Changing situations and needs can lead people to wonder when should seniors sell their home. While this answer varies from person to person, there are some important aspects to consider. As a local Broker who enjoys working with seniors, here’s what I often discuss.

Changing Wants and Needs

Seniors may need to sell their homes due to health and mobility issues, lifestyle changes, or proximity to essential services and support networks. Sometimes their home is now larger than their current needs and also requires a lot of upkeep. Mobility issues may be preventing them from maintaining the home as they once did. For others, navigating stairs or remembering to perform certain tasks might be challenging. It may be time to consider downsizing to a smaller, more manageable home or moving in with a family member.

Some seniors may want to improve their quality of life. Living in a more supportive community can be a great solution. It’s important to prevent social isolation and loneliness. Fortunately, there are organizations, programs, and facilities that can help (see links below).

Those with health issues may need to move closer to medical services or into an assisted living facility. These welcoming communities provide independence and support, offering a range of amenities, services, and activities. Additionally, there are residences with more advanced care. Bainbridge Senior Living offers a range of options, including independent living, assisted living, and memory care.

Readiness and Financial Situations

Asking when should seniors sell their home really depends on each individual. Moving can evoke a range of emotions. Our homes hold pieces of our lives and memories to treasure. Therefore, this must be addressed thoughtfully and with care. If possible, discuss this with family, friends, and your advisor team before issues arise.

Sometimes a move is prompted by potential medical costs and long-term care needs. You may be able to rent out the home with the assistance of a local team, such as Windermere Property Management. However, it may be more beneficial to sell the home instead. Going through this financial calculation exercise with a trusted Broker can give you a better sense of what’s right for you. As a Windermere Bainbridge Island Broker, I offer expertise in this area and have established partnerships with local repair professionals, home organizers, movers, and other service providers. I can connect you with the right people to take the next step in your journey.

When Should Seniors Sell Their Home Regarding Market Conditions

When it comes to the dynamic, ever-changing market, I advise people not to try to “time the market”. Instead, embrace the current market when the timing is right for you. A surfing analogy is a good fit for my philosophy.  Some days the waves are bigger. Some days they are smaller. When surfing, you have to ride the waves that are presented to you and not sit on your board and wait for the “perfect wave”. Also, helping people calculate and focus on the “Net” of a sale is a great exercise I like to walk people through – using today’s market data (ie: today’s wave size). I also explore alternative options with clients to help them achieve their goals. 

Note: “Net” is the amount a Seller receives after the close of a property sale and all sales expenses, loans, and other costs have been paid.

What to Look for in a Seller’s Agent

It’s best to choose a Broker with local expertise. They’ll have knowledge of the current inventory, local trends, and buyer needs and wants. Additionally, they should have a strong network of other professionals needed to sell your home. For instance, they can recommend local lenders, home inspectors, and stagers. Real estate is also a personal business built on integrity and trust. It is not just something to be replaced by technology. Guidance, strategy, communication, strong relationships, and judgment are all involved.

In addition to being skilled and well-connected, a great seller’s agent should be patient, empathetic, a good listener, and an experienced negotiator. Ideally, your agent should have a strong “protector” instinct, working tirelessly to get you the most out of your housing investment. It’s also beneficial to ask an agent you’re thinking of working with if their brokerage offers any programs that may assist you. For example, as a Windermere Broker, I know many sellers have benefited from the Windermere Ready program. This program offers a loan of up to $100,000 to make strategic updates and repairs, and to expertly stage your home before listing it.

If you’re preparing your home for the market, check out my top 10 rules of real estate transactions. If you have any questions or if I can be of service, please don’t hesitate to reach out.

This guest post was written by Ben Hoover, a Windermere Bainbridge Island Broker, with whom we’ve proudly partnered. Ben’s professional experience in real estate, property management, and construction began in 1994. He serves Bainbridge Island and the greater Puget Sound region.