Senior Real Estate
Senior Real Estate - Unique Wants & Needs
As a Senior Real Estate Specialist, or SRES®, I help guide seniors through what can be a unique and stressful transition to the next phase in their lives.
Whether it's downsizing, upsizing, considering a retirement community or what assisted living arrangement is best, I work with you in an advisory role to find the optimal solution that meets your, and your family's best interest.
Retirees and Seniors can face both challenges and opportunities when it comes to real estate, particularly as they navigate aging, long-term care, and significant life transitions.
A Seniors Real Estate Specialist (SRES®) is trained and equipped to help guide seniors through what can be complex, challenging, and delicate decisions with expertise, compassion, and a deep understanding of wants and needs.
The following information is helpful for Retirees and Seniors to consider when planning for the future.
(It's also great information for younger folks to consider, as it helps them understand for their own long-term plan, as well as realize what parents will be encountering in the years ahead)
Statistics and Market Insights
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7 in 10 people over age 65 will require long-term care. Learn more here.
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A 75% growth in the share of American elders in need of nursing home care is expected by 2030. Learn more here.
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Women need care longer (3.7 years) than men (2.2 years). Learn more here.
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Folks 55+ account for more than half of all home sellers - this could be to fund care or downsize. Learn more here.
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4 in 10 assisted living residents are diagnosed with Alzheimer's disease or another form of dementia. Learn more here.
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By 2050, 27 million people are expected to use paid long-term care services. Learn more here.
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The average yearly cost for a private room in an assisted living facility: $64,000. Learn more here.
Aging in Place
Many seniors prefer to remain in their current homes as they age. To support this desire, there are many practical and affordable modifications that can be added to improve safety and accessibility, some examples:
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Installing motion-sensor lights and slip-resistant flooring.
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Using adjustable beds and slide-out drawers for convenience.
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Adding ramps, railings, grab bars, etc.
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Leveraging smart home technology like voice-activated lighting.
These updates provide a cost-effective alternative to expensive renovations or relocations.
Long-Term Care and Housing Options
The demand for long-term care is growing rapidly, with significant financial, emotional, and logistical considerations for seniors and their families. The following are some options to consider and possibly plan for.
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Long-Term Care Facility Options:
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Nursing Homes: 24-hour care for physical or mental health needs.
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Assisted Living: Non-medical support with private living spaces.
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Memory Care: Specialized facilities for dementia and Alzheimer’s patients.
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Veterans Care: Benefits for long-term care at VA-contracted facilities.
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Funding Long-Term Care:
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Selling a home can be a significant funding source, but financial implications such as Medicaid eligibility, capital gains tax, and estate planning require careful consideration and planning.
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Other options include long-term care insurance, bridge loans, reverse mortgages, and personal savings.
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Emotional and Practical Challenges
Selling a long-time home is an emotional process. There are several factors to consider, some of the more impactful being:
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Recognizing the significance of leaving a cherished home with many memories and and emotional attachment.
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Keeping the process transparent and involving family members in decisions.
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Simplifying the process to ease the burden by organizing key documents and coordinating estate sales, packing, and moving.
Certified SRES® real estate agents can support and guide families to make transitions as smooth and positive as possible.
Resources for Seniors
There are many resources to support seniors and their families, including:
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Online tools for evaluating long-term care facilities and costs.
Consider using two or more cost estimators to get the best average cost for care in the desired area, and then engage an SRES® real estate agent or visit the properties that are of interest to get an actual cost estimate. -
Additional online resources:
There are many other great online tools and resources available to seniors and their families that I can point you toward depending on your needs.
Role of an SRES®
As a Seniors Real Estate Specialist® (SRES®), I’m here to:
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Provide insight and guidance on housing options and market trends.
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Help seniors and their families navigate the financial and emotional complexities of selling and transitioning.
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Serve as a trusted advisor, ensuring every step of the process is smooth and stress-free as possible.
Aging brings many decisions, from financing and accessibility to choosing the right location or community. Let me help you explore your options and guide you toward the best choice for your next phase in life. Together, we’ll make the journey as seamless and rewarding as possible.
If you have any questions along your journey, please don't hesitate to contact me.
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text or call: 425-501-6901
You can learn more here on why you may want to use a Real Estate Broker with an SRES® designation.
