3 Things every baby boomer should consider before buying or selling a home

Jennifer Y. Ross
Published on August 14, 2019

3 Things every baby boomer should consider before buying or selling a home

We’re sure you’ve read about it: baby boomers aren’t moving and they’re wrecking the real estate market. They’ve decided to age in place, just when so many buyers want to buy a home.

To read real estate news about the baby boomer generation one would think the entire generation is passively aggressively thumbing their nose at both home buyers and real estate agents.

However, that reporting may not be entirely accurate. After all, who was it that kept the housing market afloat during the recovery from the Great Recession?

And, while it’s true that Millennials have a large presence in the housing market (39 percent of homebuyers), the two older generations (anyone 55 and older) make up 37 percent of home-buying pool.

If you haven’t bought or sold a home since the kids were in diapers, you’ll need to brush up on the basics if you plan to sell or buy. And we would love to help you.

1. Carefully reconsider ageing in place

“Ageing in place.” It’s one of those buzz phrases the media came up with to describe older Americans who “stubbornly” refuse to move and plan to live out their lives in their current homes.

And, many of them do. But many haven’t thought through that process. As the knees start creaking, the arthritis sets in and we become winded carrying groceries up a flight of stairs, reality sets in.

It turns out, that many boomers are realize that ageing in place doesn’t necessarily mean ageing in this place. According to a recent study by Home Instead Senior Care, one in four boomers are planning on selling their current home and buying a smaller, more age-appropriate one.

You know: one story, less square footage and low-maintenance, inside and out.

2. What will you do with your current home?

Your choices here are limited. You can sell the home (which many older, downsizing Americans plan to do) and use the equity you’ve built up for the new home. Or, you can rent it out and, if the home is paid off, enjoy the monthly income from your tenants.

Renting it out does come with drawbacks, however. Being a landlord, even if you do hire a management company, comes with many downsides. We always recommend that our boomer clients speak with their financial planners before making the decision.

3. Hiring the right real estate agent

Yes, this section does seem a bit self-serving. But, hiring the right real estate agent to help you out with selling and buying or selling and renting is critical.

I have many past clients who told me they were sick and tired of real estate agents speaking down to them, as if they are children. Condescending, full of outdated stereotypes and pushy is how many of my clients describe these agents.

We hope to be among the agents you interview to partner with you during this life transition. And, please, interview several. Don’t lower your expectations because you are in the driver’s seat.

We hope that you won’t entertain the thought of working with an agent who treats you as if you’re a doddering “senior citizen” and one that feels he or she knows best what is right for you.

Only you (and your financial planner) can and should make that decision.

High expectations for those you hire to assist you are good. Ensure that each agent you interview understands your expectations and listens, hears you and lets you know how he or she will help.

Please reach out to us – we’re happy to help.

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Introduction to Jennifer Y. Ross & The Westchester Living Team at COMPASS

Jennifer comes from Platinum Drive to Compass as an experienced agent. She epitomized Platinum Drive Realty’s motto “I grew up here. I live here. I sell homes here” and she is known for providing each of her clients with an exceptional experience guided by her expert local knowledge. She works tirelessly to ensure each of her clients has a professional, enjoyable and successful Westchester community & home buying search or selling experience. She often remains very friendly with her clients and welcomes the opportunity to be an ongoing resource as they settle into Westchester Living. Every step she takes will embody her core principals; integrity can never be compromised, clients’ interests always come first and character, commitment, and passion truly matter. For her buyer clients, Jennifer looks forward to the opportunity of being “Your NYC to Westchester” guide and real estate broker. For her seller clients, Jennifer is proficient at implementing an aggressive marketing strategy in order to obtain the best price possible in a highly efficient and seamless manner. Jennifer thoroughly enjoys assisting buyer clients in navigating the landscape of the Westchester residential real estate market. She is skilled at enabling clients to define where they see opportunity & facilitating the process from initial search through closing. Jennifer was awarded the Platinum Drive Star Award for Outstanding Performance in Sales & Client Services in 2014 & Platinum Drive Realty’s Superstar Award for Excellence in Sales and Client Services 2015 & 2016 for her outstanding performance in sales and client service. In addition to her passion for local real estate, Jennifer has a firsthand understanding of home renovation and new construction. Upon moving from NYC to Scarsdale, she and her husband performed an extensive renovation on their first home. After completion, they moved onto their second project in Larchmont, a full house renovation and expansion. More recently she is active with local developers who specialize in new home construction, home expansions and renovations. Jennifer has the ability to understand a home’s full potential and can help clients find or create their dream home. Jennifer was the Manager of Platinum Drive Realty’s Larchmont Office. Jennifer was raised in Scarsdale. After graduating from Scarsdale High School, Jennifer received a BA in Child Study & Sociology from Tufts University and an MA in Language & Literacy from New York University. Jennifer currently lives in Larchmont with her husband, Michael, and their three sons, Braden, Devon & Zane. She specializes in communities in Southern Westchester with a concentrated focus on the Sound Shore Communities of Larchmont, Mamaroneck, Rye Neck, Rye, New Rochelle as well as her hometown of Scarsdale. Prior to real estate, Jennifer was a teacher in the Mamaroneck Public Schools. Jennifer has a deep understanding of the local school systems and the needs of young families.

Professional Associations & Accreditation

Jennifer is a Licensed Associate Real Estate Broker & has her Accredited Buyer Representative designation (ABR) and her Seller Representative Specialist designation (SRS).  Jennifer is a member of the Hudson Gateway Association of Realtors & the National Association of Realtors. Jennifer’s

Website: westchesterliving.house

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