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🏠 Who's downsizing

Plus: 👋 Tough goodbyes | Saturday, August 31, 2024
 
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Axios Denver
By Brianna Crane and Sami Sparber · Aug 31, 2024

👀 Hello, Saturday! We're talking about the difficult task of downsizing.

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Today's newsletter is 453 words — a 2-minute read.

 
 
1 big thing: 🗝️ Downsizing, unpacked
 
Illustration of a small house viewed through a magnifying glass

Illustration: Sarah Grillo/Axios

 

Elizabeth Williams, who lives with her husband in a 6,500-square-foot Golden Triangle home, dreams of a smaller place in a dog-friendly location but says she can't make a move with current mortgage rates.

Why it matters: Many empty nesters would love to downsize or move, but it's not quite so simple.

Zoom in: Creigh J. Kelley and his wife, Renee Hamilton, finally decided to move in together once they retired earlier this year, leaving their metro-area homes. Combining two households was quite the task.

  • Flexibility, location and cost were among top priorities, so the pair settled on renting a two-bed with a loft in Highlands Ranch.
  • Between listing both of their previous homes, pairing down their belongings and finding the right rental, the whole process took nine months.

The other side: Not all empty-nesters want less space. Mayfair residents Ilene Vivinetto Suter and her husband dream of filling a larger home with their adult children and future grandchildren.

  • "Our blended family unit is strong and our weekly Sunday dinners can create a full house," Suter says.

The latest: More seniors are ditching homeownership entirely, with some moving into swanky apartments packed with pools and other perks.

  • Others are seeking homes that feature aging-friendly designs such as single-level floor plans, shower seats and handheld showerheads.

The bottom line: Making the decision to move is tough. Kelley says the key is to over-communicate and check in often — and a sense of humor doesn't hurt either, he says.

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2. 😥 Letting go is tough
 
Data: Opendoor/YouGov; Chart: Axios Visuals

Saying goodbye to a home packed with memories is a top challenge for home sellers aged 55 and older, according to a recent analysis from real estate platform Opendoor.

Between the lines: The typical Denver-area homeowner has spent a little over nine years in their home, about a year less than a decade ago, per Redfin.

Go deeper: America's homebuyers are getting older

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3. We want to know
 
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Illustration: Natalie Peeples/Axios

 

If you've worked with a real estate agent, tell us how you found them and how it went.

  • What did you love most about your agent? Did they find your dream house? Guide you through the emotional ups and downs?
  • What value did they add to your home buying or selling experience?
  • Have you ever used an online or discount brokerage?

Email realestate@axios.com with your name and neighborhood or hit reply. We may feature your insights in an upcoming newsletter.

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Axios Denver gets local readers like you smarter, faster on the news unfolding in your backyard.

Support your local reporting team by becoming a member.

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Become an Axios Denver member.

 

Our picks:

🚁 Sami is reading this book.

🍁 Bri is returning to her fall comfort show.

Thanks to our editor Ashley May and copy editor Bill Kole.

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