When should seniors sell their home?

The timeline for when most seniors will sell their houses remains uncertain. Despite annual predictions suggesting an imminent surge, it has yet to materialize on a large scale. When should seniors sell their home? A significant number of Boomers will simultaneously list their homes at some point, potentially affecting the speed and profitability of their sales compared to those who sold earlier, before a massive wave of sellers emerged.

The prolonged scarcity of available homes has obscured the fundamental impact of supply and demand on real estate values. Previously, Boomers have effortlessly sold their homes quickly and lucratively without needing updates or renovations due to the persistent housing shortage. However, if a substantial number of Boomers decide to sell concurrently, the absence of modern updates could significantly influence the sale’s speed, profitability, or even likelihood.

Considering this, here are compelling reasons to update and sell your home sooner rather than later:

Supply Increase and Price Impact:

An influx of homes for sale may cause prices to decline, affecting your equity and overall net worth—which is crucial for funding retirement or ongoing expenses as you age.

Competing in a Strained Market:

Delaying updates may make it challenging to compete with other sellers, especially if demand in the strained home improvement industry rises.

Faster Sales and Higher Returns:

Even with minimal competition, updated homes generally sell faster and command higher prices, ensuring a more lucrative and efficient sale.

Nevertheless, consulting with a trusted local real estate agent is advisable before initiating any updates. It might be more pragmatic to sell your house as-is now rather than investing time and money in improvements.

If the home is in a desirable city such as La Canada, Pasadena, Glendale, Burbank, La Crescenta or Toluca Laike there’s a likelihood of substantial demand and multiple offers without undertaking any renovations, saving you money, time, and stress.

A knowledgeable agent can assess your home’s current market value, gauge demand, and offer advice on potential renovations before listing, whether it’s an immediate or future decision.

When should boomers sell their home?
While a considerable number of Baby Boomers have no imminent plans to sell or renovate, younger buyers, especially Millennials, wish for quicker sales and updated houses. While addressing the housing shortage and younger buyers’ preferences is not an individual Boomer’s responsibility, taking proactive steps now can benefit them by avoiding increased competition and supply when the broader Boomer generation decides to sell.