Latest Trends to Watch

The Baby Boomer generation represents the largest selling group at 43%. The main reasons behind their moves include: downsizing to a smaller home, retirement, being closer to family and/or friends.  Nationwide, 18% of home sellers/buyers aged 56 to 74 were focused on downsizing, according to generational trends tracked and analyzed by the National Association of Realtors.

Boomers have owned their home an average of about 15 years before selling. And 88.5% of Baby Boomers work with a Realtor and 96% use internet in their search for a new place.  The internet was especially useful for shoppers in being able to see photos of the properties and even do a virtual “walk through”.

The National Association of Realtors also highlights that the distance people are moving is on the rise. “Overall, buyers moved a median of 50 miles when relocating, the highest ever recorded and up significantly from 15 miles last year (2020 compared to 2021).

Younger generations moved shorter distances, with millennials each typically moving 15 miles away. Younger boomers moved the furthest (90 miles), followed by older boomers (60 miles) and the silent generation (50 miles).”

Moving Can Be Stressful

It is important to plan ahead for a move because it is a big change. And it can be stressful. In fact, recent research reports that 45% of respondents to a survey selected moving as their top stressor.

Following close behind is going through a relationship break up (44%), getting married (33%), having children (31%), starting your first job (28%), then career changes (27%).

So, preparing to sell your home can be both an exciting and challenging task. This is the case especially if you’re also retiring and have lived in your home for many years. In addition, it is quite likely that your house is your largest financial asset. And when the time comes to sell, you want to ensure you receive top dollar.

5 Tips For Planning Ahead

Here are helpful tips as you think about listing your home for sale in the current market.

1.Prioritize property maintenance

Even before you’re considering selling, regular maintenance is key to keeping your home in great condition. This includes cleaning rain gutters and siding, as well as inspecting and maintaining the condition of your roof, windows, and HVAC systems.

You may also wish to consider providing a one-year home warranty as part of the sale to give buyers peace of mind.

Overall, these things could make your property more attractive and make a potential home inspection process much smoother.

2.Make necessary repairs and updates

Consider having your home pre-inspected by a licensed expert.  Home Depot provides this comprehensive home inspection checklist online which can help you to start thinking about possible problem areas you’d want to address before listing your home.

Many buyers are looking for a home that is “move-in ready”. Even small repairs can make a big difference. It’s important to make any necessary repairs before listing your home.  Therefore, think about things like updating outdated fixtures, repairing leaky faucets, and replacing worn carpeting.

3.Update the kitchen and bath

It may be surprising but many buyers base their decision on kitchens and bathrooms alone. These parts of the home can be the most important areas to invest in for resale value. Look at your home from a buyer’s perspective.  Will they be able to envision themselves cooking and entertaining in the kitchen?  Is the bathroom up to date?

While a full remodel may not be in your budget for a home you are wanting to sell, there are things you can do.  Painting cabinets, installing new countertops, or purchasing updated appliances can go a long way in helping buyers see the potential of your home. Additionally, re-glazing the shower and taking care of floors in the bathrooms are cost-effective options that can have an immediate impact.

4.Have a professional stage your home

This one is our favorite recommendations.  And usually, it is also the most fun! People often underestimate how important it is for potential buyers to see themselves living in the space.

A professional home stager knows how to showcase your home’s positive features while minimizing its shortcomings. They can even provide suggestions on where to spend money to increase your return on investment.

A consultation with a stager can cost as little as a few hundred dollars, but has the potential of increasing your return by thousands. For example, rather than repainting a room, a stager can use a few accessories — and focus on decluttering — to improve the space and make it pop, saving you valuable money and time.

5.Hire a reputable real estate professional

As a professional real estate team, this is actually our first recommendation in the home selling process because the right agent can help with all of the above. We always tell people it’s never too early to reach out to an agent. They can assist with coordinating repairs and home updates, connecting clients with a stager and pre-listing inspections, among other home selling strategies.

When hiring an agent, make sure to look for someone with a track record of success in your area and ask for references.

A reputable agent should be knowledgeable about the local market, provide you with a comprehensive marketing plan, know how to connect you with insured and licensed vendors, and be responsive to your questions and concerns.

Moving is a big change for anyone.  Planning ahead and preparing for the move can go a long way in reducing stress and maximizing what you will gain in the sale.

 

Contributed by:

Sarah Forti is a lifetime resident of the Philadelphia and Main Line area with over 16 years of real estate experience and the founder of the Forti Homes, Keller Williams Devon-Wayne team.

She is a fierce advocate for her clients and a wealth of knowledge in all things real estate. She has represented hundreds of home buyers and sellers on their most valuable investment.  Sarah is a graduate of Villanova University, Sacred Heart in Bryn Mawr, and Rosemont School of the Holy Child.

In addition to having a passion for real estate, Sarah has four young sons who she loves to cheer on from the stands or the front row. She coaches youth basketball and volunteers at their schools, Culbertson Elementary and Devon Preparatory. Sarah and her husband, Domenic reside in her hometown of Newtown Square.

 

Gina Bourque is a licensed social worker turned real estate professional who specializes in helping and supporting individuals who are transitioning into their next phase of life by assisting them in finding their “right sized” home.

With 6 years of experience in healthcare (including time at Friends Life Care) and a year of experience in the real estate industry, she brings a unique perspective to her work and the Forti Homes team.

 

 

 

 

Friends Life Care  posts on the eMeetinghouse blog. as another way to share health, wellness and prevention information with aging adults.  Friends Life Care is a mission-driven Quaker value based nonprofit that — for some 35 years — has been helping seniors — especially Friends Life Care members — to thrive at home as they age.  If you are not yet a Friends Life Care member, connect with us and get the answers you need from one of our Plan Counselors on the benefits of joining.  

Membership is open to people aged 40 – 85, in reasonably good health who are residents of southeastern Pennsylvania or Delaware.