In a recent financial survey comparing the concerns of retirees and pre-retirees, 32% of Americans stated they were concerned with their ability to pay their rent or mortgage. While many seniors wish to age in place, this is not always the reality of retirement. With many seniors unable to maintain the financial or physical upkeep of their homes, it’s time to start looking at housing options for the next phase of life.
While planning for selling or buying a house later in life has special considerations, utilizing a Senior Real Estate Specialist (SRES) eases the stress and streamlines the buying and selling process. An SRES is a professional designated by the National Association of Realtors, who has proven they understand the specific needs of maturing Americans when selling or buying residential properties. Choosing to utilize a professional is the first step toward a successful selling or buying process. Here are some ways an SRES can help with the selling and buying process.
Senior Real Estate Marketing and Strategy
The real estate market and demographics of buyers and sellers have gone through its own shifts. An experienced senior real estate specialist knows the risks and concerns seniors face in selling and buying at this phase of life. An experienced SRES uses the current market value of the home for figuring out the best sales price. The agent will explain the contrast between the listed price and the final sales price, so the senior and family members know how much cash is coming from the final transaction.
In most cases, a home is the most valuable asset purchased over a lifetime. Seniors have invested time and money caring for it. The home’s return on investment can be put toward taking care of the senior. Using the senior real estate professionals from Long Term Living Association ensures there is enough equity from the sale of the current home to be put into savings for other retirement costs later on.
Senior Living Options
An SRES can offer insight and suggest housing options best fit for the senior’s lifestyle. Downsizing the current home for a smaller, more affordable or maintenance free single family home or condo is one option. Many retirees move from homes with several bedrooms to a home with one or two bedrooms, or move into ranch style homes for easier mobility. Moving from a home to an apartment is another way to save money since housing expenses will be lower overall.
Active adult communities are ideal for active adults over the age of 55 looking to live a maintenance free, active lifestyle. These communities often have onsite activities and feature a variety of housing options.
If a senior needs assisted care, a Senior Real Estate specialist can provide information on Independent living and assisted living communities within the senior’s desired neighborhood and preferences. With many communities revamping their housing options, there are ample choices for seniors. Some communities offer freestanding homes or apartments with common areas for group activities, while others consist of studios and one or two bedrooms with modern kitchens, ample storage space and WIFI connections.
Closing the Deal
Selling a family home is an emotional time. A senior real estate specialist relieves the pressure by guiding the senior through the sales negotiations and closing transactions. As the closing date approaches, the SRES is ready to respond to changing demands or circumstances preventing any delays. They understand the pre-closing worries and take every precaution to ensure a successful close on time. Assisting in the transition from one residence to another includes:
- Recommendations for staging and relocation services, when selling or buying a home.
- References of bonded home inspection companies.
- Access to legal, financial and management planning experts.
Seniors looking to downsize or in need of selling the family home due to financial limitations need to meet with a SRES. By reviewing the senior’s current situation, they can offer expert opinions and offer options to fit their needs. Long Term Living Association takes the stress out of your aging and longevity issues by creating a tailored plan for your retirement needs. Contact us today to learn more about how LTLA can help you plan for the future now.
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