Tag Archives: parents

How to Financially plan for your aging Parents

How to Financially plan for your aging Parents

Helping Seniors Move in PA NJHow to be financially prepared when your parent needs long term care

Are you the caregiver of a senior loved one? Have you ever wondered how expensive the cost of long-term senior care is for your elderly loved? Do you have any idea how much the average cost is for a nursing home or an assisted living community or the cost of in-home care services?

What about financially preparing for the care of an elderly loved one. How about documents? Do you even know what documents you will need when the time comes? Do you know what sources of income your elderly loved ones have?

This is part of a continuing series of article and helpful tips and insights into senior care and senior transition services by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in senior transition services such as downsizing, content clean out and removal, estate sales, full service real estate and property sale and moving.

We’d like to share with you some recent information conducted by Genworth Financial about the cost of caring for our seniors. We think this will not only be informative but a real eye opener.

This year’s annual cost-of-care survey shows that the national, median annual cost for care in an assisted-living facility is about $42,000.

The average cost of an assisted-living facility nationwide has increased 4.29% annually over the past five years, according to the study.

Nationwide, the cost for a private nursing home room rose about 4.2% annually over the past five years to $87,600.

This is part of an 11 year study surveying about 15,000 providers of long-term care services nationwide.

About 70% of people older than 65 will need some form of long-term care services, but costs for those services have been rising for years. The average length of a long-term care claim is about three years.

The median cost of a private bedroom in an assisted living facility now stands at about $47,880. The cost of a private room in a nursing home has increased 3 percent to $84,315.

Costs for adult day care and home care have grown at slower pace of about 1 percent to 2 percent. The median cost for in-home health aide services now runs about $43,472 a year, while the cost of adult day care services cost about $15,860.

Nationally, the 2014 median hourly cost for the services of a homemaker or in-home health aide hired from a home care agency is $19 and $19.75, respectively.
The real challenge is how to pay for the long term care of our elderly.

Coordinating Alzheimer’s and long terms care for your parents or an elderly loved one is difficult, and the last thing you want is to have to deal with a financial hardship. Elder care is expensive.

Examine their financial situation

Assets and income: As precisely as possible, estimate your parent or parents’ net wealth and income. This means considering the total value of their home, their bank accounts, investment funds or individual investments they own, and income they receive from jobs, annuities, or other sources. It also requires that you calculate the value of their debts and current expenses, and subtract these values from their assets and income, respectively. Not only does this tell you how much you can afford to pay for their care, but it also will let you know whether your parent qualifies for benefit programs, such as Medicaid.

Power of attorney: If they haven’t done so already, your parent must assign power of attorney for finances, or the right to make financial decisions on their behalf. This does not necessarily need to be you, but it should be someone whom they trust, who is familiar with their finances, and who is good at managing multiple assets. You should also have a backup person to exercise power of attorney if their first choice cannot.

A living will: Your parent may want to earmark some of their assets for specific purposes other than elder care. If this is the case, they should do so ahead of time in a living will. Otherwise, you may end up selling such assets and spending the money on their care.

These financial preparations go hand-in-hand with other aspects of elder care planning. You should assign financial power of attorney, for example, at the same time that you assign power of attorney for healthcare. The better you coordinate all these activities, the easier it is to develop a clear, realistic plan for your parent’s care.

Identify sources of income

Once you have a detailed picture of your parent’s finances and desires, the next step is to make up any difference between their money and the likely cost of their care. There are many different income sources available for senior care expenses, including:

• Long-term insurance: If your parent has an insurance policy that specifically provides benefits for long-term care, you may be able to use it to pay for their housing or other elder care costs. Most such policies have strict daily, monthly or lifetime caps on spending, however, so this likely won’t cover your parent’s care by itself.

• Medicaid: Medicaid will cover some of the largest expenses involved in Alzheimer’s care, including custodial care, or care that involves helping your parent bathe, dress, and eat. To qualify, your parent must have less than $2,000 total in assets that can be counted. The only exception is if they receive such care from their spouse in their own home, in which case they can own up to $115,920 along with the home itself, a car, and wealth stored in certain trusts.

• Life insurance withdrawals: If your parent owns a life insurance policy, they can withdraw the base value of premiums they paid without paying taxes on it. You can then spend this on elder care.

• Veteran’s benefits: If your parent served in the military and was discharged honorably, they likely qualify for benefits from the VA. They can use these benefits in any of the 1,300 facilities across the country that the VA recognizes.

• Tax savings: If you take over a significant portion of your parent’s care, you can claim them as a dependent. Depending on your income, this will likely save you thousands of dollars, which you can put toward that care.

Most importantly, don’t wait. Trying to make the best financial decisions when coordinating care is challenging and waiting can be costly to your family.
Personal Property Managers, LLC (www.personalpropertymanagers.com ) can help you in the process of asset liquidation and moving. At Personal Property Managers we specialize in downsizing, content removal and liquidation, Real Estate / property sales and moving. With one call, Personal Property Managers does it all.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

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Profiles of Today’s Homebuyers and Homesellers – 2018

Property Manager PA NJToday’s Homebuyer and Home Purchaser Profiles for 2018

Are you thinking about selling your home in 2018? If so, the market has shifted dramatically over the past several years. It is totally different than it was years ago. Today’s buyers are not apt to want to spend a lot to time and money to fix up and or rehab a house as they were in the past. Why? Because today’s home buyers are more in debt and are more time challenged than years ago. They are looking at things from a return on their investment of time and money. Today’s buyers are looking for homes that are in move-in condition. For today’s sellers this is important to understand. If a sellers home is not updated and in move in condition, then it needs to be priced commensurate with the upgrades that will be needed from a buyer perspective. In other words, the listed home selling price must be discounted to reflect the amount of time and money a home buyer will need to put into the house and also factor in that today’s buyers simply do not want to do the work that may be needed. Properly pricing a home to meet today’s buyer needs are desires is one of the most important considerations that a home seller should consider.

With this said, with the help of our friends at the National Association of Realtors, we’d like to share with you important profiles of today’s buyers. We are sharing this information with you with a keen eye on looking at things from various generational buyers perspective.

This is part of an on-going series of real estate articles by Nick Santoro and Joe Santoro of Personal Property Managers who service Pennsylvania and New Jersey and specialize in real estate, home content downsizing, senior transition services, property management and estate sales.

Home Buyer Profiles for 2018:

• The millennial generation is defined as those who are 36 years old and younger.
Generation X is 37 to 51
Younger Boomers are 52 to 61.
Older Boomers are 62 to 70
• the Silent Generation are aged 71 to 91.

Buyers 36 years old and younger made up the largest generation of homebuyers in 2016 at 34%.

Millennial buyers (age 36 years and younger) represent 66% or 2/3 of today’s buyers and were first-time buyers. Over one quarter or 28% of today’s buyers were Gen X buyers (age 37 to 51). So, 92% of today’s buyers were Millennials or Gen X’ers….

In 2016, the majority of recent homebuyers were married couples, and buyers 37 to 51 had the highest median household income at $106,600

Buyers 37 to 51 (Gen Xers), consists of 28% of recent homebuyers. They are consistent with their buying trends and demographics. Notably, they are also the most racially and ethnically diverse population of homebuyers, with 21% identifying they are a race other than White/Caucasian. Buyers 37 to 51 are in their peak earning years and thus their incomes are the highest among all generations of buyer types at $106,600. They are both the generation most likely to be married and most likely to have children under the age of 18 in their home. Their housing preferences are driven by these demographics. Buyers 37 to 51 have the highest median priced homes of all other buyers and buy the largest homes in median square footage and bedrooms. Their neighborhood choices are driven by their convenience to job, but also the quality and convenience of school districts.

Buyers 52 to 61 (Younger Baby Boomers) and buyers 62 to 70 (Older Baby Boomers) were broken into two separate categories as they have differing demographics and buying behaviors. Buyers 52 to 61 consist of 16% of recent buyers and buyers 62 to 70 consist of 14% of recent buyers. Buyers 52 to 61 have higher median household incomes and are more likely to have children under the age of 18 in their home. Buyers 52 to 61 are also more likely to buy a multi-generational home. As the sandwich generation, they are nearly equally likely to buy this type of home for both children over 18 living at home and caretaking for aging parents. Buyers 52 to 61 buy for an array of reasons such as a job-relocation, desire for a smaller home, and the desire to be closer to friends and family. Buyers 52 to 61 also project the length of time they will live in their home is the longest at 20 years. Buyers 62 to 70 are often moving due to retirement, desire to be closer to friends and family, and desire for a smaller home. Buyers 62 to 70 typically move the longest distance at a median of 25 miles and are least likely to make compromises on their home purchase.

Characteristics of Homes Purchased

Buyers of new homes made up 14% and buyers of previously owned homes made up 86%. For buyers 36 years and younger, 11% bought new homes again this year. New home purchased increased with age, 15% for buyers 37 to 51 years and 21% for those 71 to 91 years.

Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 34%. Buyers who purchased previously owned homes were most often considering a better price at 32%. For buyers 36 years and younger, 48% bought new homes to avoid renovations and problems compared to 18% of buyers 71 years and older. 35% of buyers 62 to 70 years bought previously owned homes to receive a better overall value.

The most common type of home purchased continues to be the detached single-family home, which made up 83% of all homes purchased compared to 87% of buyers 37 to 51 years and only 65% for buyers 71 years and older.

Senior-related housing increased slightly this year to 14% of buyers over the age of 50; that number was 7% for buyers 52 to 61 years and 24% for buyers 71 years and older.

The typical home that was recently purchased was 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1991. The size of homes purchased by buyers aged 37 to 51 years old was typically larger homes at 2,100 square feet, compared to buyers 36 years and younger, and for buyers aged 71 years and older, they purchased homes at a median of 1,800 square feet. For buyers 36 years and younger, the median home that was purchased was built in 1984; for ages 62 to 70, the median home that was purchased was built in 1998. For homebuyers over 71, the median home that was purchased was built in 1999.

Heating and cooling costs were the most important environmental features for recent home buyers, with 84% finding these features at least somewhat important.

For buyers 36 years and younger, commuting costs were more important that heating and cooling costs at 39% and 31% respectively. Compared to buyers 62 years through 70, commuting costs was listed as very important to only 12% whereas heating a cooling accounted for 34%.

Overall, buyers expect to live in their homes for a median of 12 years, while 18% say that they are never moving. For buyers 36 years and younger, the expected length of time is only 10 years compare to 20 years for buyers 52 to 61 years.

At Personal Property Managers, we use all this information and all these statistics to help our seller clients understand today’s market and whom they are marketing to, along with the taste that today’s buyers desire.

A cluttered home will have a negative appeal and will turn off today’s buyers.

A home that has not been updated or has dark colors, wallpaper, older kitchens and bathrooms will be a turn off to a whopping 92% of today’s buyers. This is very important to understand. Today’s sellers need to factor this into the selling price and adjust it accordingly.

The good news is that at Personal Property Managers, one call does it all. We can help with selling a home. Downsizing and de-cluttering it. Liquidating its contents and getting it market ready for sale. We have a strong following of interested buyers and can help our clients in many different home buying and selling avenues.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

How to financially plan for your aging parents

How to Financially plan for your aging Parents

Helping Seniors Move in PA NJHow to be financially prepared when your parent needs long term care

Are you the caregiver of a senior loved one? Have you ever wondered how expensive the cost of long-term senior care is for your elderly loved? Do you have any idea how much the average cost is for a nursing home or an assisted living community or the cost of in-home care services?

What about financially preparing for the care of an elderly loved one. How about documents? Do you even know what documents you will need when the time comes? Do you know what sources of income your elderly loved ones have?

This is part of a continuing series of article and helpful tips and insights into senior care and senior transition services by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in senior transition services such as downsizing, content clean out and removal, estate sales, full service real estate and property sale and moving.

We’d like to share with you some recent information conducted by Genworth Financial about the cost of caring for our seniors. We think this will not only be informative but a real eye opener.

This year’s annual cost-of-care survey shows that the national, median annual cost for care in an assisted-living facility is about $42,000.

The average cost of an assisted-living facility nationwide has increased 4.29% annually over the past five years, according to the study.

Nationwide, the cost for a private nursing home room rose about 4.2% annually over the past five years to $87,600.

This is part of an 11 year study surveying about 15,000 providers of long-term care services nationwide.

About 70% of people older than 65 will need some form of long-term care services, but costs for those services have been rising for years. The average length of a long-term care claim is about three years.

The median cost of a private bedroom in an assisted living facility now stands at about $47,880. The cost of a private room in a nursing home has increased 3 percent to $84,315.

Costs for adult day care and home care have grown at slower pace of about 1 percent to 2 percent. The median cost for in-home health aide services now runs about $43,472 a year, while the cost of adult day care services cost about $15,860.

Nationally, the 2014 median hourly cost for the services of a homemaker or in-home health aide hired from a home care agency is $19 and $19.75, respectively.
The real challenge is how to pay for the long term care of our elderly.

Coordinating Alzheimer’s and long terms care for your parents or an elderly loved one is difficult, and the last thing you want is to have to deal with a financial hardship. Elder care is expensive.

Examine their financial situation

Assets and income: As precisely as possible, estimate your parent or parents’ net wealth and income. This means considering the total value of their home, their bank accounts, investment funds or individual investments they own, and income they receive from jobs, annuities, or other sources. It also requires that you calculate the value of their debts and current expenses, and subtract these values from their assets and income, respectively. Not only does this tell you how much you can afford to pay for their care, but it also will let you know whether your parent qualifies for benefit programs, such as Medicaid.

Power of attorney: If they haven’t done so already, your parent must assign power of attorney for finances, or the right to make financial decisions on their behalf. This does not necessarily need to be you, but it should be someone whom they trust, who is familiar with their finances, and who is good at managing multiple assets. You should also have a backup person to exercise power of attorney if their first choice cannot.

A living will: Your parent may want to earmark some of their assets for specific purposes other than elder care. If this is the case, they should do so ahead of time in a living will. Otherwise, you may end up selling such assets and spending the money on their care.

These financial preparations go hand-in-hand with other aspects of elder care planning. You should assign financial power of attorney, for example, at the same time that you assign power of attorney for healthcare. The better you coordinate all these activities, the easier it is to develop a clear, realistic plan for your parent’s care.

Identify sources of income

Once you have a detailed picture of your parent’s finances and desires, the next step is to make up any difference between their money and the likely cost of their care. There are many different income sources available for senior care expenses, including:

• Long-term insurance: If your parent has an insurance policy that specifically provides benefits for long-term care, you may be able to use it to pay for their housing or other elder care costs. Most such policies have strict daily, monthly or lifetime caps on spending, however, so this likely won’t cover your parent’s care by itself.

• Medicaid: Medicaid will cover some of the largest expenses involved in Alzheimer’s care, including custodial care, or care that involves helping your parent bathe, dress, and eat. To qualify, your parent must have less than $2,000 total in assets that can be counted. The only exception is if they receive such care from their spouse in their own home, in which case they can own up to $115,920 along with the home itself, a car, and wealth stored in certain trusts.

• Life insurance withdrawals: If your parent owns a life insurance policy, they can withdraw the base value of premiums they paid without paying taxes on it. You can then spend this on elder care.

• Veteran’s benefits: If your parent served in the military and was discharged honorably, they likely qualify for benefits from the VA. They can use these benefits in any of the 1,300 facilities across the country that the VA recognizes.

• Tax savings: If you take over a significant portion of your parent’s care, you can claim them as a dependent. Depending on your income, this will likely save you thousands of dollars, which you can put toward that care.

Most importantly, don’t wait. Trying to make the best financial decisions when coordinating care is challenging and waiting can be costly to your family.
Personal Property Managers, LLC (www.personalpropertymanagers.com ) can help you in the process of asset liquidation and moving. At Personal Property Managers we specialize in downsizing, content removal and liquidation, Real Estate / property sales and moving. With one call, Personal Property Managers does it all.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

Home Downsizing Services

Home Downsizing Services

We are Home Downsizing and Home Cleanout Service Experts servicing Pennsylvania and New Jersey. If you are a property owner or the executor of an estate and need to move, sell your home, clean out your house or have an estate sale we can help. We provide you a one-stop solution. If you are located out of state or out of the area where you home is located you know how overwhelming, exhausting and physically demanding this process can be. We can help. Our single source solution provides you with total peace of mind. As licensed realtors and certified Senior Real Estate Specialist, we can help you sell and maximize the value of your home and can handle everything relating to your move. We handle all your home and property content downsizing, de-cluttering, content liquidation and estate sale needs. We can donate, move or help sell your home contents. Our goal is to help you obtain the highest value of your home. We provide special 2017 best-in-class portfolio of services to assist you.

We proudly service Pennsylvania and the counties of Bucks, Montgomery, Philadelphia, Delaware, Chester and the Main line. In New Jersey we service the counties of Hunterdon, Mercer, Monmouth, Morris, Middlesex, Union, Ocean, Burlington, Essex and Somerset.

We offer 6 primary services to help families or executors. They are:

  • Full Service discount Real Estate sales
  • Home Downsizing, de-cluttering, and cleanout services
  • Estate sale and content liquidation services
  • Property repairs and maintenance services
  • Absentee home watch services
  • Home rental services.

We also offer discount real estate services via our association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

Bucks County Home Downsizing

Bucks County Home Cleanout Services
Home Downsizing Services

How Our Process Works

We begin by meeting with you personally. This allows us to understand your personal needs and for us to develop a tailored solution to meet your individual goals.

As certified Senior Real Estate Specialist, we then conduct a comprehensive market analysis, which will help give you a feel for the value of your home, your contents and their value. We then will evaluate the contents of the property with you to ascertain what you wish to keep, give to friends and family, donate, shed, discard or move to your new home. A full inventory is done at this time and is sorted based on your direction to us.

For items of value, we can facilitate an Estate Sale.

For items you wish to part with, we will arrange for the disposal of them or donate them to charitable organizations. For items you wish to keep, we can arrange for them to be packed and moved. We then work with you to determine a moving schedule.

We can assist in creating a floor plan for items going into your new home and help you move, unpack and organize. Lastly, we can assist in a final cleaning of your property as part of our home downsizing and de-cluttering process, which is all geared to help you sell your property at the maximum value.

Estate Sale Services New Jersey (NJ)

Estate Sale and Content Liquidation Services

In addition to home downsizing and clean outs, we can help sell and liquidate all your household contents We work with you to identify which items you wish to sell, donate or dispose of. Together we develop realistic fair market value price points for all household contents. We even develop special website pages to market your contents.

As your asset liquidator, we have found that prospective buyers feel that there is a greater perceived value when a professional estate liquidation firm conducts your household estate sale.

For more information on our estate sale process, please click here.

Estate Sale Services Pennsylvania (PA)

Why Choose Personal Property Managers

We are an award winning organization dedicated to providing personalized services and offering you solutions that are tailored to your specific needs.

We tend to your property and its contents like it was our own. We know that often times a move, a home downsizing or sale can be overwhelming and physically demanding. We can handle everything for you. When you call us, you get us. We are on site at every job. You can rely on us and trust us. With Personal Property Managers…one call does it all. We are Estate Specialists, are licensed Realtors in New Jersey and Pennsylvania, and are certified Senior Real Estate Specialist via EveryHome Realty, RS308044 and 1326862. Please call us for a free consultation at 215-485-9272 or 908-368-1909.

Senior Hoarding – Signs and Game Plan

Senior Hoarding – Game Plan

Recognizing its signs and developing a game plan to address it

Helping Seniors Move in PA NJWe wanted to share with you an often confounding yet common situation when dealing with transitioning an elderly loved one from their home of many years into a senior care community, or perhaps your home or even settling their estate. We are specifically referring to senior hoarding. This is real and the condition is known as Diogenes syndrome, and it is more common than most people realize.

This is part of a continuing series of helpful articles from Joe Santoro and Nick Santoro of Personal Property Managers to assist you in home downsizing, content liquidation and full service discount real estate services. Personal Property Managers services clients in New Jersey and Pennsylvania.

Our senior loved ones are certainly part of the ‘greatest generation’ for sure. They have sacrificed for our nation, fought our wars, defended our freedom, were hard working Americans who put in long hours at work, saved and accumulated things over their lifetime. Now, as their caregiver, you may be faced with dealing with the task of trying to clean-up or sort through what they have accumulated over their lifetime. In many cases, the mass accumulation of things turns out to be senior hoarding. We often find homes with 4 or 5 blenders, toasters, lawnmowers, ladders, boxes of things that have never been opened or things never used and the list goes on and on…

Times have changed. Items that were valuable years ago are no longer desirable. Family members often have no use or desire to bring Grandma’s things to their home. Change can be hard, and sorting through a lifetime accumulation of possessions can be overwhelming to a senior who is already struggling with a loss of independence and to family members who are stressed out.

It is perfectly normal for an individual who has lived for many years in one location to acquire a lot of stuff, and for some individuals, letting go of the things they no longer need can be extremely difficult. Experts say seniors are prone to cluttering for a variety of reasons, including fear of loss, anxiety, and depression. Research also suggests that pre-Alzheimer’s personalities may trigger hoarding behavior, further complicating the issue for those already pre-disposed to this obsessive habit.

For families dealing with loved ones and parents who have slipped into a pattern of hoarding, it can be difficult to develop strategies for the kind of downsizing that is necessary to accommodate a move to senior housing. The individual may be ashamed of their living conditions, and reluctant to accept the help they need. They also may be fearful of being forced to let go of the items to which they have become attached and resist their family’s attempts at getting the clutter under control.

Of course, securing the homeowner’s consent and cooperation is only half the battle. Once you have the go-ahead to begin sorting through the collection, it is important to have a strategy for completing the task at hand. Here are a few suggestions for getting through the cleanup:

Call a professional. At Personal Property Managers, we specialize in helping families take stock of what they have, what is valuable or not and how to declutter. Often, going through an entire household after years of accumulation is simply too much for one person to undertake. Far better to work as a team with a common goal.

Set a date to start the project. Block off a section of your calendar when you can truly focus on the task at hand. Determine how long you will work, and then stick to the plan. You may not make it through the process entirely, but knowing you have a starting time, and a plan to wrap up the day’s work at a specific time, can help keep you on track.

Do it in chunks. Work room by room. Although you may have an entire house to wade through, you will do your best work by focusing on one room at a time. Besides, any large project is easier to complete if you divide it into smaller, more manageable tasks.

Use a system. Focus on the most used items. As you go through each room, set aside a place for each of the following: donations, keepsakes, items to be organized and put away, and trash. At the end of each workday, take time to put away the items you have chosen to keep. Be selective. Remember that you are downsizing, so make your selections carefully. You may actually need to go through this process twice as it is often difficult to make emotional decisions the first pass through.

Think about digitizing boxes and boxes of photos and photo albums.

Have donations and trash picked up promptly to prevent second guessing your selections. The sooner you have temptation removed, the better.

Once the cleanup is complete, check in often to make sure that day-to-day clutter is not getting out of control. Staying on top of the problem is far easier than wading through a year’s worth of accumulation, and maintaining a tidy living space will relieve stress for you and your loved one, as well as make the home safer for its inhabitants.

The good news is that we can help clean-out your house, help downsize family’s homes and liquidate your contents for items that are saleable and in demand. We offer on-site estate sale services and can remove contents and sell them via our array of proprietary resources. With Personal Property Managers…one call does it all.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

Downsizing? Why doesn’t anyone want my stuff?

Moving? Downsizing? Why can’t I sell my home contents? Who wants my stuff?

Insights and Tips on the home content re-sale market

Home Downsizing Tips PA NJAs home cleanout and content liquidation specialists, we are contacted multiple times each day from people who are either moving, downsizing, settling an estate or handling the affairs of an elderly loved and want to clean out their house and sell their home contents. Most of the people who call, begin by telling us they have a variety of items ranging from kitchen sets, living room sets, bedroom sets, china cabinets filled with all kinds of things and believe that buyers will want to flock to their home for a chance to buy their contents.

Let’s face it, we all think our home is worth a million bucks and the things that we have accumulated over the years are beautiful and everyone will surely want to buy them…right? Wrong.

Things have really changed over the last few years. Items that people thought were valuable years ago, such as collectable figurines or china cabinets filled with plates and glassware are no longer in style. Furniture that is still functional but is 20 years old is just not in style or in demand today. We have found that 50 is the magic age. People over the age of 50 already have many of the things that people want to sell and do not want any more of it. People under age 50 simply do not have interest in many of the things that people want to sell. It all boils down to style, age, condition and desirability. We always tell people that it does not matter what you paid for it…something is only worth what someone else is willing to pay for it.

This is part of a continuing series of helpful articles from Joe Santoro and Nick Santoro of Personal Property Managers to assist you in home downsizing, content liquidation and full service discount real estate services. Personal Property Managers services clients in New Jersey and Pennsylvania.

Our clients are often shocked to find out that no one in their family wants their china or old dining room set, but they still believe that someone else will certainly want it. Doesn’t it tell you something when your own family or friends don’t want your stuff?

Millennials and Gen Xers are resistant to the influx of furniture, kitchenware, and general stuff that comes with their parents’ downsizing.

Parents are often frustrated that they cannot even donate it. Then there is the challenge of content disposal and the transportation of it. When folks tell us their stuff is 20 or 30 years old, we have to tell them that there is little to no value to it. They often then get frustrated and don’t want to pay for the transportation costs associated with loading, driving and unloading their stuff just to get rid of it.

What about antiques? Unfortunately, the antique market has dropped off dramatically for all the same reasons. The younger generation just does not have the interest that there was some 15 to 20 years ago with antiques. So what is hot? Its furniture and items that are more contemporary in style and age. Items that are 3 – 7 years old and in great condition still have a market. This is typically called transitional furniture. We always ask people, how much would you pay for a 20 year old couch? If the answer is, I would not…or maybe $20…well then you really have your answer…don’t you?

It’s not all that surprising when you think about it. For one thing, younger generations might not have the space to store table service for 12. The average age of homeownership has been pushed back, and the number of millennials who own homes is at a record low.

Experts say it’s partly economic — 20- and 30-somethings buckling under student-loan debt and having trouble securing work right out of school don’t have the disposable income for many of the traditional life markers, like buying a home or getting married — but these grown kids may also have different value systems. On top of this 40 and 50-year-old parents are struggling with trying to figure out how to pay for their kids’ college and are nervous with today’s ever changing job market.

Consider some of the movements of the past few years:

Tiny houses. Tiny houses are less costly and have extremely limited storage. But that’s not deterring the people flocking to more-limited living space.
Scaled down capsule wardrobes. One of the hottest trends in the fashion blogosphere in the past few years is the capsule wardrobe, in which you wear only a fraction of the clothes you own, ultimately aiming to isolate those you no longer need.

Early retirement. The way people retire is changing, and some people are doing it earlier than ever through a combination of aggressive frugality and extreme saving.

Renting everything. Many younger adults see the appeal of renting everything, including homes phones and cars; and companies are happy to help them do it.
Experiences over things. Psychological research has repeatedly found that spending money on experiences rather than tangible things makes people happier, a concept embraced by 20- and 30-somethings, some of whom even cast aside traditional jobs and lifestyles to travel the world.

Large expenses – College bills and Credit card debt. Both parents and younger adults do not have the disposable income that was available years ago due to large college loans and ever-growing credit card debt

Low cost new furniture. The market place is flooded with new and lower priced furniture that is more in line with today’s style and preferences. It may not last as long as the well-made furniture of the past, but today’s buyers get bored with their furniture after 7 to 10 years and would rather buy new furniture and change the look of their home more frequently.

The younger adult generations simply want something different from their parents.

The good news is that we can help clean-out your house, help downsize family’s homes and liquidate your contents for items that are saleable and in demand. We offer on-site estate sale services and can remove contents and sell them via our array of proprietary resources.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

How to begin your home downsizing project and cleanout

How to Begin Downsizing Your Home

Home Staging Tips PA NJThe vast majority of the clients who contact us are simply overwhelmed trying to tackle downsizing their home or the home of a loved one. It is physically and mentally draining. Often it entails going through possessions that have been in the house for 40 plus years. Where do you begin?

This is part of a continuing series of articles and helpful tips and insights into helping you move forward and sell your home and clean out your contents by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in real estate sales and marketing, home downsizing, content clean out and removal and estate sales, and services Pennsylvania and New Jersey.

Moving from your home of 20, 30 or 40 years is a daunting task. Often our client tell us it’s an “oh my gosh moment” – where do I begin? This is where we can help you.

Did you know that downsizing and moving ranks as one of lifes most difficult events, along with loss of a spouse, divorce and job change. People feel overwhelmed, and wonder; where do they even start?

At Personal Property Managers, we understand the emotional toll downsizing and moving can take on our clients and their families. If you are moving from your home of many years into a senior care community or just relocating, our goal is to help you transition seamlessly to this exciting new chapter in life.

Nick Santoro says that of the many challenges of moving, downsizing is the most difficult. Nick says the reason for this is that you have to make decisions about every personal possession in your home. Personal Property Managers is at your side helping you every step of the way.

Santoro suggests viewing downsizing as a process. We suggest that you start with small goals, and plan on sorting for just a few hours at a time.

  1. Sorting through the easiest and obvious first. Choose a room where what needs to go or stay is the most obvious – like your bedroom or a room that’s rarely used.
  2. Using colored stickers, labels or Post-It notes to identify where items will go. More efficient than writing out a list, movers and family members can use the stickers as guidance on moving day.
  3. Assessing practicality and sentimentality. Items that are both practical and sentimental should move with you. Items that are neither should be left for family, sale or charity.
  4. Eliminating duplicate items or items that are the wrong size. Chances are, you only need three sets of towels, not six. If clothing does not fit, do not bring it with you.

Before the move, Santoro recommends creating a floor plan and determining the practicality of existing furniture. Nick says, do not go out and buy new furniture. Instead, be open to using furniture in new ways.”

Taking measurements of available space is also important. Virginia, a recent client said, “We had large paintings that we really loved, but did not think we could bring with us. Nick had our floor plan and measurements and said, “Oh, yes we can. I know just where those paintings can go!’”

“It’s the sentimental items that make a house a home,” Nick reminds our clients. “Those are just as important as packing up your sensible shoes and kitchenware.”

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with Every Home Realty. Learn more about Personal Property Managers from our recent News Stories.