Selling your home in retirement used to be the norm, but that’s no longer the case. The majority of seniors (56%) surveyed by Fannie Mae last year said they never plan to sell their homes, while less than one in five (17%) said they’ve already sold or plan to sell. If you fall into the latter group, there are many things to consider before putting your home up for sale.
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Most of those things apply to any home seller, regardless of their age. But a couple are especially applicable to retirees. Here are four things you should do now if you’re retired and plan to sell your home in 2025.
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Research Local Market Trends
You’re probably familiar with the real estate adage that it’s all about “location, location, location.” Sure, it sounds like a cliché — but it’s also true. The price you ultimately get on your home is greatly influenced by comparable prices of similar homes in your area.
Nikki Beauchamp, an associate broker at Sotheby’s International Realty in New York, recommended assessing the homes yours will compete with and determining which upgrade and repair investments make the most sense. Because many retirees have limited budgets, you might need to rethink your listing price if your finances don’t allow for improvements.
“You might know that your home needs a new kitchen and bathrooms, but you don’t have the liquidity to invest,” Beauchamp told GOBankingRates. “In this case, adjust the price accordingly. At minimum, I generally recommend that clients freshly paint and deep clean their homes.”
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Learn What Appeals to Modern Homebuyers
In addition to ensuring that your home is competitive with others in your area, you should find out what modern homebuyers value. This might take a little extra research for retirees who’ve been living in the same home for decades and haven’t kept up with shifting home trends.
For example, the trend toward smaller families means large homes with multiple bedrooms might “overwhelm new buyers,” according to a blog from Steinborn & Associates, a New Mexico-based real estate and property management firm.
“Traditional energy-gobbling homes will be relegated to the ‘no’ list,” the blog noted. “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.”
Find a Real Estate Agent
Hiring a licensed real estate agent greatly enhances your odds of selling your home for the right price because of the connections and market knowledge they bring to the table. Agents also help schedule necessary inspections and other appointments, according to a blog from Village on the Green, a retirement community in Longwood, Florida.
Here are some other advantages of hiring an agent:
- They suggest needed upgrades and repairs and put you in touch with the best local contractors. Depending on your home’s condition, these improvements could range from minor touch-ups to major renovations.
- They list your home in a way that maximizes its marketability and customer reach.
- They organize and host open houses.
- They help with paperwork and walk you through various closing costs, legal fees and tax implications.
Put Together a Will or Trust
If you haven’t already created a will or trust, you’ll definitely want to do so before putting your home up for sale. Steinborn & Associates recommends seeking professional advice to avoid tax pitfalls and other problems.
Keep in mind that if you don’t have a will or trust, financial matters might have to be handled by a third party in the event that you can no longer handle your own affairs. This includes any profits from your home sale that you either put into financial accounts or toward the purchase of a new home.
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This article originally appeared on GOBankingRates.com: 4 Things You Need To Do Right Now If You Are Retired and Selling Your Home in 2025
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
