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Should You Invest Money or Work Into Selling a Senior’s Property?

After I have completed the task of finding the perfect senior living option for a senior loved one, many of my clients are faced with selling the senior’s property. I have asked my colleague, Senior Real Estate Specialist (SRES) Roz Byrne, to offer advice on that subject:

It’s an age-old question, and as we age it gets even trickier to determine how much work or money we should put into our homes.

When it’s time to sell the family home, seniors’ homes tend to present themselves in one of three ways:

Nicely updated = 10% of seniors’ homes on the market
Maintained but not updated = 65% of seniors’ homes on the market
True rehabber specials = 25% of seniors’ homes on the market

There is a market for homes that have been maintained but not updated. Some buyers want to put in their own new kitchen, baths and paint colors into a home and prefer a home that is priced for that. Conversely, if you put in a new kitchen or bath it might not match the buyer’s taste.

True rehabber specials are desirable in the market now too. When the prices are increasing, a rehabber can buy the home and it is going up in value as they work on it. Rehabbers are businessmen and if you price correctly and expose your home on the general market, you may get them bidding against each other for your home.
No matter what the home’s condition, if you follow these three rules the home will sell:

1. Say what the home is with creative copywriting that appeals to the proper buyer.

2. Show what the home is with professional photos and a floor plan.

3. Price for what the home is with professional advice from a local Realtor that does a lot of business in your area so they’re qualified to give you advice.

If you follow the three rules above and make the property easily available to be viewed, the home will sell. For the majority of seniors’ homes, very little if any work/money needs to go into the home before listing it.
You’ve heard the old adage in real estate: location, location, location. That goes for your Realtor too. Any Realtor who says they can handle all of Chicagoland probably doesn’t do any of it too well. As a home seller, you’re best served by a Realtor who lives in your area and does a ton of business in your area. (The average Realtor sells only six homes a year – not enough to have a good knowledge base to advise you.) If you need a referral to a top performing local Realtor in your area, please contact:

Roz Byrne’s Referral Service
RE/MAX Retirees Specialist

This month’s guest writer is Roz Byrne from RE/MAX. For the last 15 years she has been a Realtor specializing in selling the homes of Retirees, and she has sold over 500 homes.

For all of your senior living options, please contact Andrea Donovan Senior Living Advisors.