Deciding to sell your home as a senior can seem a daunting task. And that is where we come in. The RE/MAX Royal Team Sachdeva Realty team specializes in working with seniors looking to sell their property, providing all-round support from start to finish during the sales process.
Whether it is getting a home appraisal or inspection done to assess your property’s market value to listing the property for sale, taking care of repairs or maintenance needs for your home, to ensuring that your home is showcased in the best way possible for prospective buyers, our team is here to help.
So, you have enjoyed the numerous benefits of living in a detached or semi-detached home and would now like to downsize to a smaller residence, such as a condo or an apartment, or even a seniors retirement facility. Here are some of the key things to keep in mind when you are considering making such a transition.
Housing is a major investment, use expert help to sell it
As we have said before, becoming a homeowner is one of the biggest expenses an individual or a family can undertake during their lifetime. When you decide to divest that investment, you should consult a licensed and experienced real estate professional who can offer sound advice on how best to navigate the sales process, earn top dollar for your home, and ensure that the sales process is quick and without unforeseen complications.
Most experienced real estate professionals are also able to share professional referrals for a range of support services that seniors need during this process, such as tax counseling, financial and estate planning, and a host of other services related to completing the sale and relocating to your new place of residence.
Research housing trends, conduct a Comparative Market Analysis (CMA)
Before you decide to formally commence the process of selling your home, which includes hiring a professional realtor,
it is important to conduct some informal market research on your own. This can include conducting a Comparative Market Analysis (CMA), which helps you understand how your property compares with other comparable homes in the neighborhood.
Creating an informal list of the best or most attractive features of your home, the portions that need repair, maintenance, or replacement, etc. a realistic assessment of your current financial needs and the aspects that you would need most help with, such as estate planning, legal services, etc. allows you to ask your realtor the right questions when you start working with one.
Determine the right price for your home
Conducting a thorough market research, whether independently or with the help of an experienced realtor, is important when you are ready to put your house on the market. Ask your realtor to help you understand the existing market dynamics, whether you are dealing with a seller’s or buyer’s market or a more balanced real-estate scenario. All of these factors will significantly inform the marketing strategy and sales outcome for your property.
Make sure you do not under-price or over-price your house. Arriving at the right listing price for your home will determine how many prospective buyers you are able to interest in purchasing your home. Once you have arrived at a final price, make sure you list your property on the Multiple Listing Service (MLS). This allows wider market access to your listing by numerous other realtors who are members of the real estate board, thus helping you cast a wider net for prospective buyers.
As always, please get in touch with us if you have any questions about selling or buying real estate in the Greater Toronto Area (GTA). We have over two decades of experience of working in the region and it would be our pleasure to assist you with your real estate needs.
Additional Resources
Ontario - A guide to programs and services for seniors
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