Although our own sample size of listings may be too small to truly extrapolate any findings about the greater market, I have certainly been seeing more downsizing and estate sales come across my desk. And if you take a look through the City of Toronto census data, you’ll also see the average age of Torontonians is shifting upward. Over the last decade we’ve seen the share of the population over the age of 65 years of age grow, while simultaneously seeing the share of children under 12 years of age fall. Which leads me to believe that we are going to see a continuing trend of downsizing in Toronto along with an outsized share of estate sales too.
So what, you might ask? Is there anything different about estate sales or downsizing a Seller needs to know? Well, yes and no. The selling objective from my perspective doesn’t change whether you are upsizing, downsizing, or dealing with an estate sale. We are ultimately working to maximize the sale price!
But how we go about doing this, and how you need to think about the process does change depending on the property and your stage of life.
Selling a home at any time is both a financial decision and an emotional one, but the longer you live somewhere the more emotional it will be to move on, which is often the case when downsizing your home in retirement. And although we all know that moving on is inevitable at some point, knowing when and how to do it confidently can provide both peace of mind and greater financial success in the long run.
For a look at the home-selling process from start-to-finish, download our free Seller’s Guide.
So, when is the right time to sell?
There’s no single “perfect” moment, but certain life and housing signals can help guide the decision. If you know a move is on the horizon, very often it can be beneficial to make plans sooner rather than later. As is true in most things in life – failing to plan, is planning to fail.
When thinking about downsizing your home, you may start to think your home feels too large or is difficult to maintain and may start thinking about a home with fewer barriers (one level, elevator, or even condo living) so that you can worry less and/or travel more often.
If you’re dealing with any health or major family issues, you should consider that proactively downsizing gives you more choice and control and moving before any sort of major health or family change can avoid rushed or stressful decisions.
Or maybe the major drive to downsize your house is just financial and lifestyle driven. Selling may make sense if most of your wealth is tied up in your home, property taxes, utilities, or upkeep start to feel burdensome, or you want to free up equity for retirement, travel, or family support.
Get more answers to your selling questions with these posts next:
- How Long Does Probate Take in Ontario?
- What Not to Fix When Selling a House
- When Do You Need a Power of Attorney to Sell a Home?
Are you helping your parents sell their home? We’ve got you covered. Read: How to Sell Your Parents’ House.
How to prepare for success
Start With a Plan (\not a listing) and decide where you want to go next (condo, rental, retirement residence, family). Understand timelines for both selling and moving and start talking to the right real estate broker and financial planner as soon as possible. You should never feel pressured to make a move but education should come first and will be key to success.
When is the right time to downsize? Read: Should You Sell Your House Now or Leave it in Your Will for some more insights.
Don’t get overwhelmed – Although estate sales and older homes do tend to require more work to make them market ready, you do not need to renovate extensively. Knowing what and how to change can make all the difference. Our primary focus with estate sales is Decluttering room by room and conducting any minor repairs that improve safety and appearance.
Getting your space vacant, painted, and even lightly staged to help buyers visualize the space can increase the number showings, offers, and ultimately the selling price your listing will see.
And of course, beyond the price, the listing and sale logistics should also fit your objectives and needs. Things like a flexible closing to provide the Time to find your next home before moving out and any potential privacy concerns should be discussed and planned for ahead of coming to market.
Learn more about preparing your home for sale with these posts next:
- Should I Price My Home Below Market Value?
- Should I Get a Pre-Listing Home Inspection?
- Should I Renovate My Home Before Selling?
Selling a long-time home often means Letting go of memories and Adjusting to a new chapter which is extremely difficult for anyone of us. This is a normal and valid feeling and Taking the process step by step can help make it empowering rather than overwhelming. At the end of the day it’s really not about “downsizing”, as much as it is “rightsizing” for comfort, freedom, and peace of mind.
With the right plan, guidance, and timing, moving can be one of the most positive transitions you make.
Get in touch with TRG today. Fill out the form on this page, call us at 416.642.2660, or email us at admin@torontorealtygroup.com today.
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