Consumer Newsletter – March 2020
US
Edition; By Elyse Umlauf-Garneau
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Walkability’s Worth
How
walkable is your city and how much more will buyers pay for that convenience?
Redfin has some answers.
It
found that
homes that allow people to walk to schools, shopping, parks, and other
amenities sell for an average of 23.5%, or $77,668, more than comparable
properties in areas where residents are dependent on a car.
Redfin
looked at sales prices and Walk Score rankings on nearly 1 million homes in 16
U.S. cities and in two Canadian cities to see walkability’s effect on home
prices.
Cities
where daily errands can be done without a car get scores of 90 points or above
and are considered a walker’s paradise. Scores of 70 to 89 indicate that most
errands can be accomplished on foot, and when only some errands can done on
foot, a city is labeled somewhat walkable and receives scores between 50 to 69.
Scores between 0 and 24 are considered car dependent and residents need cars to
do most or all errands.
Though
buyers will spend extra for greater walkability, the premium they’ve paid for
properties slipped 2.3% from 2016. That’s slide is attributed to affordable
homes being in demand and the fact that they’re often located in less walkable
spots. Since many buyers can’t afford
pricier walkable neighborhoods, they’re willing to trade walkability for
affordable single-family properties.
Walkable
Premiums by Region
Location
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Premium for walkable homes
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Walk Score
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Boston, Mass.
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$140,724
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82
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Washington, D.C.
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$102,166
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76
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Seattle, Wash.
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$86,331
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74
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Atlanta, Ga.
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$74,741
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48
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San Diego
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$60,225
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51
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For
a complete list and more details on each of the markets Redfin studied, see: http://bit.ly/2HM9V8V.
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SECURE Act and Your Retirement
SECURE Act and Your
Retirement
The
SECURE Act (Setting Every Community Up for Retirement
Enhancement Act of 2019), aimed at improving people’s retirement security, was
signed into law at the end of 2019.
Some
key changes of the SECURE Act (http://bit.ly/2HwrLfV) affect
Individual Retirement Accounts (IRAs) and has implication for anyone planning
for retirement.
Required
Minimum Distributions
Before,
you were required to start taking money out of traditional IRAs – Required
Minimum Distributions (RMDs) – by April 1 of the year after you turned 70 ½.
You
now can wait until you’re 72 to start taking RMDs, which gives you extra time
to save and to let your money grow.
Longer
window for saving
You
can keep contributing to your IRA for as long as you’re still working, whereas
before, there was an age limit of 70 ½. The new law may help you save more for
retirement.
Inherited
IRAs rule change
There
also are changes for those inheriting IRAs. Before, those inheriting such funds
could take distributions over their lifetime. But that timeframe has now been
reduced to 10 years. Learn more about what it may mean for you at the SRES
blog.
Throw a downsizing
party
You
already know that your kids and grandkids want little, if any, of your stuff.
Decorative objects often don’t suit their taste, furniture isn’t the right
style or scale for their apartments, and they already have all the kitchen gear
they need.
Downsizing
is never easy, and the added burden of having to label, pack, and get things to
a suitable recipient can be overwhelming.
It’s
why a downsizing party may be just the thing .
A
recent Washington Post story (https://wapo.st/3bNGy3H) talked about how one Washington,
D.C., couple, Karen and Fritz Mulhauser, threw a party and invited friends to
cart away things – linens, glasses, books, decorative objects – from the house.
You
never know who, among your friends, neighbors, and relatives, has had an eye on
a particular collection, painting, sculpture, or decorative object and will be
willing to take it off your hands.
For
you, the party preparation couldn’t be simpler. You label or put out the things
that you want taken away and invite friends to bring paper, boxes and bags and
cart it out.
Provide
some snacks and beverages – the Mulhausers were ready with 200 flutes full of
champagne – and a little good cheer, and within a couple hours, your load could
be lightened.
Real Estate
Matters: News & Issues for the Mature Market
Coldwell Banker Premier Group
2203 S Big Bend Blvd
St. Louis, MO 63117
Matt Wroughton - SRES, PSA
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