Moving to a smaller house is not uncommon, and if it happens, it is for legitimate reasons. These reasons make sense from multiple angles, and they are mostly related to finance, responsibility or desire for a new lifestyle. Take for example, the ‘house’ situation the Benson family is in. The couple have all the reasons to retire, and they are preparing to downsize from their colonial style spacious five-bedroom house in a two-acre lot to a smaller unit. The kids have moved out into their own dwellings. Their older daughter works for the post office in another city and is well-adjusted to her new neighborhood. Their son just graduated from university and wants to move-in with his colleague from his new company. Mrs. Benson has no intention of spending on utility and cleaning for the rooms that are empty. Besides, due to a hip surgery and the lengthy time it took to recover, she has very little energy left. The injury has kept her from climbing the upstairs. She is now all set to make the move with the help of local real estate agents and looking forward to moving to a one-story two bedroom house with a small yard and minimal maintenance cost just enough to keep the two alive.
Just like the Bensons, more baby boomers and those nearing retirement age want to move into a smaller house, maybe a condominium where every maintenance is taken care of. Most of them are under no pressure to sell their house that has been paid off a decade ago. Perhaps they are willing to make their next move immediately and wait for the seller’s market to arrive. Their house shows well and maintained well, so getting a good price when the market condition is favorable is not impossible.
Do these people have selling problems? They might, only if they overpriced the house. Most retirement aged homeowners tend to list their houses at a higher price hoping to get the most out of their investment. Sometimes, this won’t work in their favor. So, unless they price accordingly, or wait several months, even re-evaluate their asking price, their house won’t sell. In essence, whether there is motivation to sell the house or not, pricing the house realistically will lead to quick sale in any market.
The retiring reason for many seniors is very similar to Bensons’ situation. Most of them want to move to a smaller house where they can get by with less income and have more time on hand. Additionally, they look forward to the comfort of less responsibility and change in the scene. They are eager to move out in exchange for a new life. Trading down to a smaller house is not a bad idea, when income is limited and most members of the household have moved out. Still this may sound as a failure to some people who have had their life in their big house for decades. Nevertheless, how they decide to spend the rest of their lives is up to them.