Solano Real Estate Scene: Solanoans moving to Tennessee, Texas
Most of us older newspaper readers remember Jed, the poor mountaineer that barely kept his family fed. One day he and his kin moved from Tennessee to Beverly, Hills that is, swimming pools and movie stars.
Over the past few years, Tennessee keeps popping up on my desk as a place people from Solano County are considering for family relocation and retirement. My readers, clients and staff have heard me say a thousand times that your owner-occupied home can only pay off as an investment if you sell it and pocket some or all of the capital gains and buy something cheaper.
The new home equity conversion reverse line of credit is becoming a serious option for seniors. The only way you can buy something significantly less expensive is if you are willing to move to Texas, Arkansas or now Tennessee.
Nevada, Idaho and Arizona have always been places people from California go for affordability, taxes and politics, but Tennessee is a new one for me.
Until recently, I thought Nashville was just a place the wannabe country music singers migrated to, but now local firefighters are taking their PERS pension and moving out of California to Music City.
Our market needs inventory so me and my real estate friends need more houses for sale, but before you move for financial reasons, let me warn you that I have had clients move to Florida and Texas and not like the weather.
Sometimes, once a person leaves, they cannot afford to move back.
Call a local certified financial planner or an experienced mortgage professional to review all your options before you move to Graceland.