Why are so many Seniors undecided about downsizing ?

By
Real Estate Agent with RE/MAX Centre Realtors
http://actvra.in/zRD

I had over 30 open houses in active adult community in last 12 months. They were all well attended. It was always a pleasure to have an open house as I got to meet some wonderful people and chat with them about their needs and their concerns about moving.

Many of them gave me their telephone numbers and email addresses for information about senior communities. You would think I had a lot of sales from these people but I am sorry to say that it is not so. However I have atleast 10 people who are still considering a move. Some of them have their homes listed for sale in other states.

Here are top five reasons seniors are still undecided about downsizing.

1. Size of home.  Most of them have lived in their homes for decades and the thought of getting rid of furniture and other items so that they can buy a smaller home is daunting. I had people who said they have a 4 bedroom, home with garage and basement and the only thing they might give up is one of the bedrooms. They still want a basement and den .

The only drawback with one of my listings was that there was no basement. Many seniors just do not want to give away any of their furniture or belongings with sentimental value .

2. Location of home. Another concern people have when they decide to move is to decide the State or city they would want to move to. They may like to move to warmer climate with milder winters because of health reasons but they may be scared to move far from family and friends . They do not want to move far from their doctors if they have health issues. They are concerned about finding good doctors when they move.

3. Should they live with their children ? Some seniors debate  whether they should buy a home with inlaw suite so that their children can live with them. They can thus be close to grandchildren and their children. But again the thought of giving up some of the independendence when they live in the same house is cause for concern.

4. Should they sell first or buy first ? Seniors do not want to get a mortgage on their new home. They do not like the thought of a 30 or even 15 year mortgage. They want to pay cash after they sell their home. They do not know whether they should list their home and wait till it sells or look for homes and then list their home. I receive calls from seniors asking if I have any rentals for seniors because they are afraid they will have no where to go if their home that is already on the market sells. They have their own agent but they find my name on the internet as a Senior  Real Estate specialist and call me. Unfortunately there aren't many homes available for rent in my area in senior communities.

5. Budget . Many seniors have lived in their homes for long and their taxes are low. When they look at newer homes in senior communities they find that they will pay a considerable amount for association dues and taxes. It would be helpful if they can turn to a financial adviser who can check their budget and show them the benefits if they can afford it.

          We should respect their concerns and not push them into buying a home. Patience is a virtue especially when working with seniors. They have genuine fears and concerns . We should show empathy and listen to their needs.

If you are a senior looking for information about active adult communities in the area or would like a free market evaluation of your home call Gita Bantwal at Re/Max Centre 2153438200x124 or 215-275-8491 cell

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When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

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Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Dana Smithers 05/11/2012 01:59 PM
  2. Gene Riemenschneider 05/13/2012 10:34 PM
  3. Winston Heverly 10/25/2012 09:05 PM
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Topic:
Real Estate General Information
Location:
Pennsylvania
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RE/MAX Active Rain Bloggers
Seniors Real Estate Specialists
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Rainmaker
1,751,268
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Jark, If anyone is relocating to your area I will mention your name.

July 05, 2012 03:22 AM
Rainmaker
508,988
Wayne Johnson
San Antonio REALTOR, San Antonio Homes For Sale
Coldwell Banker D'Ann Harper REALTORS®
Gita, I think you hit all the major considerations that many seniors have as they consider downsizing. Not wanting to give away things seems to be high on many lists.
October 25, 2012 09:11 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Gita:  Besides the five excellent reasons you've given in your post, I am suggesting that an elderly seller is often so very attached to their home emotionally that they simply cannot let it go.  This is especially true if they have been in that home for many years, and raised their family there.

October 25, 2012 09:17 PM
Rainmaker
1,054,979
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

I bought my perfect DOWNSIZED home 9 years ago as a rental property and have slowly up graded it for my own use between tenants...IF and WHEN I want "less" home, I'm ready 

October 26, 2012 03:10 AM
Rainmaker
1,751,268
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Wayne, I can understand the sentimental reasons for this.

Karen Anne, I agree.

Wallace, That is a great idea.

October 26, 2012 04:03 AM
Anonymous
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Rainmaker
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Gita Bantwal

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
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