Retire & Reimagine • May 25, 2025

The $80,000 Mistake: What Flippers Don’t Want Homeowners Over 50 to Know

by Richelle Ward

If you’re over 50 and thinking about selling your home, especially one you’ve lived in for 20+ years, you may have heard from investors or flippers offering to buy it “as-is” for cash. On the surface, it sounds convenient—no repairs, no staging, no showings. But what they don’t tell you is how much equity you could be giving up in exchange for that convenience.

Recently, a neighbor of ours sold her home to a flipper for $390,000. It was a ranch-style home, highly desirable in today’s market, and set on a few beautiful acres with a barn and fenced-in area. Yes, it needed some updates, but the value was far greater than what she received.

The Real Value of Her Home? $500,000.

With just some minor cleanup and decluttering—no costly renovations—her home could have sold for around $500,000 on the open market. After accounting for standard real estate commissions (around 6%), she would have netted approximately $470,000, even before subtracting typical closing costs.

Instead, she walked away with $390,000. That’s an immediate loss of $80,000—equity that went straight into the flipper’s pocket.

Why Do Flippers Pay Less?

It’s simple: flippers need to buy low so they can resell high. That’s their business model. They target homeowners who may feel overwhelmed by the selling process—especially seniors who haven’t sold a home in decades—and offer a fast, no-hassle transaction. But in doing so, they build in their profit by paying you less than market value.

What You Should Know Before Selling

If you’re thinking about selling your home and you:

Are over 50
Have lived in your home for a long time
Own a property that needs updates
Are being contacted by cash buyers or flippers

… pause before you sign anything. You could be sitting on more equity than you realize.

The Truth About Selling “As-Is”

Many homeowners think they need to do major renovations to sell on the market—but that’s not always true. We’ve helped many sellers in Connecticut list homes as-is, without expensive updates, and still attract serious buyers who are looking for potential and location—not perfection.

Working with a local, experienced real estate team means you’ll get real advice tailored to your situation. We’ll walk you through your options and show you what your home could actually be worth in today’s market—even if it needs work.

Don’t Leave Money on the Table

Selling your home is one of the largest financial decisions you’ll ever make—especially after 20+ years of ownership. Before you settle for a quick sale to a flipper, reach out to a trusted Realtor who can help you explore every option and protect your equity.

If you’re in Connecticut and want to know what your home is worth—no pressure, no gimmicks—we’re here to help.

Contact Bob & Richelle Ward

Coldwell Banker Realty | Newtown, CT
📞 203-470-9818 or 203-470-9819
📧 WardTeam@cbmoves.com
🌐 http://www.ConnecticutHomesForSale.com

Retire & Reimagine • May 16, 2025

Should I Sell or Rent My House When Moving Out of State with No Mortgage?

by Richelle Ward

You’ve paid off your mortgage. You’re thinking about moving out of state. And now you’re facing a big question—should you sell or rent your house?

This is one of the most common dilemmas I hear from homeowners over 50 who are ready to start their next chapter. You’ve worked hard, built equity, and now it’s time to make a decision that could shape not just your finances, but your lifestyle for years to come. Let’s talk about it.

Selling vs Renting Your House When Relocating

When you’re moving out of state with no mortgage, the idea of renting your home might sound appealing. Passive income, a backup plan if the move doesn’t go as planned, and the chance to hold on to a property that could continue appreciating in value. But there are some important things to consider before becoming a landlord.

On the flip side, selling your house gives you a clean break and a lump sum of money you can use for your next move, investment, or even to support your retirement goals.

Let’s break down both sides so you can figure out what’s best for you.

Reasons You Might Want to Rent Your Home

Steady Income Stream
If your home is in a desirable area, you may be able to generate consistent rental income. This can be especially helpful during retirement as a supplement to savings, pensions, or Social Security.
Appreciation Potential
If property values in your area are expected to rise, renting it out for a few more years could allow you to sell it later at a higher price.
Backup Plan
Renting gives you flexibility. If your move out of state doesn’t go as planned or you miss being close to family or friends, you still own the property and can return.

But renting isn’t without its drawbacks, especially if you’re managing it from hundreds of miles away.

The Challenges of Renting Out Your Home from Afar

Property Management
If you don’t hire a local property manager, you’ll need to coordinate maintenance, tenant issues, and emergencies from a distance. Even with a manager, it’s an ongoing responsibility.
Vacancies and Repairs
Renting isn’t always consistent. Tenants move out. Things break. Unexpected expenses pop up, and if you’re relying on that income, it can be stressful when it’s interrupted.
Tax and Insurance Considerations
Rental income is taxable, and you’ll likely need a different kind of insurance policy. There are financial and legal responsibilities that go beyond just collecting a check each month.

Reasons You Might Want to Sell Your House

Simplicity and Freedom
Selling lets you close one chapter and fully commit to the next. No tenants, no maintenance calls, no worries about what’s going on back home.
Access to Equity
If you’ve owned your home for a while and it’s paid off, selling could give you a sizable amount of cash. That money can help you buy your next home outright, invest for retirement, or keep as a safety net.
Market Timing
If home prices are strong in your area, selling now might make more sense than waiting. You can take advantage of the current market and avoid the risks of a potential downturn.

So, Should You Sell or Rent When Moving Out of State?

The answer really depends on your goals, financial situation, and how involved you want to be with the property after you move.

If you like the idea of passive income and can handle (or outsource) the management, renting your home may be a great fit. But if you prefer a clean break, financial flexibility, and fewer responsibilities, selling your house could be the better move.

Here are a few questions to ask yourself:

Do I need the money from the sale to fund my next move or retirement?
Am I comfortable managing a rental—or hiring someone to do it?
What is the market like right now in my area?
Is holding onto the home emotionally or financially important to me?

Final Thoughts: Real Estate Decisions After Retirement

Property decisions after retirement aren’t just financial—they’re personal. It’s about what kind of lifestyle you want, how much time and energy you’re willing to invest in managing a home from a distance, and whether the market is working in your favor.

Whether you’re looking for real estate help for retirees, making real estate decisions in 2025, or just need guidance on what to do with your house when you move, talking it through with a professional you trust can make all the difference.

If you’re not sure what the right next step is, I’m always happy to chat.

Retire & Reimagine • May 8, 2025

Can I Sell My House if I Still Have a Mortgage?

by Richelle Ward

What Connecticut Homeowners Over 50 Need to Know About Selling, Downsizing, and Retiring

If you’re over 50 and wondering, “Can I sell my house if I still have a mortgage?”—you’re not alone. Many Connecticut homeowners are considering downsizing or relocating for retirement, and this is one of the first questions they ask. The good news? Yes, you absolutely can sell your home even if you haven’t paid off your mortgage.

In this article, I’ll walk you through how selling a home with a mortgage actually works, what you need to prepare for, and how to decide if now is the right time to move toward the next chapter of your life—whether that means a smaller home, a new location, or simply more freedom.

Yes, You Can Sell a House with a Mortgage—Here’s How It Works

When you sell your home, the mortgage balance doesn’t need to be paid off before the sale—it’s paid off during the sale. At the closing table, your mortgage is paid directly out of the proceeds of the sale by the closing attorney or settlement agent. Whatever’s left after paying off your mortgage, closing costs, and taxes is your profit—or, in real estate terms, your equity.

If your equity is strong, that money can go toward your next home, your retirement, or any other goal you’re working toward.

Start with Your Current Mortgage Payoff

Before listing your home, ask your lender for a current mortgage payoff statement. This is the exact amount you’d need to pay off your loan as of a certain date.

Next, connect with a local real estate professional (like us) to determine your estimated market value and potential net proceeds. We’ll help you estimate what your home could realistically sell for in today’s market—and what you’d walk away with after your mortgage is paid off.

What If You Don’t Have Much Equity?

If your mortgage balance is close to or more than your home’s value, you may be in a low-equity or negative-equity position. That doesn’t mean you can’t sell—but it does mean you’ll need to look at all your options:

A break-even sale: Where your sale proceeds cover your mortgage but leave little leftover
A short sale: If your home’s value is less than your mortgage balance and your lender agrees to take less than what’s owed
Renting instead of selling: If you’re not quite ready to sell, renting the property out for now may give you time to build equity

These situations require strategy and guidance—but they are manageable with the right team.

Downsizing or Relocating for Retirement? You’re in Good Company

A large number of the homeowners we work with here in Connecticut are 50 or older and planning a move to simplify life, be closer to family, or settle into retirement. Downsizing doesn’t mean giving something up—it often means gaining more freedom, more financial flexibility, and a better lifestyle fit.

Here are common reasons clients over 50 are choosing to sell:

Their current home is too large or high-maintenance
They want to reduce living expenses before retirement
They’re relocating to a warmer climate or to be near grandchildren
They’re ready to access equity for travel, lifestyle, or legacy planning

Whether you’re staying in Connecticut or planning a cross-country move, selling with a mortgage is absolutely doable—and often much smoother than expected.

Your Next Steps

Selling your home with a mortgage is a straightforward process when you’re well-informed and supported by a local real estate professional who understands your goals. If you’re ready to explore your options, the best first step is to get a clear picture of your home equity and your local market conditions.

If you’re in Connecticut and you’re over 50, I’d be happy to help you navigate the process—whether you’re ready to move now or just starting to think about it.

Let’s Talk About Your Move

Thinking about downsizing, relocating for retirement, or simply curious what your home might sell for? Let’s connect. You don’t need to have it all figured out—just a willingness to explore your options.

📍 Serving homeowners across Fairfield County and surrounding Connecticut communities.

📞 203-470-9818 | 203-470-9819
📧 wardteam@cbmoves.com

Retire & Reimagine • April 30, 2025

Are You a Senior at 50? What It Means for Downsizing or Relocating for Retirement

by Richelle Ward

Are you over 50 and starting to ask yourself, “Do we really need all this space?” Is now the right time to sell your home? Should you move closer to your kids or maybe to a place where winter doesn’t last half the year? If so, you’re not alone—and this message is for you.

So, who is considered a senior? That actually depends on who you ask. From a real estate and lifestyle perspective, we usually start hearing the term “senior” around age 50 or 55—not because we’re old, but because that’s when people often become eligible for certain programs, communities, and benefits. For instance, AARP membership starts at age 50, 55+ communities begin welcoming residents at—you guessed it—age 55, and property tax relief or senior tax exemptions can begin as early as 60 or 65, depending on where you live. But being labeled a senior doesn’t mean slowing down. It means you’ve earned the right to choose how you want to live. And for many people over 50, that’s when their real estate goals start to shift. They’re looking for quality of life—less stuff, more experiences, lower maintenance, and more time to create memories.

How do you know if it’s time to consider downsizing or relocating? Here are some signs I hear from clients all the time: “We don’t use half the rooms in this house like we used to.” “Keeping up with the yard work has gotten so much harder.” “We’d love to travel, but this house keeps us tied down.” “Our grandkids live out of state and we really miss them.” Sound familiar? Sometimes it’s about easing the physical demands of your home, and sometimes it’s financial. Maybe your house is worth significantly more than when you bought it, and you’d rather use that equity for something that brings you joy. And sometimes it’s simply about choosing the lifestyle you’ve worked toward for decades.

Let’s talk about options—this is where it gets fun. Option number one is downsizing. This means staying in your current area but moving into a home that better suits your needs today. In Connecticut, there are great choices: ranch-style homes with main-level living, townhouses with HOA-maintained lawns and snow removal, or 55+ communities with clubhouses, pools, and fitness centers—without all the upkeep. Downsizing is a great choice if you want to stay close to your doctors, friends, or favorite coffee shop, but want something easier to manage.

Option number two is relocating. This is for those ready for a full reset. Maybe you’re tired of long winters or high taxes. Maybe you want to be closer to your kids or grandkids, or are seeking a warmer climate—hello Carolinas, Florida, and Arizona! Maybe you’re eyeing a state that’s more retirement-friendly from a tax or cost-of-living perspective. And here’s a helpful tip: relocation doesn’t have to be permanent. My parents rented a home in Florida for a year to “try on” the lifestyle. It turned out not to be for them, and they moved back north—but they felt great about giving it a shot without a long-term commitment.

Here’s something many people don’t realize: you don’t have to wait until you retire to start making these changes. In fact, starting the conversation earlier gives you more control and better options. You can sell while the market is strong. You can move on your own terms rather than being rushed by health issues or family emergencies. This isn’t just a real estate decision—you’re designing the next stage of your life. That’s something to get excited about, not dread. I’ve walked this road with countless clients, and those who plan ahead always feel the most at peace with their decisions.

Whether you’re just starting to think about selling or you’re ready to list today, I’m here to help you explore what’s possible. Together, we’ll talk about the current value of your home in today’s market, how to prep your home for sale with minimal stress, whether buying, renting, or relocating makes the most sense for you, and how to make this process feel empowering, not overwhelming. I offer more than real estate expertise—I offer emotional support and a network of local resources to guide you every step of the way.

Both options—downsizing and relocating—have pros and cons. My job is to help you weigh those based on your goals, budget, and timeline. And here’s something I want you to remember: you are not alone, and it’s never too early to start planning. I talk to people in their 50s who think they have to wait until 65 to start planning for retirement, but beginning now gives you more freedom and choices. It’s okay to say, “This house is more than we need.” It’s okay to want a simpler life. And it’s absolutely okay to finally prioritize you after years of taking care of everyone else.

If you’ve been thinking about selling, downsizing, or relocating—or if you’re just curious about what that might look like—I’d love to have a conversation. No pressure, no sales pitch, just a friendly chat about your options and how I can help you move confidently toward your next chapter.

Retire & Reimagine • April 15, 2025

Danbury CT Area Empty Nesters 3 Essential Things You Should Know Before Downsizing

by Richelle Ward

Are you a Connecticut empty nester living in the Greater Danbury, CT area – Danbury, Bethel, Newtown, New Milford or New Fairfield? Are you considering downsizing now that the kids have flown the coop? Well, before you put your house on the market, here are three essential things that you should consider:

Number one: assess your current situation. With the kids gone, chances are your space requirements have changed. Think about how much space you need now and what you might need in the future.

Number two: evaluate your financial situation. Downsizing is a great way to reduce your expenses. Consider the costs of maintaining a large home versus the potential savings of a smaller property.

Number three: consider future needs. While moving to a smaller home may be ideal now, think about accessibility and convenience for the future. A one-story home or a home with few steps may be the right choice.

If you’re ready to downsize, call us today at 203-470-9819. Thank you for watching!

Retire & Reimagine • April 10, 2025

How to Find the Perfect Location for Your Retirement Relocation

by Richelle Ward

How to find the perfect location for your retirement relocation. Are you retired and would really like to move, but are having difficulty pinpointing exactly where to move to? You could take a dart and throw it at a map and just move there, but who says that you’d be happy there or that you’d even like living there? So rather than throwing a dart at a map, continue reading this post for a common-sense approach to finding your new retirement location.

We have thought about how people choose where to move to after they retire. To be honest, we have helped clients and friends with this how-to, but never really thought about it for ourselves. Retirement is not in our near future, but to be honest, the information that we’re sharing in this video today really got us thinking.

Richelle belongs to a closed group on Facebook for women who are, let’s say, older. She’s a frequent flyer in the group and not an active participant, she observes—not stalking, Richelle just observe. Little did she expect that she would gain such great insight into how people select a location to move to after retirement if the move has nothing to do with moving to be close to their children and/or grandchildren. There were over 100 responses to the post, and Richelle started reading them. The very first one was, “I moved to a place I vacationed for years and loved.” Many retirees look for fun things to do, fine dining, shopping, a university, theater, entertainment, good weather, and a fantastic governor. And she was hooked.

Richelle read many of the responses, and although people had used different routes to get to where they finally ended up, Richelle noticed four themes in many of the responses. Number one was healthcare—quality healthcare for seniors. Number two, taxes—low to no state income tax, no taxes on retirement income, lower property taxes. Number three, weather—climate. People who live in the colder sections of this country don’t want to shovel snow when they’re older. And number four, affordability—we think we all know what that one is.

So how do people hone in on exactly where to move to? Many of the posters made up lists that included the items that were important to them for their new location to have. Those items were in addition to the four themes that have already been mentioned, and they included things like proximity to friends and family—some wanted to move closer, and some wanted to move further away. Proximity to higher education—colleges, universities. Number three, proximity to a city—some people wanted to be out in the sticks, and others wanted to move right into the belly of the beast. Number four, activities—things like walking, jogging, swimming, biking, etc. Number five, no steps. Number six, a smaller house than the one they already lived in. Number seven, good to great restaurants—no bad food. Number eight, access to airports for traveling.

Once people had their list together, Richelle saw two approaches on what they did next. One was old school, and the other was techie. Old school was they went to the local library, spoke to the librarian, and did all of their research manually. Techie was they went to a Google search, typed in all the information that was on their list, and then looked at the different locations that came up and met that criteria. Next, they started to visit the locations that they thought they might be interested in living in. Some people rented VRBO, some went Airbnb, and the purpose was to immerse themselves into the communities that they were interested in moving to and get to know what was going on there.

By staying in a VRBO or an Airbnb, they were able to go to the grocery store, go to the liquor store, go to the movie theater, go to community events, and while they were out and about in the public, they spoke to the local residents. They asked questions about where things were, how do you do this, and how do you like living here. Some people ruled out towns, and it took them four years to find the ideal place, and for some people, it was love at first sight, and they just moved. They tried out the towns before buying a home with each of the longer stays in the towns that they were honing in on. This was a sensible and practical approach to drill down on exactly where to move to.

And yes, one poster did mention that she had a friend who threw a dart at a map and just picked up and moved. That poster went to visit her friend in their new location, and she loved it so much she moved there too. As a side note, Richelle learned something else. Rather than just selecting a location to move to after retirement, she learned a new acronym: CFBC—childfree by choice. We guess this is what a DINK (dual income, no kids) grows up to be.

We hope you found this information to be helpful. If you have questions, or if you’d like to start your journey to your retirement home, feel free to reach out to us.

The $80,000 Mistake: What Flippers Don’t Want Homeowners Over 50 to Know

The Real Value of Her Home? $500,000.

Why Do Flippers Pay Less?

What You Should Know Before Selling

The Truth About Selling “As-Is”

Don’t Leave Money on the Table

Contact Bob & Richelle Ward

Should I Sell or Rent My House When Moving Out of State with No Mortgage?

Selling vs Renting Your House When Relocating

Reasons You Might Want to Rent Your Home

The Challenges of Renting Out Your Home from Afar

Reasons You Might Want to Sell Your House

So, Should You Sell or Rent When Moving Out of State?

Final Thoughts: Real Estate Decisions After Retirement

Can I Sell My House if I Still Have a Mortgage?

What Connecticut Homeowners Over 50 Need to Know About Selling, Downsizing, and Retiring

Yes, You Can Sell a House with a Mortgage—Here’s How It Works

Start with Your Current Mortgage Payoff

What If You Don’t Have Much Equity?

Downsizing or Relocating for Retirement? You’re in Good Company

Your Next Steps

Let’s Talk About Your Move

Are You a Senior at 50? What It Means for Downsizing or Relocating for Retirement

Danbury CT Area Empty Nesters 3 Essential Things You Should Know Before Downsizing

How to Find the Perfect Location for Your Retirement Relocation

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