Whether you’ve decided that you’re ready for a change or circumstances may be forcing you into the decision to sell your home, take a moment to familiarize yourself with these 5 ways baby boomers can sell their homes!
Baby boomers can hire a professional real estate agent to assist you in selling your home! Listing your home on the real estate market means that you’ll likely need to update the interior and exterior of the home. There will also be showings with this method of selling, so you’ll need to consider living under the pressure of having your home picture perfect at all times. To top off the discomfort that can accompany showings, there is no guarantee that your home will actually sell on either market.
For Sale By Owner
For sale by owner is another way baby boomers can sell their homes! Due to the demanding nature of this option, it is important to understand if this route is right for you. More often than not sellers regret entering this highly complicated transaction, making errors due to inexperience could end up being far more costly than any savings you may realize. You could even wind up in court due to your lack of awareness regarding the local, state, and federal laws governing real estate. You’ll need to understand the current market and your competition. Deciding on the right selling price can mean the difference between a quick sale and a house staying on the market. Buyers may believe there’s an unseen problem with your home if it doesn’t sell in a certain amount of time.
While many boomers purchased larger luxury homes, these aren’t the homes today’s buyer is seeking. Seller financing can provide you with a broader buying base. If you’re under a time crunch, this option may be more appealing. Becoming a landlord in retirement may be a viable option. You’ll need to enter this type of arrangement with your eyes wide open. First, you’ll be dealing with buyers who likely weren’t able to secure traditional financing for a mortgage. While buyers are responsible for the property as if it were theirs, it’s highly possible that you could end up holding the property yet again and have to go through the process of finding another buyer.
Another way to open your possibilities is to consider renting the home, with an option to buy after a specified period. While it’s not a guaranteed sale, it is yet another way baby boomers can sell their homes.
One of the quickest ways baby boomers can sell their homes is via direct sale! Typically, the process is complete within a matter of weeks. Now, whether you list with a real estate agent or sell the home yourself as an FSBO, remember that the costs of advertising and getting your home ready for buyers will fall on you. Because you’ll need to have the home appraised and inspected as well, be prepared for unexpected expenses. You’ll also need to consider the amount of time any project could take, costs for this work, as well as budgeting and carefully scheduling any professionals you’ll need to hire. In a nutshell, selling directly eliminates any concerns about affording to sell or the amount of time it will take.