Return to flip book view

HOME EQUITY OPTIONS FOR SENIORSWhen it comes to planning forretirement, many seniors considertapping into the equity in their homesto fund their golden years. Let’sexplore a few key options that couldhelp you unlock the value in your homewhile staying smart and informed.Think of a cash-out refinance as trading in your current mortgage for a new,larger one. The lender pays off your old mortgage, and you pocket thedifference as cash. This can help consolidate debt or fund significantexpenses. However, remember that a bigger loan may mean higher monthlypayments and your home serves as collateral.CASH-OUT REFINANCEA home equity loan is like adding a second story to your financial house. Youkeep your existing mortgage and take out a second loan based on the equityyou’ve built. This option offers a lump sum payout, which you repay withinterest in fixed monthly installments. Be sure to factor in fees and closingcosts, and understand that your home is also used as collateral here.HOME EQUITY LOANSometimes, less is more. Selling your home and moving to a smaller, moremanageable space could free up significant cash while reducing maintenanceresponsibilities. While leaving a longtime home can be emotionallychallenging, it might open the door to a simpler lifestyle and more financialflexibility.DOWNSIZING105.74%LIST TO CLOSE RATIO86AVG DAYS ON MARKET1414TOTAL ACTIVE LISTINGS3.5MONTHS OF INVENTORY$361,072A V E R A G E S A L E S P R I C E383N E W L I ST I N GS405L I STI N GS SOL D

In summer, a ceiling fan should rotatecounterclockwise to create a downdraftand a cooling breeze. You can use a ceilingfan even when your central airconditioning is turned on. The fan will helpthe air conditioning work more effectivelyby distributing the colder air more quickly. We’ve all heard that heat rises. So, in thewinter, flip the direction of the ceiling fanclockwise. This will create an updraft thatwill bring the warm air down into yourliving space. This can be especially helpfulin rooms with high ceilings. Selling a house can be uncertain: Even after the purchaseagreement is signed, the sale is not 100% guaranteed, and yes, thereare situations in which a seller may be able to walk away. Let's lookat some instances when a seller may be able to back out of a realestate contract and the consequences this decision may trigger.WHEN CAN A SELLER BACK OUTOF A REAL ESTATE CONTRACT?WHY SELLERS MIGHT BACK OUTHere are a few common reasons sellers reconsider:They receive a higher offer.Significant life changes, like job loss or divorce.The home appraises higher than the agreedsale price.Trouble finding a new home.Emotional attachment to the property.WHEN CAN SELLERS LEGALLY BACK OUT?Before Signing the Contract: Sellers can walkaway without strings attached if the purchaseagreement hasn’t been signed.During Attorney Review: In some states, bothparties get a few days after signing to reviewand revise the contract with their attorneys.Unmet Contingencies: If specific conditionsaren’t met — like the buyer failing to securefinancing — sellers may be able to exit the deal.Finding a New Home Clause: Some sellers add aclause that makes the sale contingent onfinding a new home within a set timeframe.Buyer Breaches the Contract: If the buyer failsto meet their obligations, such as missing keydeadlines, sellers may be free to cancel.Mutual Agreement: Sometimes, buyers mayagree to cancel the deal if sellers explain theirsituation.POSSIBLE CONSEQUENCESBacking out after signing can have seriousrepercussions:Financial Penalties: Sellers might owe the buyerfor expenses like inspections, legal fees, or evendamages.Forced Sale: Courts can require sellers tocomplete the sale.Agent Compensation: The listing agent mightpursue their lost commission.Reputation Damage: Future buyers and agentsmight be hesitant to work with a seller with ahistory of backing out.It depends on the season. Changing thedirection of a ceiling fan in summer and wintercan make a big difference in how comfortableyou are and can help you save money on heatingand cooling. Like changing the clocks twice ayear or swapping out the batteries in the smokedetectors, you should also change the directionof your ceiling fans in the summer and winter.ANSWERING THE AGEOLD QUESTION...CEILING FANS...CLOCKWISE ORCOUNTERCLOCKWISE?The Bottom Line: Backing out of a home sale isn’t easy and can becostly. If you’re considering this path, consult a legal professionalto explore your options and minimize potential fallout.

BATTERY PACKS ANDMOBILE CHARGERSFLASHLIGHTNOAA WEATHER RADIOBATTERIESFIRST-AID KITNON-PERISHABLE FOODPRESCRIPTIONMEDICATIONSGENERATOR AND GASBATTERY-POWEREDCARBON MONOXIDE ANDSMOKE DETECTORBOTTLED WATERTOILETRIESGAMESCASHGrateful for your trustand continued referrals13 THINGS YOU SHOULD HAVE ONHAND FOR INCLEMENT WINTER WEATHER$1,575,0005 BED|4.5 BATH1189 RIDGELINE DRBOYNE CITY, MI$344,0003 BED/2 BATH1219 ELM STFRANKFORT, MI$499,0003 BED/2 BATH1132 FARMINGTON DRTRAVERSE CITY, MI$117,0001 ACRE LOT8449 BOCA VISTA TRLTRAVERSE CITY, MIPreparing for a sudden winter storm should be a toppriority if you live in a cold climate with a history of winterstorms. From Weather Radios and Batteries to Generatorsand Gas, our winter storm prep list covers all the bases toensure you and your family can withstand several days ofworst-case winter scenarios.LISTED BY: KARI KINGC21 NORTHLANDLISTED BY: SHELLY DROSSARTREO LISTED BY: JEANETTE GILLESPIE, COLDWELL BANKER LISTED BY: AMANDA THEODORAN, C21 NORTHLANDW W W . T H E O D O R A N R E A L T Y . C O M9 8 9 - 3 0 6 - 3 4 4 4H O M E @ T H E O D O R A N R E A L T Y . C O M2 4 1 E S T A T E S TT R A V E R S E C I T Y , M I 4 9 6 8 42024 was quite the ride in the real estate world inour region. Appreciation across the board rangedbetween 6.67%-8.28% DESPITE the volatile rates. 3Bedroom homes continue to dominate the marketwith the highest number of sales in 2024. Looking forward to 2025, interest rates seem tohave stabalized with no large shifts for months.While you may not receive 8-10 offers per homeanymore, buyers are still seeing value in well pricedproperties and not hesitating to put in offers-thekey takeaway-strategic pricing is the mostimportant piece of the puzzle when bringing yourhome to market. Call or text me with questions onhow we can help successfully sell your currenthome and confidently help you purchase your nextone. Amanda