People buy and sell homes for many reasons. Perhaps they need to relocate for a job, or maybe they simply want a change of scenery. However, if they're 65 years old or older, chances are they're selling their home to downsize. Finding a smaller home that checks all the boxes — geographically, financially, emotionally and physically — is a smart thing to do.
It’s no secret that the United States is aging:
- The Alliance for Aging Research asserts that by 2030, over 71 million people will be over the age of 65, and over 33 million will be over the age of 75.
- According to the U.S. Census Bureau, over 3 million adults age 65 and over moved during the prior year, or about 6.2% of the age 65 and older population, with many opting for smaller homes.
- Older Boomers (ages 69 to 77) were most likely to downsize, whether due to retirement, wanting to lighten their load of home maintenance, or choosing to be closer to family and friends.
- Compared to other generations, Boomers have benefited from longer periods of homeownership and therefore have substantial equity with which to leverage strategic housing moves.
The good news is that seniors today have more downsizing choices than ever as developers and service providers respond to the incoming wave of aging Americans, a demographic shift often referred to as the "gray tsunami."
Why Downsize?
The decision to downsize is often driven by a desire for greater simplicity and ease in daily life. Larger homes require more cleaning, upkeep and general maintenance, which can become burdensome. By moving to a smaller home, one can shed the responsibilities of managing an oversized property, and free up time and energy to focus on hobbies, travel, date nights and enjoying life. Additionally, the financial benefits of downsizing can be significant, as the sale of a larger home can provide funds to make huge progress with financial goals.
“For many people it's as simple as one day realizing that there are rooms in your home that you never go in, or that keeping the house in good repair has become a full-time job,” says Peter Laughlin, senior real estate advisor at the Laughlin Tanner Group. “When that time comes, looking into selling your long-time home and buying a smaller home are the next logical steps.”
Beyond the practical advantages, downsizing can also have a profound emotional and psychological impact. The process of decluttering and letting go of accumulated possessions can be liberating. The smaller living space can foster a greater sense of coziness and intimacy, creating an environment that feels more manageable and conducive to simpler lifestyle. Overall, the decision to downsize represents a strategic, and often rewarding, transition for many Americans seeking to embrace a more carefree and fulfilling chapter of their lives.
Sarasota: Best Place to Retire
Luckily, we live in Sarasota. We don't have to travel far to age in place. In addition to being ranked as one of the best places to retire by U.S. News & World Report, Sarasota has a wide variety of lifestyle choices for seniors including active 55+ communities, amenity-rich condominiums and luxury continuing-care retirement communities. These dwelling options come with maintenance-free living, built-in social calendars, and health and wellness services.
There’s comfort in being around people who share common interests, goals, and challenges. Whether it’s proudly talking about grandchildren or lamenting the fact that our eyes aren’t as good as they used to be, it helps to be around people who not only understand what we’re saying but actually feel the same joys and concerns as well.
Taking the Next Step
If you’re curious about whether downsizing your home could change your life for the better, start by finding out how much your home is worth. That's where we can help.
We can provide you with a detailed comparative market analysis that shows you how much homes similar to yours in your area have sold for -- giving you the information you need to decide what’s best for you and your budget.
Contact Us for White Glove Personal Service
The Laughlin Tanner Group is well-known for providing meticulous, over-the-top care and attention. We are a highly-evolved and highly-involved group with a mission, vision and core values that guide our relationship with you. We take your goals personally, and welcome the opportunity to meet with you for a complimentary consultation.
Resources
- https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends
- https://www.nar.realtor/magazine/real-estate-news/sales-marketing/how-to-talk-downsizing-with-seniors
- https://www.forbes.com/sites/sarazeffgeber/2022/09/29/migration-of-older-adults-in-america/?sh=42a7e4047e08