Many of us are either considering a downsizing move or have recently done so. There are many hurdles to overcome in researching options and then making what will ultimately prove to be a successful choice. Some of the many issues we see with clients (and with our own recent downsizing move) include:
-one half of a couple is more interested and committed to moving than the other
-identifying and agreeing on the most critical purchase criteria can be difficult ie. How does one rank order things like: location, lifestyle, market value, cost, amenities, maintenance required, housing type/features, ownership model?
-while it may be easy to “downsize”, it can be difficult to “down price”
-the importance of the decisions may create an extended period of analysis paralysis, as buyers are overly cautious. This is especially true for those who have lived in their current home for a long period of time and have not been actively in the real estate market recently.
-finding and researching all possible housing options (for an interesting option in a 55+ adult community see an earlier blog post here) http://www.oasisrealtyottawa.com/blogs/gord_mccormick/archive/2012/08/26/great-downsizing-opportunity-in-parc-anderson-park-mls-843202.aspx
-being prepared to accept that there will have to be compromises or takeaways from one’s current home ownership situation. Things like; space, storage, parking, privacy, ease of access, location, property management fees and shared ownership will often be concerns.
-trying to decide what to do with the existing home prior to selling it: what do we need to do to optimize the market value? Should we do reno’s? or simply sell “as is” ?
-do we sell first or buy first?
-when is the best time to market our existing property? How long will it take us to get it ready for sale?
A REALTOR® works with clients facing all of these issues on a regular basis and will be able to advise those wishing to downsize on all these issues and more. If you are even remotely thinking of downsizing don’t be shy about getting your REALTOR® engaged, as there is valuable information and services that can be provided now, even if your ultimate move is well down the road.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage