2021 Guide to Downsizing on The Main Line PA lists the considerations and factors of buying and selling in todays market. Are you thinking about downsizing your home? If you are and are wondering where to begin with the process then this video is for you, listen up!
Downsizing can be a very overwhelming process, emotionally, physically and mentally. The reason may be finances, health issues, or a desire to simplify your lifestyle. But making the transition can bring a host of emotions: sadness, grief, stress, anxiety and/or excitement. Talking with a trusted real estate agent early on in the process can help streamline the process and can save you time and money.
A common mistake when downsizing is waiting to long to make the decision. A lot of people hesitate to leave behind their home and move on. But beware; putting off downsizing for too long will make the process harder than it has to be. Many people wind up downsizing after a severe illness, the death of a spouse or possibly divorce. Can you think of any time worse for a move? Talk about already having enough stress in your life as it is. If downsizing is something you are seriously considering, try to get it done when it is still a reasonable—not overwhelming—challenge.
Another issue is not planning thoroughly. There’s a lot of different tasks to consider. You are going to need to sell your current home and purchase another. That means finding an agent, potentially hiring an attorney, researching locations/neighborhoods, possibly changing home types (single family to condo), getting rid of current possessions and possibly getting new possessions (furniture that will fit), and more. You can handle all of this, but don’t underestimate the work involved. This is where your trusted real estate agent comes in. Let your agent help guide your through this process. Use your agent as a resource and a “teammate” throughout this process.
One of the biggest reasons people want to downsize is to save money. And you can save money, lots of it! But cost savings is not a given just because you move to a different home, even if it is a smaller home. There’s a lot to consider on the financial end of a real estate transaction. Talking with an agent up front and getting a good understanding of your home’s value and equity will help you decide if this is the best decision for you and help guide you into your future home. There’s a lot of questions that need to be answered before making such a huge financial decision and your agent can help with this.
One of the most important factors of selling your home is what is going on in the market in your area. Is it a buyer’s market, a seller’s market, what is the current inventory, what is the absorption rate? There are a lot of factors to consider when deciding to put your home on the market and an experienced agent will analyze this information and help you determine the right time, pricing, and strategy for listing your home. Your agent can help you find a new home or if it’s not in the area we can refer you to an agent who can help you in your home buying process. Communication between agents, attorneys, inspectors, lenders, and title companies is essential for a smooth transaction and having an agent who is great at communication is imperative for a great real estate transaction.
Downsizing your home can come with a lot of “details”. Let me help guide you through those details. If you found 2021 Guide to Downsizing on The Main Line PA helpful and would like to discuss this further feel free to reach out to me. Kimmy Rolph sells The Main Line and local Areas.