Move-on. Lessons for the Real Estate Owner from the Brett Favre Saga

January 1997 New Orleans Super Dome.

The kid who grew up to be every Mother's son was a child star in his first Super Bowl. Perfectly fit, strong, filled with exhuberance, Brett Favre ran off the field after throwing a touchdown pass with helmet and the hearts of every Packer Backer in his right hand and arm. In a few hours from now, the unthinkable will unfold. Brett's been painted purple and yellow.

The guy is more than a player because players came and went from 1968 through 91 and no player came along who could pull the Packer Nation back to the top of the football world until Brett did it. Some homes are more than houses because of the memories and the place they hold in our hearts. Letting go of what was is not without pain.

Just like the young man with floppy hair is grizzled and gray, so might be our homes. The arm is fine--good bones and a dependable central heating and cooling system. Character grows with age. Tried and true if not a little tired and stubbly in some areas.

Many of us purchased our current homes about the time the Packers landed Brett Favre from the Atlanta Falcons. They were a bargain back then. We intended to keep those properties until we were ready to move-on to something more suitable to our new life style. We aren't 20-30 something any more and the old home might be too much for us to keep for ourselves. If nothing else, the old home is more than we need and letting it go to someone who will love it like we did, seems to be appropriate. Something a little smaller, and more efficient is appealing. But, the cost of letting go is getting in the way of making the commitment to move-on.

In 2005 a home value of $300,000 was verifiable for large number of homes that were built in 1988-90. Four years ago might have been the ideal time to move if selling high and buying high were palatable. I held on a little longer and in retrospect--- I dropped the ball. Interception in the red-zone. What a bummer.

Well, game over I guess. Time to regroup and move-on. Best I can do is acknowledge that the loss has occured--if we can call decline in equity a loss, and I think we can. Then when I accept that the old house isn't worth what it once was to me, I have to let it go to someone else. Fortunately there are good homes out there at surprising prices. Let me remind you, Aaron Rogers was expected to be the first pick in the draft and he was still available at 24 that April day in 2005. Wow, were the Packers the lucky shoppers or what? Lesson learned--you can always buy if the right property is out there, but you have to shop to know what's available.

The Brett Favre Green Bay Packer era is over and so might be the era of high home value appreciation for those of us who raised our families on Brett Favre and 2400 + sq ft houses with bedrooms and family rooms enough for everyone. We can calculate the opportunity loss and move-on to the new property... or we can sit and grumble about what could have been.

Rebuilding our home equity will likely include less borrowing against the paper value of our homes. The next house for many of us will be a fresh start with more memories to be made. To get to the next house we can let go of the present one. The new owner will appreciate it, even...with all of its flaws and scars.