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Whether downsizing, relocating closer to family or joining a retirement community, navigating the real estate market can come with a unique set of challenges for older homebuyers. What many buyers might not know is there are real estate professionals specifically trained to guide adults 50 and over through the process.
Specialized Realtors
Known as a Seniors Real Estate Specialist, these Realtors understand the issues that this segment of the population often faces. They are trained on how best to help older adults and their families handle these transitions. To become certified, Realtors must complete courses on using reverse mortgages and pensions in real estate transactions, among other topics.
John “Skip” Frenzel is among the approximately 16,000 Realtors who have earned the Seniors Real Estate Specialist designation from the National Association of Realtors.
“When working with (older adults), you play a larger role in their lives,” Frenzel said. “A lot of emotions come into play when they move out of the home that they have lived in for many years. You often assume the role as helper, problem solver and educator.”
Older homebuyers on the rise
According to AARP, households with older adults are increasing faster than other age groups. The U.S. Census Bureau estimated that by 2030, 1 in 5 people — or 20% of the population — will be 65 or older. Adults over 55 have the highest homeownership rate among all groups. They also make up the greatest percentage of sellers, according to the National Association of Realtors. There are some trends toward renting in active adult communities. Many older adults, however, are buying homes similar to those owned previously. Fewer are choosing assisted living facilities than in earlier generations.
Frenzel said housing and transportation are among the biggest concerns for many older adults. Other concerns include rising healthcare costs, living on a fixed budget, long-term care needs and out living their assets. All of these can make buying, selling or moving more challenging for older adults, he said.
Real estate challenges after 50
Finding a property that is affordable, equipped for those with limited mobility or close to transportation may be difficult, especially in areas where there is limited inventory.
Financing is another challenge as retirees may face higher interest rates and more scrutiny when applying for a mortgage loan. In addition, selling a home can trigger significant taxation. There also are legal complexities unique to older adults, such as trusts, power of attorney and estate planning.
A Real Estate Specialist needs to be able to assess how well their client can function, Frenzel said. Realtors need to consider the person’s emotions and help them address issues as they come up.
“Most of all, they need someone who will take time to sit and listen to them,” Frenzel said.
Those interested in real estate professionals who serve older adults, can find a Seniors Real Estate Specialist here.
Silicon Valley Association of Realtors (SILVAR) is a professional trade organization. It represents 5,000 Realtors and affiliate members in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and represents the interests of property owners in Silicon Valley.
The term Realtor is a registered collective membership mark, which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.
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