House prices in the United States increased the most year over year in the twelve months preceding July 2021, so if you’ve been thinking about selling your home to move into a senior living community, now might be a good time.
However, suppose you are a senior who has lived in the same property for many years. In that case, it is critical that you re-familiarize yourself with selling a house before embarking on a new chapter in your life. Here are some pointers.
1. Select The Proper Real Estate Professional
When it comes to selling a home as a senior, your requirements are typically different from those of a regular seller, so choosing the correct real estate agent for the task is critical.
Make confident that the specialist you employ to oversee the process is well-versed in the buying and selling habits of older individuals and is up to date on current market trends.
Finding a qualified real estate agent you can rely on can create a world of uniqueness in your selling point and help reduce the stress of the entire process by assisting you in preparing your home for listing.
To find a realtor who specializes in helping the elderly, use the Seniors Real Estate Specialist (SRES) website to search for someone who fits your needs.
2. Sell Over The Winter
You may not be able to control the weather, but you can control the season during which you sell. During the months of winter, prospective home buyers may be more motivated, serious, and, most importantly, ready to buy.
During the winter, you may also benefit from less competition. Between October and December 2020, 220,000 properties for sale were removed from the market.
If there is less inventory to choose from, buyers may be less eager to lower the price and pay closer to or above the asking price.
3. Set A General Timeline
Create a realistic timeline while you prepare to sell your property so that you can keep organized and have enough time to complete everything before closing.
This should include updating your home, making a listing, locating a new place to live, and moving. It is recommended that you begin arranging your move at least two months before the actual moving date.
4. Organize And “Stage” The Home
When you decide to start preparing your property for possible buyers, you should begin by sifting through your personal belongings and removing clutter.
You can consult with your real estate agent to evaluate how much staging — the act of adding decor, renting or moving furniture, and modifying a property to impress buyers — is appropriate for your home.
Because cleaning and staging might slow down getting photos of your property displayed online, you should begin as soon as possible.
Although some people decide against staging owing to the costs involved, it might enhance your chances of selling faster.
More than 80% of buyer’s agents indicated that stage made it simpler for buyers to see themselves living in the property, and 23% reported a 1% to 5% surge in the offer price compared to similar homes that were not staged.
5. Determine Whether Or Not Your Home Requires Any Renovations
Again, because your real estate agent will be aware of what local buyers are looking for, this is a perfect chance for them to step in and provide sound advice.
If you’re only going to break even on the selling price, remodeling isn’t always worth the time and effort. A fresh coat of paint, new flooring, and a spruced-up landscape might sometimes be enough to entice potential buyers.
6. Gather All Of The Paperwork Needed For The Closing
To expedite the closing process, prepare and organize all necessary documentation for your home before receiving an offer. The last thing you want to do is make the buyers wait while searching for records.
You may need the following documents:
- Purchase agreement from the start
- Documentation for a mortgage
- Records of homeowner’s insurance Records of taxation
- A home inspection report is a document that summarizes the findings of a house examination.
- contract for listing
Moving to a senior living community does not have to be as challenging as selling a home. Here are a few pointers to help you adjust to aging life.