Why are so many Seniors undecided about downsizing ?
This is a really good post as it applies to home stagers as well. We come across many undecided older home sellers. Where negative emotions are more than the positive, we need to handle with care and let them take their time getting ready to move.
I had over 30 open houses in active adult community in last 12 months. They were all well attended. It was always a pleasure to have an open house as I got to meet some wonderful people and chat with them about their needs and their concerns about moving.
Many of them gave me their telephone numbers and email addresses for information about senior communities. You would think I had a lot of sales from these people but I am sorry to say that it is not so. However I have atleast 10 people who are still considering a move. Some of them have their homes listed for sale in other states.
Here are top five reasons seniors are still undecided about downsizing.
1. Size of home. Most of them have lived in their homes for decades and the thought of getting rid of furniture and other items so that they can buy a smaller home is daunting. I had people who said they have a 4 bedroom, home with garage and basement and the only thing they might give up is one of the bedrooms. They still want a basement and den .
The only drawback with one of my listings was that there was no basement. Many seniors just do not want to give away any of their furniture or belongings with sentimental value .
2. Location of home. Another concern people have when they decide to move is to decide the State or city they would want to move to. They may like to move to warmer climate with milder winters because of health reasons but they may be scared to move far from family and friends . They do not want to move far from their doctors if they have health issues. They are concerned about finding good doctors when they move.
3. Should they live with their children ? Some seniors debate whether they should buy a home with inlaw suite so that their children can live with them. They can thus be close to grandchildren and their children. But again the thought of giving up some of the independendence when they live in the same house is cause for concern.
4. Should they sell first or buy first ? Seniors do not want to get a mortgage on their new home. They do not like the thought of a 30 or even 15 year mortgage. They want to pay cash after they sell their home. They do not know whether they should list their home and wait till it sells or look for homes and then list their home. I receive calls from seniors asking if I have any rentals for seniors because they are afraid they will have no where to go if their home that is already on the market sells. They have their own agent but they find my name on the internet as a Senior Real Estate specialist and call me. Unfortunately there aren't many homes available for rent in my area in senior communities.
5. Budget . Many seniors have lived in their homes for long and their taxes are low. When they look at newer homes in senior communities they find that they will pay a considerable amount for association dues and taxes. It would be helpful if they can turn to a financial adviser who can check their budget and show them the benefits if they can afford it.
We should respect their concerns and not push them into buying a home. Patience is a virtue especially when working with seniors. They have genuine fears and concerns . We should show empathy and listen to their needs.
If you are a senior looking for information about active adult communities in the area or would like a free market evaluation of your home call Gita Bantwal at Re/Max Centre 2153438200x124 or 215-275-8491 cell
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.
IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG CLICK HERE OR EMAIL ME AT Gita01@aol.com
Comments(4)