Downsizing your home became a trend among Reno residents after the housing market crashed in 2008. As many Americans tightened their purse strings, they wanted to find affordable housing with an affordable living style.
Now, downsizing is a popular trend among both aging Americans and Millennials. With more economic uncertainty on the horizon, you might be thinking about downsizing your home in Reno, NV. My recommendation: downsize with a realtor.
It might seem counterintuitive to use a real estate agent to downsize. After all, isn’t the point of downsizing to save money and reinvest your current equity?
However, a real estate agent will probably save you more money and help you downsize faster. Here are six ways that a real estate agent can help you downsize while saving money.
1. Realtors Can Help You Find the Right Neighborhood
A big concern among downsizers is finding the right neighborhood to move to. Lower property values could relocate you towards less favorable communities. Even if you know what community you’re looking for, the homes there could sell for much higher than you’re willing to spend.
That’s where a real estate agent comes in. Realtors understand their city better than most of its residents do, and they have first access to new homes on the market and new data in the housing industry.
Your dream home might be more within your budget than you’d think! Even when downsizing your home, a real estate agent can help you find the right property, especially here in Reno.
2. Realtors Can Find Accessible Homes for Older Adults
Retirement is still the number one reason that people choose to downsize in Reno. With an empty nest and too much space to take care of, older Americans seek smaller homes to live easily and put more money into their retirement.
Unfortunately, not every home is made with older Americans in mind, and accessibility issues are a massive consideration for downsizers.
A good realtor, however, knows how to make accessibility a top priority on the home search. Wide hallways, home ramps, and spacious bedrooms are all essential factors for downsized homes – and these factors can be the cornerstone of your agent’s home search. If accessibility is a concern for you, let your real estate agent know, and they’re sure to find a property that has all the space and considerations you need – in far less time.
3. Realtors Bring Negotiation Skills With Them
A big reason realtors can help you save money is that they have a career’s worth of negotiation skills behind them.
Take it from the Caroline Mathes team, which is recognized as a Certified Negotiation Expert (CNE): getting the price you want is tough, but possible. Downsizing makes every dollar count, and if you’re looking to get the best house at the lowest possible price, then letting an expert take control of the negotiations will help you save a lot of money in the long run – from lower fees and interest rates to saving money on closing costs.
While real estate agents can be costly, they pay themselves back with the money you save in negotiations. We’re basically paying you to utilize our services!
4. Realtors Help You Downsize Your Home Faster
Downsizing often takes a long time because it’s hard to find the right house. When you hire a realtor, you’re letting someone else keep their thumb on the market. That way you only have to wait for the perfect home to pop up once before you get the chance to buy it.
By helping clients downsize faster, realtors save their clients hundreds of dollars in the process. The sooner you move into your new home, the sooner your mortgage payments go way down, and you can re-invest your equity elsewhere. Time is money, and a real estate agent helps you save both!
5. Realtors Can Make Relevant Recommendations
Because realtors are so connected to their cities, they can make quite a few relevant recommendations to your downsizing needs. These recommendations include, but are not limited to:
- Moving trucks
- Storage units
- Mortgage lenders
- Neighborhood-specific perks (private pools, parks, etc.)
- Nearby medical facilities
- Great local restaurants and events
You want to be sure that the home downsizing process is as easy as possible and that you’re moving into the right neighborhood. Who better to ask than a real estate agent?
6. Realtors Offer Help and Guidance for Downsizers
For many people, downsizing can be a stressful and emotional experience. Some Americans balk at admitting their needs as they get older; others become sentimental about their current properties since they often raised families inside of them. Finally, downsized units usually don’t have enough space for all of the downsizer’s possessions, resulting in hard decisions about which sentimental items get donated or stored.
When you need a listening ear, or if you’re looking for an objective eye, a great real estate agent can offer both. You shouldn’t have to downsize alone, especially if it scares or worries you. Your local realtor can help make downsizing an exciting adventure in the next chapter of your life!
The Benefits of Downsizing Your Home
Although downsizing is stressful, it’s well worth the benefits. With a smaller home, you’ll save time on maintaining your property, and you’ll also save money on your mortgage. That’s more time and money to invest in yourself, your family, and your future!
Additionally, downsizing helps you commit to a long-term living situation. Many downsizers must consider factors like the home’s neighborhood, accessibility, and ease-of-maintenance. When you downsize, you’re committing yourself to a more comfortable, healthier lifestyle for both yourself and your family.
As an active resident of Reno for more than 40 years and a real estate agent for 15, I’ve seen many of my clients say that downsizing their home was the best decision they’ve ever made. With all the money and time I saved them, I’m not surprised to hear it! If you’re looking to downsize anywhere in Northern Nevada, give my team a call, and let’s get started on your next dream home.