chicago house we purchased, it is on 1.3 acres and has a pond in back. We have to give the bank 100k to sell it, so we just rent it. It has not gone up in value, although the market has rebounded quite nicely in most of the country. All we can figure is if one keeps raising taxes, while the State's debt increases- it is a formula for disaster. Add legalized gaming on every corner- it is a really bad situation for the residents of Illinois.

With the new Illinois governor, and constraints on crazy BS spending is over. In just a few months in office, he signed off on things like A million dollars for the new TimeLine Theatre in Chicago's Uptown neighborhood; $2 million for the South Side Community Arts Center; $850,000 for the Puerto Rican Arts Alliance; $927,500 for the planned Northlight Theatre in Evanston; $725,000 for the Paramount Theatre in Aurora. And $300,000 to help restore the building belonging to the Kehrein Center for the Arts in Chicago's Austin neighborhood.

This is just a drop in the bucket of what Madigan and Pritzker spent. All while the hard working people employed by private industry see their homes worth less every year. It will take every single resident in Illinois to vote to make change- and no one sees that coming. Instead, good people are just taking their losses and moving to places like Tennessee and Texas. It is a shame for hard working American's that need to reside in Illinois.

And someone mentioned Alaska as a tax free refuge. Like Illinois, Alaska has a very corrupt political system. The late Alaska Senator, Ted Stevens was a master in getting the lower 48 to pay for all of Alaska's needs. As he is gone, getting the lower 48 to pay for all of Alaska's bills is not happening so well, and it is catching up to Alaska- expect some very tough choices tax wise in Alaskas's future. I was home last week, and the State employees are outside protesting past 530pm because they know what is coming.....



This is a really good post here. All you said is true (about Illinois), but this is what the people voted for. More taxes, one party super majority rule, and no effort at any spending reform. Those are all reasons people that don't like this approach have resorted to voting with their feet and leaving. It looks like it's now going to be even tougher to do that (if you own property).

 

[JeffKeryk]

Housing prices are a function of supply and demand.
Demand is a function of opportunity.
Opportunity is not simply low unemployment; it is a function of good paying employment.
Silicon Valley has high taxes and high opportunity; we have some of the most expensive zip codes in the nation.

The Alaska example states Alaska has garnered support from other states.
CA is the 5th largest economy in the world; we support much of the nation.