Many downsizers will need to both sell and purchase real estate as a part of their home transition. The real estate portion of the process often carries great significance, as retirees, seniors, and downsizers look for an appropriate (and exciting, we hope!) new residence, and also recoup their investment on their larger homes.
As downsizing experts, we know that choosing the right real estate professional can have a huge impact on the overall downsizing experience. That’s why we often partner with local Realtors who understand their role in a downsizing move.
The Realtor's Role in Downsizing
The transfer of real estate is a complex transaction that requires a great deal of documentation and verification to ensure a legally sound transaction. Even though plenty of people “dabble” in real estate, it’s a difficult job that requires knowledge of real estate law, strong negotiation skills, work ethic, communication skills, local knowledge, and a deep network of support businesses.
This may seem obvious, but the realtor’s role in a downsizing move is to represent your interests in a real estate transaction! It always helps to hire real estate professionals who specialize in downsizers and seniors, because they are most likely to anticipate your needs correctly. But at the end of the day, the Realtor you choose should be highly experienced in their core business: real estate!
If you’re purchasing a new home to move into, you’ll obviously need a Realtor very early in the downsizing process. The choice of your next home is an important one, and you’ll need an experienced negotiator to make sure that:
- All of your criteria are met.
- You are paying a fair price.
- You secure any additional terms that benefit you, such as your preferred closing and move-in date.
If you are moving locally, you may choose to use the same professional for both your purchase and your sale, but if you’re venturing out of your current area, we always recommend a buyer’s agent who is very familiar with your target area.
When it’s time to sell your current home, additional qualifications come into play. You’ll rely on your listing agent to:
- Make well-informed price recommendations.
- Employ strong marketing techniques to promote your home to the most buyers.
- Oversee resolution of the home inspection, appraisal, and other contingencies to provide a clear path to closing.
Whether you’re selling, buying, or both, your Realtor will
- Handle mandatory disclosures and reports as required by law.
- Clearly communicate all of your obligations and responsibilities.
- Execute legally sound contracts.
- Provide a net sheet that accurately explains the anticipated costs of selling and buying.
Wherever your transition plans take you, you’ll want to be sure you find the next home of your dreams, get top dollar for your current home, and complete the deal without surprises or setbacks. That’s why we encourage our clients to do their homework to find the most experienced real estate professional possible to protect and advance their interests.