LOUISVILLE, Ky. (WDRB) -- When the kids are grown and out of the house and that home just starts to feel too big, many couples decide to downsize.
The trouble with doing that today is downsizing can sometimes cost so much that it's not worth doing. Today's record high home prices are to blame for that.
Many empty nesters want newer construction, with a ready-to move in kitchen and bathroom. Many of the new homes and townhomes cost well over $500,000 and can cost more than what Mom and Dad's 50-year-old home sells for.
To add onto the trouble, the difficulty of downsizing is freezing up the entire housing market. If empty nesters feel stuck in their home, it doesn't become available to young couples, which is one reason why so few homes have been put up for sale the past three or four years.
Relators are hoping that lower interest rates later this year will give older couples an incentive to downsize to something new, giving the housing market a jump start.
So if you want to downsize, go ahead. There are plenty of young families that would love your home. Just know you may need to go smaller than you expected, so you don't waste your money.
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