Selling a home, especially for seniors, can be an emotional and complex process. Whether the decision stems from downsizing, moving to an assisted living community, or addressing economic security concerns, ensuring the home sells for its maximum value is crucial. Here’s how to achieve that, regardless of the home’s condition, without resorting to real estate investors who more often than not offer the best price.
Understanding the Motivation
Firstly, it’s essential to recognize why the sale is happening. Common reasons include:
Downsizing for seniors to a more manageable living space.
Transitioning to a senior apartment or assisted living community.
Financial necessities, where economic security for seniors becomes a priority.
Preparing for end of life scenarios and ensuring proper estate and financial planning.
Understanding the motivation helps tailor the selling strategy to meet specific needs and goals.
Essential Steps to Maximize Value
Home Repair and Maintenance
Minor Repairs: Focus on inexpensive but impactful fixes such as repairing leaky faucets, patching holes, and repainting walls. These improvements can significantly boost the home’s appeal.
Major Repairs: If the home has more significant issues like a damaged roof or outdated electrical systems, consider whether these repairs are financially feasible. Sometimes, the increased sale price can justify the investment.
Declutter and Depersonalize
Remove personal items and excess clutter to make the home appear more spacious and allow potential buyers to envision themselves living there. This is especially important in the context of downsizing for seniors, where a lifetime of accumulated belongings can overwhelm the space.
Professional Staging
Staging a home can increase its perceived value. Professional stagers know how to highlight a home’s strengths and downplay its weaknesses, making it more attractive to buyers.
Enhanced Curb Appeal
First impressions matter. Simple landscaping, fresh paint on the front door, and clean walkways can make a big difference.
Accurate Pricing
Setting the right price is crucial. Overpricing can lead to the home sitting unsold, while underpricing leaves money on the table. An experienced real estate agent specializing in senior moves can provide a Comparative Market Analysis (CMA) to determine a competitive price.
Senior-Specific Considerations
Elder Abuse and Scams
Unfortunately, seniors are often targets for scams. Be cautious of offers that seem too good to be true or pressure to sell quickly. Consulting a trusted senior advocate or involving family members in the process can provide an extra layer of protection.
Family Communication
Transparent and open communication with family members is vital. Involve them in the decision-making process to ensure that everyone’s concerns and wishes are addressed. This is especially important if the sale is part of end of life planning or to ensure economic security for seniors.
Aging in Place
For seniors who prefer to age in place rather than move to a senior living community or senior apartment community, the focus might be on making the home more livable rather than selling. However, if selling is the chosen route, emphasize the home’s potential for other seniors looking to age in place. We’re talking grab bars, walk in showers, better lighting, non slip flooring, and a main floor laundry.
Estate and Financial Planning
Ensure that all financial and legal aspects are in order. This includes updating wills, trusts, and other estate planning documents. Consulting with a financial planner or estate attorney can ensure that the proceeds from the home sale are managed effectively to support future needs.
Marketing Strategies
Professional Photography and Virtual Tours
High-quality photos and virtual tours can attract more buyers, especially those who may be relocating from other areas. Highlight the home’s best features and any recent upgrades or repairs.
Targeted Advertising
Focus on marketing strategies that reach the right audience. For example, advertising in publications and websites frequented by seniors or their families can attract buyers who appreciate the value of a well-maintained home suitable for aging in place.
Highlight Senior-Friendly Features
If the home has features that are particularly beneficial for seniors, such as a single-story layout, grab bars, or a walk-in shower, make sure these are highlighted in all marketing materials.
Open Houses
Hosting open houses can create a sense of urgency and competition among buyers. Ensure the home is in top condition and consider offering light refreshments to make visitors feel welcome.
Choosing the Right Real Estate Agent
Working with a real estate agent experienced in senior transitions can make a significant difference. They understand the unique needs and concerns of senior sellers and can provide valuable guidance throughout the process. Ensure the agent is knowledgeable about elder abuse prevention, can spot potential scams, and is sensitive to the emotional aspects of selling a longtime home. When interviewing agents, ask them for examples of the resources they have in place to provide a turnkey solution. Some of the best prepared real estate professionals have designations like Certified Seniors Real Estate Specialist™ (CHSP), Certified Downsizing Coach (CDC)™ and Certified Senior Advisor®(CSA). CSA’s are background checked every 3 years.
Conclusion
Selling a home, regardless of its condition, requires careful planning and strategic execution, especially for seniors. By addressing necessary repairs, staging effectively, pricing correctly, and marketing to the right audience, seniors can maximize their home’s sale value. Ensuring family communication, protecting against scams, and integrating estate and financial planning are essential to achieving a successful and beneficial sale. Remember, the goal is not just to sell the home but to do so in a way that best supports the senior’s next life stage.
In the St. Louis real estate market, understanding the choices of retirees is crucial. The Merrill Lynch-Age Wave report, “Home in Retirement: More Freedom, New Choices,” offers valuable data-driven insights. It reveals a significant shift in retirees’ housing preferences, with a focus on lifestyle-driven relocation rather than just downsizing.
Key Insights:
Renovation Trends: Retirees are increasingly focusing on home renovations to improve comfort and safety. This trend is driven by the desire to age in place comfortably, adapting their living spaces to suit changing mobility and health needs, as well as to accommodate visits from family and friends.
Financial Stability through Homeownership: The report indicates that home equity is a significant aspect of retirees’ financial security. Many retirees own their homes outright, providing a stable financial base and the possibility of leveraging this equity for additional income or security in retirement.
Community and Location Preferences: Retirees show a growing preference for living in age-specific communities or areas with desirable amenities and climates. This shift is influenced by the desire for social interaction with peers, access to health care and recreational activities, and the appeal of living in a more comfortable and suitable environment for their lifestyle needs.
At MORE, REALTORS®, we recognize the unique real estate needs of the senior market in St. Louis. Our team includes several agents specialized in this sector, having undergone extensive training to acquire specialized designations such as Certified Senior Advisor® (CSA), Seniors Real Estate Specialist® (SRES), Certified Senior Housing Professional, and Certified Downsizing Coach. These qualifications equip us to offer tailored services and advice to retirees, ensuring they make informed decisions that align with their lifestyle, comfort, and financial goals. Our expertise positions us as a trusted partner for seniors navigating the St. Louis real estate market.
For a complete understanding of these trends, the entire report is available for review.
What happens when you pair up Ted Gottlieb, Certified Senior Advisor® (CSA®) that’s a real estate broker with a real estate broker (me) that’s Smart Home Certified? You end up with solutions for older adults that allow them to live more efficiently, for longer, in their current home by increasing safety, security, accessibility and independence. Before I get to the Smart Stuff, let me explain what a CSA® is and how rare it is for a REALTOR® to also be a CSA®. Ted is the first, and only as of this article, in Missouri to achieve this.
A Certified Senior Advisor® (CSA®) is a professional who has obtained a credential demonstrating expertise in the issues and concerns that affect seniors. These professionals are trained to provide guidance and support to seniors and their families in a variety of areas, including healthcare, financial and estate planning, and housing. This is rigorous training that allows the recipient to be well-versed in the complex issues that seniors face while avoiding conflicts of interest.
So how do we use Smart Home technology to better serve seniors? Here are a few of the numerous benefits for seniors:
Safety and security: Smart home devices such as smart locks, cameras, and motion sensors can help seniors feel more secure in their homes by alerting them to potential security risks and allowing them to monitor their home remotely.
Comfort and convenience: Smart thermostats, lighting, and other devices can be programmed to adjust automatically to the user’s preferences, making it easier for seniors to stay comfortable and maintain their daily routines.
Accessibility: Smart Home technology can make it easier for seniors with mobility or vision impairments to control their home environment, such as using voice commands to turn on lights or adjust the thermostat.
Health monitoring: Smart home devices can track seniors’ vital signs, remind them to take medications, and even alert caregivers or emergency services in case of a medical emergency. There are even devices that will automatically dispense medications at a preset time of day.
Independence: By enabling seniors to control their home environment more easily, Smart Home technology can help them maintain their independence and stay in their own homes for longer.
Overall, Smart Home technology can be a valuable tool for seniors to enhance their safety, comfort, and quality of life. Trust and peace of mind matter so consider allowing the region’s first and only two brokers, with the specialized knowledge necessary, help your senior live smarter and more efficiently. If you’re not a senior, we can still help you prepare your current home for when you become a senior or get you into the right home now so you can live out your days more conveniently. The sooner you learn this technology the better. None of us are getting any younger…
Seniors don’t want to leave their homes.I can’t tell you how many times I’ve been told “I want to be carried out feet first”.
For most, the thought of selling the home is overwhelming – often paralyzing. Maybe it’s the memories, the years of accumulated “stuff”, lack of energy or the fear of what comes next. No matter the reason, just like you and me, older adults want to be where they feel safe. Enjoying their “independence” – when many times they are anything but.
So, it’s status quo until a life event happens – like the loss of a spouse, a fall, illness, a diagnosis. Still, many times the goal is to stay home, maybe with help (family member or paid companion) or not.
This took me a while to figure out. Frankly, when I decided to specialize in seniors real estate (2011), I didn’t know what I was getting myself into. I related well to older adults and wanted to differentiate myself from the thousands of other agents so this seemed like the right path. What I didn’t count on was overwhelming desire to stay put.
So I figured, if they are not ready to sell, why not help them stay put longer and safer. I earned an aging in place designation and promoted myself as the real estate agent who helped people stay in their homes longer. Brilliant! It didn’t help pay the bills, but boy did I sleep well at night. What I did come to appreciate was the seniors I met, helped, enjoyed, protected. I got paid in coffee, corn bread and good karma ….. and every so often I got to sell a home.
I learned some things along the way that you might find helpful: Older adults are chiefly concerned with maintaining control and their legacy (David Solie); Some family members are well intended while others are anything but; The equity in the home can be essential to someone’s care and legacy (so selling to that seemingly nice person who’s willing to pay cash and close fast rarely benefits the home owner or the neighbors); Not having an estate plan is more expensive than having one; Hiring a care manager is money well spent; Finding the right senior living community the first time matters, and so much more.
To the general public, I offer my older adult consulting and referral services without cost or obligation – really! To the licensed real estate professional, I offer my insight and mentorship, for the asking.
What I crave is that we honor our elders and treat them with the respect they so richly deserve.As the good books says, “love thy neighbor as thyself”.
As the look, size, price and location of homes we live in has changed over the years so the typical buyer of these homes. The best way to find out what the typical home buyer is like and what they are looking for in a home is to turn to the National Association of REALTORS (NAR) annual survey of Home Buyers and Sellers. Annually, NAR produces the results of the massive survey they conduct and just today they released the 2014 survey results which I will highlight below.
(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]
Who are the home buyers today?
33% were first- time buyers which is down significantly from the historical norm of 40% showing younger people (the millennial’s in particular) are not as interested in home ownership as their parents were at their age.
The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
The median income of first-time buyers was $68,300, $84,500 for all buyers and $95,000 for repeat home buyers.
Almost two-thirds (65%) were married couples.
24% bought a home because they had a desire to own a home, 9% purchased due to job relocation or move and 8% bought due to change in family situation or to be in a better area.
What are home buyers today buying?
16% bought a new home.
The typical home purchased was 20 years old, had 1,870 square feet with 3 bedrooms and 2 baths.
79% of the homes purchased were detached single-family homes.
13% of the people over 50 years of age bought a home in a senior housing development
How are buyers finding the homes they buy?
43% looked online for homes for sale as the first step in the process
92% used the internet in some way in their home search process
50% used a mobile website or app in their home search
98% used a real estate agent in their home search process
The typical buyer viewed 10 homes over a 10 week period
86% bought a home through a real estate agent or broker.
Ah, the reverse mortgage battle continues…Consumers Union says their risky and dangerous; RetireSafe, a grassroots organization that advocates on behalf of seniors says they provide financial independence to Seniors…so who’s right?
First off, I have to say that I personally feel reverse mortgages offer an excellent opportunity for seniors to live a better life, or get them through a tough financial period, by tapping the equity in their homes. I have written before about a friend of mine, Tom Carter, who has helped dozens of seniors over the years with reverse mortgages. Having said that, obviously, like almost everything in life, this is something that can be mis-applied or can be used in the wrong manner by low-life’s looking to scam a senior citizen. Continue reading “Are Reverse Mortgages Safe for Seniors?“
Reverse mortgages have become increasingly popular over the past few years with seniors that find themselves with a large amount of equity in their home, but short on cash, or struggling to pay for the upkeep of the home, property taxes, insurance or other living expenses. A reverse mortgage allows people in that situation to pull the equity from their home in a lump sum, monthly payments or just as they need it. Continue reading “New Rule Proposed to Protect Seniors Obtaining Reverse Mortgages“
The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity.
A HECM is a reverse mortgage that is insured by the FHA. It is designed to enable elderly homeowners (62 years or older) to borrow against the equity in their home without having to make monthly payments as is required with a traditional mortgage or home equity loan. Continue reading “HUD Announces Plans to Make Reverse Mortgages More Affordable“
Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since, in many cases, they have been in their homes for years, raised families and have a lifetime of memories in their home selling it to realize the equity out of it is usually not something they would consider.
As a result of its recent report on senior housing, EHOC announced on September 23, 2009, that it was filing 14 fair housing complaints against senior housing providers in the St. Loius area with the United States Department of Housing and Urban Development (HUD).
Complaints are being filed against the following senior communities in St. Louis County: Brentmoor Retirement Community; Mari De Villa; Pacific Place; The Fountains of West County; McKnight Place Assisted Living; National Healthcare Corporation (which has facilities in both St. Louis County and St. Charles County); The Rockwood; and Tesson Heights. Complaints were filed against the following St. Charles County communities: Twin Oaks Estate; Fairwinds at River’s Edge, National Healthcare Corporation (which has facilities in St. Louis County and St. Charles County), Park Place at Winghaven and Heritage of Hawk Ridge. EHOC also is filing complaints against several Illinois communities: The Fountains Communities (which includes The Bridges of Columbia and The Fountains of Granite City only) and Sycamore Village. Continue reading “EHOC Files Fair Housing Complaints Against 14 Senior Housing Providers in St. Louis area“
Missouri Online Real Estate, Inc. 3636 South Geyer Road - Suite 100, St Louis, MO 63127 314-414-6000 - Licensed Real Estate Broker in Missouri
The owner and authors this site are providing the information on this web site for general informational purposes only and make no representations, warranties (expressed or implied) or guarantees of any kind whatsoever, as to the accuracy or completeness of any information on this site or of any information found by following any link on this site. Furthermore, the owner and authors of this site will not be liable in any manner whatsoever for any errors or omissions in information on this site, nor for the availability of this information. Additionally the owner and authors of this site will not be liable for for any losses, injuries or damages in any way from the display or use of this information or as the result of following external links displayed on this site, or by responding to advertisements displayed, or contained, on this site
In using this site, users acknowledge and agree that the information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer.
All of the information on this site is provided as is, with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
This site contains external links to other sites not owned or controlled by the owner of this site, therefore the owner of this site does not control or guarantee in any manner the accuracy or relevancy of any information obtained through following such links. Links contained on this site are for users convenience and users should exercise extreme caution when following links. Including a link on this site does not constitute an endorsement of the site linked to or any views or opinions expressed on the site, products or services offered on outside sites or the companies or organizations that own and operate outside sites.
This site may accept payment for advertising, for displaying advertisements, through affiliate relationships with companies or may receive referral fees or commissions from companies as a result of recommending or referring people to a website. This site may also accept free product samples, free services, gift cards or cash to review a product or service. All paid and sponsored content may not always be identified as such. Any product claim, quote or other representation about a product or service should be verified with the manufacturer or provider.
First off, I have to say that I personally feel reverse mortgages offer an excellent opportunity for seniors to live a better life, or get them through a tough financial period, by tapping the equity in their homes. I have written before about a friend of mine, Tom Carter, who has helped dozens of seniors over the years with reverse mortgages. Having said that, obviously, like almost everything in life, this is something that can be mis-applied or can be used in the wrong manner by low-life’s looking to scam a senior citizen. 
