Retirement in the 21st century resembles little of the bygone days. There was a time that charting the course for retirement typically involved moving to a community in a region conducive to an aging population. These communities that boomed in the past are now only one of many options. Seniors are more active and vibrant than ever before, and retirement is now the second chapter of life. Today’s seniors are influential, involved in the community and vital to society. Baby boomers (born 1946-1964) will be one of the largest demographic groups to enter their senior years in the next two decades. They are aptly described as the “silver tsunami” and will be a mighty force to be reckoned with. These boomers have shaped the world we know today and will continue to shape the future. No longer are their choices limited to moving in with family, care homes, or waiting for a spot at a nursing facility. These seniors maintain an active and healthy lifestyle and are taking charge of their lives.
With the advanced technology of non-invasive monitoring systems, age-in-place design options, alternative living arrangements like collaborative living between seniors and college students, seniors can customize their lifestyle. No one plans on a sedentary lifestyle associated with aging. Watch for innovative and creative ideas to facilitate independent living with security and safety as a top priority. As seniors consider lifestyle options for their second phase of life, the sale of their home will be a key component to financing the fashion of new living spaces. The trends and features desired in a home by the younger generation are unlike any of the previous generations. What a “home” means is entirely different for a millennial as opposed to a baby boomer. Functionality, carbon footprint and energy conservation are at the top of a millennial’s list. So when marketing your home to sell, an old approach may not work. As waves of retirees move out of their homes, an influx of properties will hit the market. How will you gain the edge in this competitive market and have your house stand out?
Below are 5 tips to market your home:
- Work with an accredited Senior Real Estate Specialist (SRES). SRES agents are familiar with the unique challenges of retirement planning. An experienced Senior Real Estate Specialist can advise and coordinate to avoid common pitfalls and assist with a strategy for the desired outcome.
- Market your home to the trends of today’s marketplace. As family size diminishes, large homes with numerous bedrooms will overwhelm new buyers. Traditional energy-gobbling homes will be relegated to the “no” list. A good agent will provide creative ideas to market a large home for extended family living as an “alternative living arrangement” home, and energy conservation features will put your property at the top of the list.
- Consult your estate attorney and CPA, and work in conjunction with an SRES agent to best structure the sale or purchase of real estate. When the key people are collaborating, it makes for fewer surprises!
- Determine who will be involved in decision-making. Will decisions involve your adult children? Set realistic expectations and communicate with all those involved.
- If a will or trust has not been created, now is the time. Prior to putting your home up for sale, seek professional advice to avoid tax pitfalls, and take necessary actions. This way, your wishes and bequests will be honored. And remember that in the absence of a will or trust, matters may have to be handled by a third party. Want more great information like this? Visit the Tips for Buyers & Sellers channel on BHGRELife.
Annie Kim has been a REALTOR®/Associate with Better Homes and Gardens Real Estate Advantage Realty on the island of Oahu since 2006. As a Senior Real Estate Specialist, she derives great satisfaction from guiding senior clients through this pivotal phase of life. Her commitment is to be there for their milestones. She is honored to have been voted First Place as “Hawaii’s Best” Real Estate Agent in 2017 by Honolulu Star-Advertiser readers. In the past 3 years, she has also been recognized as a top producing agent in the Better Homes and Gardens® Real Estate network nationwide.
