"Quick
Sales Challenging for Seniors" and more
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Posted: 03 Oct 2013 04:00 AM
PDT
Today we are honored to
have Nikki Buckelew, the Founder and CEO of the Seniors Real Estate
Institute, as our guest blogger. Nikki is considered a leading
authority on seniors real estate and housing. - The KCM Crew
Sold in 3 days! We must
admit, this is music to a real estate agents ears. Unfortunately, however,
this can present some significant challenges for senior sellers.
According to NAR, 1 in 4 home
sales involve a senior adult over the age of 65, and as many as 1 in 14
involve sellers over the age of 75. Many of the sellers in this demographic
have lived in their home for forty years or more. Not only does this mean
they have they accumulated years of “stuff,” but it also means that they have
developed an emotional attachment to the place that they call home.
Selling isn’t as easy as
REALTORS® might assume.
“Making a move in your 80’s isn’t as easy as people seem to
think,” remarked Louise, a new resident at Fox Run Estates in Arlington, TX.
“Getting a contract so fast and being expected to just pack and move in 30
days is overwhelming.”
As much as real estate
professionals love a fast sale, they must always be aware of the challenges
such a rapid pace can present to senior home sellers.
There are two distinct
challenges that long-time home owners face as they place their homes on the
market.
1.
Liquidation of many years of personal belongings.
2.
Emotionally letting go of the place they call home.
While most home sellers just
pack their things and load them into a truck to be delivered to their next
destination, most senior sellers are faced with liquidating much of their
home before downsizing. This means a sometimes arduous process of sorting
through years of personal effects culminating in a one or two day estate sale
where everything is liquidated.
As exhausting and
overwhelming as the physical aspects of a late-in-life move can be, the
emotional side of the move can be equally if not more taxing. Not all, but
many older adults report that emotionally letting go of their home is the
hardest thing they have ever done -- even harder than dealing with the death
of a spouse.
Real estate professionals
have a unique opportunity to make a positive difference in the lives of older
adults as they assist with late-in-life moves, but it requires an approach
very different than what is often taught in real estate sales classes.
Here are a few things
that real estate agents can do to make this process easier for seniors:
§ Slow down and allow
extra time to discuss concerns, fears, and questions.
§ Be prepared for
complex timelines involving estate sales and retirement community moves.
§ Appreciate the
emotional aspects of the move.
§ Anticipate potential
obstacles and communicate solutions -- no surprises.
§ Offer support and
resources to assist with both the physical and emotional tasks.
Unlike the short sale and REO
markets, the seniors real estate market isn’t ending anytime in the near
future. In fact, it’s going to be “the market of the moment” for years to
come. And just as real estate professionals and brokers prepared and equipped
themselves to deal with distress properties and upside down sellers, they
also need to prepare for the senior tsunami and the effects it will have on
the real estate market going forward.
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Posted: 02 Oct 2013 10:18 AM
PDT
For all those concerned, here
is NAR's information on how the government shutdown may impact real
estate:
Hope this helps.
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