This specially-designated REALTOR can save the children of seniors a lot of time when their parents need to downsize
Many seniors who own homes eventually get to a point where their home no longer accommodates them as it was originally intended. They may no longer need the size of the home, be physically able to take care of the home or can afford the cost of maintaining the home. In too many cases, health challenges compress the time needed to plan for a housing transition, find a new home or other living arrangements and/or sell their current home.
The children of seniors will find there’s a plethora of resources, housing options and price points to consider, so finding a residence that is the perfect mix of warmth and proximity to health care providers and facilities while being functionally adequate for the challenges of aging means much time and effort is involved in considering all the options. Senior-specific financial and real estate considerations often must be handled by the children of seniors, while juggling their own careers and family life.
If your senior parent or other loved-one needs to downsize or find a residence better suited for them, a SRES®-designated REALTOR is best trained to handle your loved-one’s real estate needs. They can sift through the options and present them to your parents, saving you a lot of legwork and time.
Hilary Walker, a SRES®-designated REALTOR on the Atlanta Seniors Real Estate Team, says it best:
“The challenge is that ‘many children of baby boomers’ rarely have the time that is needed to gather all the necessary information about the services that would be helpful to their parent. This means the parent often remains in their ‘ineffective’ situation for longer. But also, connected to this, is that often the adult child is trying to show the parent that it may be best if they no longer live in the family home that has functional issues relating to the parents’ current health conditions. The other challenge is for the adult child to find and provide solid information to parents without making the parents feel as though their child is ‘babying’ them or trying to take over. Seniors Real Estate Specialists like me can help with all of this.”
To be experienced in serving this demographic, the REALTOR must pass the National Association of REALTORS-designed course. Earning the SRES® designation means the REALTOR specializes in the needs of clients aged 50 and over who are buying and selling real estate.
SRES®-designated REALTORS are knowledgeable about these things and will save you much time by handling them for you:
- Senior housing options and locations
- Move Management Coordinators
- Counseling strategies to help in life transition planning
- Remodel/Renovation contractors in case they wish to age in place
- Factors and trends in housing, retirement income and finance specific to those 50 and over
- Identifying and protecting seniors from finance, mortgage and loan scams that target this demographic
- Aware of Housing for Older Persons Act (HOPA), senior communities and housing restrictions
- Advisers for Home Equity Conversion Mortgages, Reverse mortgages, 401k accounts, IRAs and pensions as part of wealth management and to assist in real estate transactions
- Protecting a parent or senior loved-one from losing access to Medicaid, Medicare, VA or Social Security benefits when selling their real estate
Atlanta Seniors Real Estate Team provides holistic real estate services for the unique needs of seniors and their families. Contact a Seniors Real Estate Specialist today!
SRES® REALTORS also have partners in the Senior Care Market who help make the transition to a new home as easy as possible for all concerned. Kaye Ginsberg, founder of Peace of Mind Transitions, a full service seniors relocation partner, explains:
“Senior Move Managers take the stress out of moving. We work together with the senior and their family to decide which belongings will go to the new home, then work with them to manage what to do with the rest (sell, donate or dispose). We coordinate packing and moving and then completely unpack the new home; including hanging pictures and making the beds.”
Ginsberg said, “The first step is for the senior to identify what they will take with them and what they would like family members to have – and that’s the hard part. This is the first time in history that we have two generations downsizing at once – and none of the “children” want any of their parents’ belongings. Which means that many items like china, crystal and silver are not holding up in value for re-sale. Perhaps it would be better to focus on what I like to call ‘Doing Good While Downsizing’. Why not donate items to a local charity who will make sure your items go to people in need who will appreciate them?”
Ginsberg says it’s good to strategize early: “It’s never too early to start thinking about the future. Even if you’re not ready to move now, it is wise to know what your home is worth and what other housing options are available for you. And it is certainly never too early to start thinking about what you want to do with your lifetime accumulation of possessions.”
National Association of REALTORS. SRES
National Association of Senior Move Managers. Your Guide to Stress-Free Rightsizing and Relocation