When should Seniors Sell Their Homes? Are you in great shape but are getting tired of maintaining a large home or estate? I specialize in assisting Main Line senior and retiring sellers and while many of the home sellers on The Main Line in areas like Villanova or Gladwyne have estate plans in place, for others who are uncertain which heir will inherit an estate, a sale seems inevitable. Emotions tend to run quite high in these transactions so a non bias third party realtor makes a lot of difference. However, if you are in the initial stages of considering selling, here are some considerations. First, consider the market. Sellers on The Main Line currently are seeing almost 20% increases in equity in the last two years and while the market it cooling it is an excellent time to sell your home. Especially if you are like many seniors who own their own in full.
Another consideration, assisted living facilities and retirement homes start at about 4,300 according to Senior Living.org, and those are baseline prices. The assisted living facilities on The Main Line are often more like country clubs with incredible amenities and care that are far beyond that starting point. For these reasons, you should budget how far in advance you should sell your home to retain the highest quality of life at the facility of your choice. Next, plan your move with your family, an estate agent, and an attorney. It is not pleasant to discuss the next phase of planning, for anyone, but the sooner you have these plans in place, the sooner you start living more of your life! There are a number of resources I have at my disposal and recommendations that I would be happy to share with you below and on my website. When you determine your finances and the level of care you will require, enlist the expertise of a reputable listing agent in your area. It is critically important that you choose an agent who has experience in helping seniors downsize as there are steps that will be required in your move, that will not apply to a move in a different time in life. Additionally, the agent must have excellent knowledge of your neighborhood and what the current home values are. If you have your plan and your approximate date to sell, contacting a realtor a month early is not a bad decision because staging and home clearing will need to take place prior. Lastly, you will need an agent who understands the correct pricing of homes so that they will be sold in a short period of time and for the best value. Listing high in the long run loses money and causes headaches for all involved. It is a sellers market on The Main Line and experts believe that while the market has cooled slightly, there are still gains to be made in the next six months. If you are considering taking these next steps or you are helping someone you love take these next steps, do not hesitate to reach out to me.
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