March 3, 2022

6 Things Seniors Should Know About Selling Their Home

About Brookdale Senior Living

U.S. house prices experienced the highest year-over-year increase in the twelve months prior to July 2021, so if you’ve been pondering selling your home to transition into a senior living community, now may be a good time. But if you’re a senior who has lived in the same home for many years, it’s important to re-familiarize yourself with the process of selling a house before you get ready to embark on a new chapter in life. Here are some tips.

Hire the Right Real Estate Professional

When you’re selling a house as a senior, your needs are often different than that of a typical seller — so it’s important to find the right real estate agent for the job. Make sure that the professional you hire to manage the process is well-versed in the buying and selling habits of older adults and knows the most recent trends for today’s market.

Finding a knowledgeable real estate agent you can trust can make a world of difference in your selling experience and help reduce the stress of the entire process as they help you prepare the listing for your home. To find a realtor who specifically serves seniors, try using the Seniors Real Estate Specialist (SRES) website to find someone who fits your needs.

Sell During the Winter

You might not be able to control the weather, but you can control the season you decide to sell. During the winter months, prospective homebuyers may be more motivated, serious — and best of all — ready to buy.

You may also have the benefit of having less competition during the winter downtime. With less inventory to choose from, buyers may be less likely to negotiate the price down and pay closer to or above the asking price.

Set a General Timeline

As you get ready to sell your home, create a realistic timeline so that you can stay organized and ensure enough time to get everything done before closing. This should include refreshing your home, creating the listing, finding a new residence and moving. It’s recommended that you start planning your move at least two months ahead of the date you’ll actually be moving.

Declutter and “Stage” the House

When you make the decision to start preparing your home for potential buyers, it’s important to start sorting through your personal items and removing clutter. You can work with your real estate agent to determine how much staging — the process of adding decor, renting or rearranging furniture and altering a home to impress buyers — they recommend for your home. Because cleaning and staging can bottleneck the process of getting pictures of your home listed online, you should get started as early as possible.

Although some people decide against staging due to the associated costs, it can help increase your odds of selling quicker. More than 80% of buyers’ agents said staging made it easier for a buyer to picture themselves living in the home, and 23% reported a 1% to 5% increase in a price offer compared to similar homes that were not staged.

Decide If You Need to Make Any Improvements to Your Home

Again, this is a great place for your real estate agent to step in and provide recommended guidance, since they’ll know what local buyers are looking for. Sometimes it isn’t worth the time and effort it takes to remodel if you’re only going to break even on the selling price. Sometimes a fresh coat of paint, new carpet and refreshed landscape are all you’ll need to impress potential buyers.

Gather the Necessary Paperwork to Close

Before you receive an offer, make sure to prep and organize all the essential documents associated with your home to help expedite the process when closing. The last thing you want to do is delay the buyers because you have to track down records.

Some of the documents that you may need include:

Original sale contract
Mortgage documents
Tax records
Homeowners insurance records
Home inspection report
Listing agreement
Deed

Selling a house can be a lot of work, but moving to a senior living community doesn’t have to be. Here are several tips to help ease into the transition of senior living.