When to Involve a Real Estate Agent in the Downsizing Process

by Jess Lex

Do you currently own a home or plan to buy one during your downsizing process? If the answer to that question is “no,” you likely won’t need to consult with a real estate agent at all during your downsizing process. More commonly though, the answer is probably “yes.” It’s likely that you own at least 1 home that you might need to sell, and some of you might be considering buying a different home when you downsize as well.

If your downsizing move is going to be 5+ years from now, you probably have time before you have to think about real estate agents. If you own a home and plan to downsize within the next 3-5 years, it’s important to consult with a real estate agent right away. Once you get within that 3-5 or fewer years time window, you should take real estate conversations seriously by involving an agent.

Although a move can feel far away if you have 5 years to go, it’s important to start building a relationship with an agent sooner rather than later.

That agent can help you:

Plan your home improvement projects needed before a sale/move - The agent will help you prioritize your to do list and save you from doing projects that are unnecessary.
Keep tabs on the market - If your timing is flexible, the agent can help you best time the market so you can realize the biggest value in a sale or buy at a time of year when you can save big.
Watch your home value - Based on trends, do homes like yours sell best in a particular month of the year? Are values moving upward or downward in your neighborhood?
Project your proceeds - Based on the value of your home and the expenses and payoffs associated with a sale, an agent can help you figure out your full financial picture.
Have a resource on speed-dial in case something changes with your situation - Wouldn’t you rather have an established relationship with someone you trust when things get tough or need to be adjusted quickly? Don’t build a relationship with an agent during a crisis. Get ahead of it so you can be picky and choose a strong agent who is skilled but who is also a good personality match.

An agent can help you make a success plan early in the process so that you will be on top of your to-do list and be able to plan for the financial aspects of your sale and/or purchase.