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How to Put a Home up for Sale for an Aging or Ailing Relative
For our older loved ones, there comes a time when they may no longer be able to live on their own at home. In these cases, family members could find themselves dealing with the sale of a property they have not legally inherited while their relative transitions into an assisted-living facility or senior community. So, what exactly does the process of selling your older relative’s home entail, whether it’s your grandparent or mother or father? Magda Zecevic, a REALTOR®, Toronto-based master accredited senior agent, and salesperson with Royal LePage Signature, walks us through the important steps of selling a home for an aging or ailing relative. Recruit the right REALTOR® Before you sign your listing agreement, there are a few important steps to take when selling a property for a senior or ailing homeowner. This starts with hiring a REALTOR® who specializes in these types of real estate transactions. You may want to consider working with a REALTOR® who is qualified as a Master Accredited Senior Agent (ASA). A professional who has this accreditation has received specialist training and can provide specific resources and services to assist seniors with their real estate needs, from handling paperwork to recommendations for living accommodations. 'You have to know a lot more than just a regular real estate agent,” said Zecevic. “It’s not just about ‘OK, we’re going to move a few things, get rid of some furniture, fix it up, get a stager, and put up the house for sale.’ You really have to look at what’s in the best interest of the client.” Zecevic explains there’s no simple, straightforward solution when it comes to working with elderly homeowners—every senior has a unique set of circumstances with their finances, health, family, and property that requires expert attention. “You might have to roll your sleeves up because you might be dealing with a senior that has no family at all and they’re very scared, nervous, and vulnerable, so you’ve got to dig in there and help them get rid of some of their stuff and prepare for that transition,” she said. Get all parties involved At the start of the selling process, Zecevic says she likes to meet with the client and their family to see if they’re of the same mind and intentions, and to determine what their goals are for the sale of the home. This is also an opportunity to decide what the next step will be for the senior and what living needs they may have. You may also take this time to check for wills, powers of attorney, lawyers, and review where the money from the sale of the property is going, such as towards the expenses of long-term care. In cases where there’s a lot of stress or conflict between family members, you might start the selling process by hiring a counsellor to alleviate tensions and set the groundwork for a successful sale. When selling a property, it’s common to declutter your space and either sell or throw out possessions. In the case of a senior seller where some valuable or sentimental items may be expected to be left to someone, it’s crucial to review and document these pieces ahead of preparing the property for sale. “If a senior is still OK, they might will an antique dish set or some other possessions to a certain person. You don’t really know,” said Zecevic. “If they’re cognitively not there, you really need to make sure everybody is on the same page, because let’s say you get rid of a dresser and you sell it and they’ve left it to one of their children, then there could be an argument.” Prepare both the home and the seller Putting a home on the market is a stressful event for any homeowner, but it can be especially difficult for vulnerable seniors or ailing relatives. In some cases, Zecevic explains it may be more beneficial to move the senior out prior to the home being listed. If repairs are needed on the property or people are coming over to assist with packing, Zecevic says she’s present with the senior seller so they’re not nervous with strangers coming and going from the house. You might be tempted to completely stage and renovate the property prior to listing it. Zecevic explains the priority should be to ensure the property is clean and free of any garbage, with some repairs and touch-ups made on the property where needed, like painting or removing damaged carpet. “I wouldn’t do any big, big staging and stuff,” she said. “If there’s something that needs to be repaired, again, it might not be worth fixing and just selling it as it is. It depends. [It matters] how the family and senior are involved.” Take your time with offers In today’s competitive housing market where there’s a shortage of supply, it doesn’t take long for purchase offers and hopeful buyers to quickly come knocking on your door. When working with a senior homeowner, however, the pace of the offer phase may be different than the norm. Zecevic says she sees her senior clients in person during the daytime, making sure the offer allows for a couple of days for the client’s lawyer to ensure everything is above board. In some cases, an offer presentation date provides some control over the pace and process of how offers are received and reviewed. “It doesn’t matter whether it’s busy and there are 20 people waiting,” she said. “It doesn’t matter [because] my priority will be strictly the client and what’s in their best interest. If they’re cognitively available, I would sit with them and explain each one.” When it comes to the process of selling a senior’s home, Zecevic emphasizes it’s important to ask your REALTOR® about their knowledge of senior accommodations where the client may live after the sale is complete. If you’re starting the process of selling the home of an aging or ailing relative, consult the advice of a REALTOR® in your area. Source: Realtor.ca If you are looking into selling a home for your senior parents, ask the Britton Real Estate Group how to simplify the process for you! Connect with us: 250-588-6011 or hello@laynebritton.com
January 2022 MLS Stats - Victoria BC
Limited inventory continues to be key in Victoria real estate market A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021. Sales of condominiums were down 13 per cent from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold. “A cursory glance at our sales numbers could lead to the quick conclusion that our market is slowing down,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “But what we must consider is not only the number of homes that have sold, but also the number of homes which were for available for sale within the month. To put our inventory into context, last year broke the record for lowest inventory for the month of January. This January broke that record nearly in half and that lack of supply in the market really impacts what our end sales numbers are. Had we seen more homes for sale, it’s likely our result would have been many more sales.” There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 per cent compared to the previous month of December and a 43.7 per cent decrease from the 1,321 active listings for sale at the end of January 2021. “As it stands, our market will be slow to change until our inventory levels perk up,” adds President Dinnie-Smyth. “This means we need to see supply added of all types of housing and we need to establish a sustainable source of supply into the upcoming years to meet growth. The reality of housing is that it takes years to add new numbers and until we are better able to meet demand, our market will be under pressure. With the constrained and fast paced market, it’s an excellent time to use the services of an experienced REALTOR®, one who can help you identify a strategy and process for selling or buying – or selling and buying - a new home.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2021 was $932,200. The benchmark value for the same home in January 2022 increased by 24.6 per cent to $1,161,500, up from December’s value of $1,144,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500, while the benchmark value for the same condominium in January 2022 increased by 20.5 per cent to $587,300, up from the December value of $570,600.
6 Things to Know About the Offer Process
1) What must happen before you can make an offer? Many renters think they can move on a house right away. But first, there are some things to take care of, says Katia Samson, a REALTOR® with RE/MAX L’ESPACE in Montreal. “It’s very important to give your landlord notice three months before the end of the lease, because leases are usually renewed automatically every year,” explains Samson. Next, get pre-approved for your mortgage unless you’re paying cash, she adds. “Meet with a mortgage broker and provide all the required financial documents, so you can establish your budget and know what you can afford.” Once that’s done, meet with REALTORS® to find a perfect match, explain what you’re looking for, and start an active search. “REALTORS® have inside information about certain condo buildings and areas,” says Samson. “REALTORS® can also send you documents faster, such as the seller’s declaration, certificate of location, and any relevant financial documents.” 2) How is an offer drawn up? When buyers are ready to make an offer on their chosen property, they must inform their REALTOR®, who will then advise the listing agent, says Samson. “Otherwise, as soon as you walk out of a property, you don’t have to be informed if another offer comes in. This is especially important in this market, where we’re getting multiple offers,” she explains. “Your offer would include the price, the date of closing, and whether it’s conditional upon inspection (or other terms) and a review of documents.” 3) How long does the offer process take? Depending on whether yours is the only offer or if there are many other buyers interested, the entire offer process can be completed in as little as a day or take up to a week. “Right now, many properties are coming on the market with an established schedule for visits, offers, and deadlines,” says Samson. 4) What happens when there are multiple offers? If you’re competing with other buyers, your REALTOR® might suggest being flexible with some conditions, and going in with your best offer. “It’s usually a one-shot thing: there are no negotiations when there are multiple offers,” adds Samson. Some buyers write a letter to the sellers and include photos of themselves when there are multiple bids. “Some people like to know who they’re selling to because it’s not just financial, it’s also very emotional,” she says. 5) Are offers done in person or digitally? First-time sellers might remember when they bought their home years ago and how everyone met in person to sign all legal documents; however, technology has changed that, says Samson. “Everything is done electronically now and it’s so efficient,” says Samson. “All offers are emailed, and it’s very rare offers are presented in person to the listing agent.” If the seller wants to counter-offer, negotiations will also be done digitally until both parties agree to terms, or someone decides to walk away. 6) Should sellers accept the first offer that comes in? Sellers shouldn’t feel pressure to respond quickly, says Samson. “If I list a property and get an offer that’s valid for 24 or 48 hours, but I have a lot of interested clients and brokers, I’ll advise my seller to let that offer expire so everyone else can come in,” she says. “If someone’s really interested in your property, they’re going to wait; it’s in the seller’s best interest to allow about a week for those visits.” Remember, REALTORS® are trained to navigate the offer process from start to finish, helping both buyers and sellers meet their goals. Meet your home buying or selling MVP today if you’re ready for a move. The information above is for informational purposes only and should not be used as investment or financial advice.-
