9 Tips for Seniors Selling a Home

Selling a home is a big step in anyone’s life. For a senior who has lived in a home for many years, leaving behind the memories contained within those four walls can be even more difficult.

But creating a plan can ease some of the stress and pain that often accompanies selling a home, especially one that has been lived in for a very long time.

1. Plan ahead.

If  the move doesn’t have to be made immediately, planning will give you time to make any updates or repairs the home may need, make decisions about the items that you may or may not take with you, and give your real estate agent time to find a buyer that is right for your home.

2. Create a timeline.

What are the steps in the home-selling process? In what order are they to occur and how much time should be assigned to each task? Seniors and family members can and should work on this timeline together. The timeline and assignment responsibilities should cut down on the confusion of who is doing what to get ready for the sale.

However, you need to stay flexible, as your plans may change during the process. Review and update the timeline regularly to stay on top of the preparations.

3. Secure financial advice.

Many financial considerations come into play when selling a home. For example, tax rules can be complex. If you make a profit on the home sale, you can exclude some of the gain from your taxes. If you sell at a loss, you may or may not be able to deduct the loss from your taxes.

The last thing a senior, or anyone, wants to hear while selling their home is that finances will be a problem.

4. Find the “ideal” real estate agent for you.

Real estate agents help with home sales in a number of ways.

They provide local housing expertise, including what comparable homes in the neighborhood are selling for and what potential buyers are looking for. They also understand local housing codes and spot problem areas in your home and on your property that buyers and their home inspectors will find.

Your agent will market your listing, which includes taking and publishing photos of your home online; conduct open houses, and field calls and questions from potential buyers.

They will also handle help negotiations and make the selling process, including paperwork, easier.

Seniors and/or family members should consult friends and neighbors about potential agents. Also, ask the agents for references. When meeting an agent, he or she should ask about the senior’s goals from the sale, and answer all questions the senior or family may have before asking for a signature on a listing agreement.

5. Declutter.

Seniors who have lived in their homes for several years typically have probably collected a lot of items. Decisions will need to be made about what you will keep, give away, donate or discard.

Often seniors move to a smaller home than the one they are leaving, or may be entering an independent or assisted living community with less square footage than their current home. Senior communities can provide apartment maps which list the dimensions of each room. These maps will help determine what should be taken and what will not fit.

Family members can help through this sorting period, which can be emotionally painful for a senior. And taking home a set of mom’s dishes that she loves but can’t take with her will ease her distress.

If there is an overwhelming number of things to go through, consider breaking the tasks down room by room.

Remember that potential buyers will be trying to imagine how their items will look and fit in the home. This will be more difficult if there is a lot of clutter that interferes with their vision.

Also, reducing the number of items in a room may attract a buyer. The fireplace that had been blocked by plants again becomes an attractive center point of a room. The wainscoting hiding behind tables and chairs comes to light as a positive feature when more of it is revealed. 

6. Repair/Replace/Renew.

Buyers do not like to see several areas in a home in need of repair or renewal. They may be excited about moving into a new home, but not about repairing the leak in the bathroom faucet, painting dingy walls, or cutting down the hedges that have grown out of control. The repairs don’t have to be major ones to make a big difference.

Again, family members and friends can help with minor repairs.

Also, consider renting a storage locker to house furniture and other items from the home. This opens up some space in the house. And a new piece of furniture might be a nice visual touch. Younger family members and friends can help with packing and carrying items, and placing them in storage.

7. Some owners work with professional stagers.

Professional decorators called stagers can be hired to create a look that attracts buyers. Studies have shown that staged homes sell more quickly than those that have not been staged. However, the market for houses may not require staging to sell quickly.

Currently the real estate market is booming, with homes selling quickly, and sometimes well above the asking price.

Of course, selling a home at a high price may mean you will have to purchase a home at a high price. Even with the profit you will make from the sale, it could be difficult to find one within your budget.

COVID-19 has created a demand for houses in smaller, secondary cities and away from those in larger cities due to the work-from-home environment created by the coronavirus.

Consult with your real estate agent about the housing market in your area, and the market where you as the senior want to move (if it is not to a senior living community).

8. Sell the home as-is.

If the senior is under a tight time constraint to sell his or her home, options exist for selling the home as is. Companies buy houses for cash and are not concerned with the state they are in. This may be the easiest option, but it also means the owner won’t receive top dollar for the home.

9. Hire professional movers.

A reputable mover will pack and move your belongings carefully. As a result, the move will take much less time and effort on the part of the senior and family members (and will probably result in less breakage). If it takes more than a day for the move, have the essentials needed in the new home packed and moved first (clothes, utensils, dishes, flashlight, food, and medications, etc.).

Visit our blog to discover more resources for seniors in transition.