Seniors encounter a wide variety of issues when they consider downsizing from their current home or relocating after retirement. Because of this, seniors should be prepared to research the real estate market carefully to make sure they've addressed all the issues and are making the best decisions.
Seniors face many real estate decisions that are different than younger home buyers and sellers. As many seniors reach the retirement age, they want to downsize and find real estate that does not require as much effort to keep up. However, this is not to say that all seniors want to move into assisted living or even a retirement community. There are many seniors who simply want a smaller home that is easier to manage. Staying close to family and friends is important to many seniors, while many move during their retirement years.
Many studies have been performed, and it appears that older seniors, those who are over 65 years of age, tend to be more conservative when it comes to retirement and their real estate. Younger seniors, those 50-64 tend to be a little more liberal in their buying and selling of real estate as well as relocating.
One of the biggest issues seniors face when entering the housing market again is that they have often lived in one home for a long period of time. In that situation, the senior will not be as up-to-date on the current state of the real estate market. Add the emotion of selling their family home on top of that, and you have a buyer or seller in a very unique situation.
Another issue that seniors often deal with is that they have a great deal of equity in their home, but little cash flow. Often, the best thing to do in this situation is to sell the home, invest in a smaller home, and use the resulting proceeds to enjoy life throughout retirement.
If you're considering a move to downsize or relocate after retirement, please let us know if you have questions, or if we can assist you in any way.