When Should Seniors Sell their House?
Like any big decision, selling a home depends on your circumstances. Factors that influence real estate prices include high demand in specific areas, emerging industries in different regions, the new home construction market, and interest rates. The timing of your sale will certainly influence your net profit. It is always best to monitor the housing market in your area before taking steps to sell your house. Even if you’re not tech-savvy, you can still get a sense of the prevailing market value by checking the listings in your local newspapers. This will help you understand the current conditions. If you find all of this overwhelming, contact a local real estate agency and work with a professional agent who is designated as a SRES® Seniors Real Estate Specialist®.
Speak to your family, friends, and your real estate specialist to access the options that best suit your lifestyle moving forward.
Are you looking for a smaller home or town house>
A condo with less overall exterior maintenance but extra fees and rules?
Do you want to live in a retirement community with services like meals and medical staff?
No matter what options you choose, there will be costs incurred whether you buy again or rent.
Financial Questions
A common inquiry posed to real estate agents is: “Is it better to sell my house before or after transitioning to a senior assisted living facility?”
Senior assisted living options can be expensive, depending on the location and options the facility offers. Fully assisted facilities can reach into a much higher cost bracket. Always arrange a meeting to view a location and inquire as to costs and expectations if this is your preferred choice.
It’s also a good idea to talk about your choices/options with your family and let them know what you’re thinking. If possible, consider various avenues of opportunity. You could consider the possibility of enabling a family to move into your current residence, or even selling or renting out the property to boost your income while finding a new place for yourself.
Put Your Plan Together
Having a plan in place is key to successfully navigating the sale of your house. Moving in our senior years can be a lot more challenging than when we are young. To avoid getting stressed, it’s wise to create a versatile schedule that takes into account the sale of your property by clearly defining the essential actions to achieve your goal. Be sure to factor in a realistic timeline. How long it will likely take to sell and move as well as any foreseeable costs required to buy or rent your next home.
Review your plan regularly as you move forward. Check off action items as you complete them. Keep your plan posted somewhere you will see it. If you require more information, be sure to ask for help from people you trust who can advise and assist you.
Choosing The Right Real Estate Agent
Ensuring a successful home selling experience requires the right real estate agent. Once you have finished your homework, made the decision to sell, and finalized your plans for purchasing or renting your next home, it is of utmost importance to enlist the services of the most exceptional agent for the job.
Although all real estate agents are qualified to aid clients in buying, selling or renting properties, not all possess the expertise needed to assist seniors when they sell and relocate to their next residence. A skilled SRES® agent specializes in working with seniors. They have been trained to understand the complex areas that surround selling a home later in life. Seniors can benefit greatly from working with an SRES® agent who can expedite the process of selling, buying, or renting a property. In addition, these experts in the field are capable of providing seniors with insightful advice regarding senior communities and living arrangements designated for those aged 55 and over, thus empowering seniors to make informed and prudent choices.
Only certified SRES® Seniors Real Estate Specialist® carry this designation and are members of NAR (National Association of Realtors).
Preparing Your Home For Sale
It is sometimes difficult to know where to start. Generally, decluttering is the first step. It’s likely that over time, you’ve accumulated a lot of things in your home. This can be a very overwhelming situation. Many people develop emotional attachments to their belongings, creating difficulties when deciding to get rid of them through donating, gifting, selling, throwing away, or storing. You certainly wouldn’t want to start settling into your new home with a pile of boxes waiting to be unpacked, organized and stored.
A good place to start the process is to enlist the help of family members or friends who can assist you in your process of decluttering. It is easier to separate your feelings from your belongings when viewed with a fresh perspective. A good rule of thumb: if you haven’t used, worn, or looked at the item in the last 6 months, get rid of it. If it isn’t a treasured heirloom, or holds monetary value, then you won’t miss it.
Give yourself plenty of time to declutter. It is best to start this process well ahead of the time you wish to put your house on the market, sell, or move.
Remove extra furniture and large pieces to create space and highlight the house’s potential for buyers.
Once you have boxed up, gifted, donated, or discarded your extra items, it’s time to clean.
If cleaning is not your cup of tea, it’s highly suggested that you think about hiring a professional cleaning service or enlisting the help of your family and friends for a thorough cleaning of your home.Having your carpets, floors, crown moulding and windows clean makes a big difference when showing the house. This can make it easier to sell the home at the price you’re asking.
Repairs and Updates
To elevate the resale price of your house, it’s worth contemplating repairing and revamping certain aspects prior to officially putting it up for sale. A good place to start that’s affordable is painting. It’s wise to paint the walls neutral colours, so potential buyers can envision their furniture and artwork in the space. Another update to consider is having new flooring installed, especially if your home is filled with old worn carpet. There are cost-effective materials such as vinyl flooring that look good and are in-demand from buyers.
Don’t forget about the exterior of your home and yard. Planting new flowers and shrubs or improving the landscaping around your house can help sell your homes for more money. If your budget is tight, the easiest way to spruce up your yard’s appearance is by cutting the lawn, and keeping the property neat.
Consider Hiring a Moving Service
Consider hiring a moving service instead of trying to do everything yourself. As we age, there is an increased risk of injury or falls when packing, moving boxes and furniture. A good moving service can assist by looking after everything from packing boxes and storage to moving you out and in on the day. If your budget doesn’t give you the option for full service, then seek out willing family members who can help, as a cost-effective option.
Patience is Key
While it’s true that many home sellers have received offers for their homes within days or a week of it going on the market, this is not always the case. As mentioned above, planning and enlisting the help of a knowledgeable salesperson will help you better understand the current market. Selling a house can be a process that takes time, so remember to be patient and considerate of the professionals who are helping you sell. You never know when the right buyer will come along and offer you exactly what you want, so be patient and keep the big picture in mind.
Update Your Address and Information
Sometimes we forget to do things in the flurry of activity that surrounds a move. One of the most important things to keep in mind is to update your address and personal information when you move. Contact the post office and get your mail forwarded to your new address. Be sure to notify relevant government entities as well as utilities, phone, cable, internet and insurance. Also don’t forget to tell your family and friends about your change of address!
To learn more about how an SRES® Seniors Real Estate Specialist® can assist you please click the link below to view brochure.
