Retirees: Why Downsizing Could Be a Great Decision

If you're a baby boomer who's close to retirement or already retired, it may be time to sell your home. With current home prices at an all-time high and multiple buyers competing for properties, our REALTORS® are witnessing a seller's market that's booming. Downsizing right now may be a great decision for your golden years.

In Nassau and Suffolk counties, home sales are competitive. Buyers are flooding the market looking for properties that suit their lifestyle and finances. According to the National Association of Realtors, the median price for all types of homes has jumped 14.6% from prices just one year ago, especially in the suburbs where low inventory is pushing prices up even higher. If retirement is on the horizon, selling your home could provide many benefits.

Selling Your Home

Selling your home in such a competitive market can actually save you money. With so many buyers looking for homes, you may save money on home repairs and upgrades. You don't need to do a major renovation to attract interested buyers, just concentrate on necessities.

• Check the Roof
  The roof is an important home feature that protects against inclement weather conditions and interior damages. Before listing your home, inspect your roof for damages such as cracked or missing shingles, water leaks, sun damage, rusted gutters, and signs of tree and insect damages. There's no need to replace your roof just because it's old.
  
  
• Check Mechanical Systems
  It's important to make sure major mechanical systems are working properly. This includes your heating and air conditioning system (HVAC), hot water heater, and all major appliances. Homebuyers are often hesitant to purchase a home with mechanical problems because repairs can be quite costly. If you have mechanical issues, some buyers will accept a home warranty at closing that covers the first year.
  
  
• Invest in Minor Upgrades
  Homebuyers place a lot of emphasis on a home's upkeep. If a home looks run down, buyers may assume the home has major unseen problems, as well as visible cosmetic problems. Before you list your home, spend some time and money on minor repairs and upgrades that buyers will notice. Waxing floors, shampooing carpets, painting walls and trim, and re-caulking sinks and tubs can make a big difference.
  
  
• Declutter Your House
  If you're approaching retirement, you may have lived in your current home for 20 or 30 years. You've likely accumulated a variety of household items that are filling your cabinets, closets, and storage areas. Homes that feel cluttered and unorganized can send potential buyers right out the door. To make sure your home feels comfortable and appealing, get rid of unwanted items, clean out cabinets and closets, replace worn-out rugs and window treatments, and give your home a good cleaning before you put it on the market.
  
  Selling your home may be a good way to fund your lifestyle during retirement. Downsizing to a smaller home may allow you to pay cash for the property and put some money aside for things you want to do such as decorating a new home, buying a new car or boat, visiting family and friends, exploring new hobbies, and traveling to favorite destinations.

If you're interested in Nassau County homes for sale or Suffolk County homes for sale, we can help you find available properties that fit your lifestyle and finances. Contact us to see how downsizing can create an easier, less stressful, and more enjoyable retirement.