What Seniors Should Know Before Selling Their Home
When it comes time to retire, your house may be one of your most important investments. As a result, selling your home after you are retired presents a different set of factors than when you were younger. To get as much out of your equity, whether you’re downsizing, buying in a new, larger place, or moving in with family, careful preparation is required.
Look for Senior Real Estate Services
It is important to hire services from a real estate agent that is familiar with the unique needs of seniors. Look for agents who are experienced and have undergone specialized training and certification programs that can help seniors with senior housing alternatives, knows the Housing for Older Persons Act, is aware of potential schemes and scams and is an expert dealing with the implications of these uniquely different financial transactions.
A professional senior real estate agent can advise you on proper sales decisions and recommend you to relevant professionals if necessary. Check your potential agent’s marketing materials or speak with her broker to confirm she has the necessary credentials and expertise working with senior clients.
Encircle Life offers Senior Real Estate Services to help seniors sell their homes without stress. Our real estate professionals will effectively prepare and advertise your senior’s house to achieve the most cost-effective and rewarding profits. Our major objective is for seniors to be able to use their investment to improve their future.
Find Out Your Home’s Current Value
Being unaware of your home’s current value may lead you to accept far less than your property is worth. You may also wait too long to accept a reasonable offer, mistakenly believing that a better one is just around the corner. Although it is reasonable to be unsure about the current worth of your property after living in it for many years, this is something you definitely need to find out.
Review the comparative market analysis, or CMA, offered by your real estate agent to determine the current price of your house so you don’t miss out on a sale. The CMA, generated from data in your region’s multiple listing service, has the most recent information on properties in your community that are similar to yours and have recently sold.
Consider the Benefits and Risks
As a senior, you should be aware of the risks and benefits of purchasing and selling a house at this stage in your life. Consult with your financial advisor about the consequences of these transactions.
A real estate transaction may have an influence on pensions, IRA accounts, Medicare, Medicaid, Social Security, and estate planning. Furthermore, if you want to purchase a new home in a retirement community, you may be eligible for benefits such as lower upfront fees and closing-cost assistance, depending on the community.
Keep Your Valuables In A Safe Place
Selling your house is an excellent opportunity to sort and go through your stuff. Decluttering is the term to describe the process of removing items, unnecessary furniture, and family portraits from your property before placing it on the market. Decluttering a home makes it appear more spacious and allows potential buyers to imagine their things in your place.
You may have kept a large collection of souvenirs over the years that you would like to sell, give away to family members, or donate. Make a list of things you need to do before relocating. Keep the items you want to keep in storage while the house is on the market. Valuables, prescriptions, and other personal goods should be stored in a secure location.
Listing on MLS
Another crucial aspect of marketing a home is listing it on MLS. It helps promote the property to all other Realtors who are members of the real estate board. The multiple listing service is a highly crucial strategy for gaining maximum exposure. It also provides access to the public through the public MLS site. Which is maintained by the real estate board and its members.
Encircle Life: Senior Real Estate Services
If the time comes that you need to sell your home after retiring & you have no idea where to begin or how to do it, seek professional guidance. Encircle Life will be here to guide you through the process of senior real estate and lessen your burden. Schedule a free consultation with one of Encircle’s Senior Transition Experts.
