Ghee, an IT project manager at Rutgers University.
“Everything is just so clean and neat and shiny,” said Mr. Tanzosh said, adding, “I feel like I’m on vacation.”Īfter living in his father’s antiquated brick, midcentury home in Maplewood, N.J., since 2014, Michael Ghee is relishing the newness of new construction. “I look out my balcony everyday and I look at a pool that I don’t have to clean,” Mr.
WEST HAVEN PARK APARTMENTS MOVIE
The couple moved to South Amboy in May, renting a two-bedroom apartment for $3,200 a month, in a building with an outdoor pool with private cabanas, yoga and spin studios, a movie theater and fire pits. So they listed their home, which had a swimming pool, in January, selling it for $850,000, the list price. He worried that if he waited too long to list his property buyers might be scared off by rising interest rates. Tanzosh was an unpredictable housing market. Tanzosh retired, he and his wife knew the time had come to sell the family home and move closer to their grown children and grandchildren who lived in New Jersey. “She said, ‘You haven’t been on a bike since I’ve known you.’” Tanzosh, a retired electrician, bought a bike, and now he cycles from his apartment to a park that leads him to a path along the Raritan River. In May, he and his wife, Barbara Tanzosh, both 71, moved to Station Bay South Amboy, a new rental development in New Jersey. “I really did feel like the market was peaking,” he said.īut for John Tanzosh, who sold his Staten Island home of 35 years this spring, the transition from homeowner to renter has been transformational. And the Seattle housing market seemed to him like one about to crest. He considered renting the house, but didn’t want to deal with the pressures of being a landlord. But with remote work, there was no deadline and no pressure to move. He knew that at some point, he would have to relocate to the East Coast for his new job in Delaware. Last January, he decided the time was right to sell his house in Redmond, Wash., a suburb of Seattle. A small, but sizable, cohort of homeowners are taking their chances, accounting for 19 percent of sellers in 2021, up from 15 percent in 2019, according to Zillow.Īnd, after years of being homeowners, they’re learning to live like renters again. Miller said.īut if these homeowners bet right, and home prices drop significantly, they could see their money go much further than it does right now when or if they end up shopping in a buyers’ market.
“What you’re risking is essentially investing in a rental for a period of time until the market does what you hope it will. What if a homeowner sells their house at what they think is the peak of the market, but prices are actually higher by the time they’re ready to buy again and now the money they’ve banked doesn’t go as far? Or what if rents continue to climb, eating into whatever savings they’ve accumulated? Miller laid out a host of scenarios that could make such a move foolish.
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