Multigenerational Moves

Multigenerational Moves

  • Summerville Partners
  • 04/26/23

Deciding to list your Wilmette home for sale comes with a few considerations, especially if you are at or approaching retirement age. This beautiful suburban area north of Chicago is situated alongside the scenic western shore of Lake Michigan. Residents enjoy all the benefits of a small community, including an abundance of green spaces and parks. Wilmette Harbor is filled with sailboats not already out in the spacious waters. All of this is conveniently located near downtown Chicago, with all the amenities the city lifestyle has to offer. If you are thinking about whether to sell your home in Wilmette, read on to discover some of the factors that may affect your decision.

Start with the Basics

Before you decide to sell, take time to think about your emotional connection to the home and any health concerns you may have.

Emotional Connections

If you have lived in Wilmette for many years, you may feel attached to both the community and your home itself. Talk with your family members to see how they feel about a possible listing. Would they be interested in purchasing your Wilmette home for sale? If not, let them know how they can support you if you decide to move forward with selling the home. These emotional connections often come with a lifetime of physical memories too. If you have decided to downsize, you will need to add time to go through your possessions and decide what is most important to take with you.

Health Concerns

Your health is another important factor when it comes to determining whether you should sell your current home. Are you in relatively good health? Or are you having difficulty keeping up with home maintenance and upkeep? If it is not a problem for you now, consider how long you should expect to do these things easily. If you want to stay in your current home, research options to help support you. Consider hiring professionals to handle repairs, clean your house regularly, or take care of the grounds. Take a look at the overall size of your residence and whether you continue to want or need the amount of space you have. Decide whether any stairs or porch steps could be an issue later on and how to address them now.

Consider Your Options

Once you have thought about the emotional and health factors affecting your decision to move, take some time to review the financial implications.

What Does Your Current Home Situation Look Like?

If you want to remain in your current home, ask yourself if it will cost more for you to stay there in the long run. If your home is paid off, you will still need to account for the costs of basic maintenance, repairs, and even large-scale replacements. For example, if you have lived in your home for thirty years, a roof replacement may soon be in order. If you will not be completing maintenance and repair tasks yourself, you may need to consider the costs of hiring outside services. Add to this the costs of everyday expenses, including utilities, garbage services, cable, and internet. Property taxes will also need to be paid annually, which may increase if your Wilmette home continues to gain value over time. 

What Would a Potential Move Look Like?

If you are leaning toward listing your Wilmette home for sale, determine the potential benefits and costs of this too. Your first step would be to start with the location. Where do you want to move to? Is it to be closer to family or to relocate somewhere warmer? As you narrow down the location, research the types of communities that appeal to you. Shared communities or condos would provide the smaller living space and decreased maintenance you might be looking for. You will also want to check your access to amenities, medical facilities, and transportation. Research the changes in your monthly expenses, including mortgage, property taxes, and insurance premiums too. Illinois residents should also find out if the profit of their home sale would be impacted by capital gains taxes.

Talk With a Knowledgeable Real Estate Agent

If you have decided to move forward with selling your home, enlist the services of a professional real estate agent who understands your goals. 

Demonstrated Expertise

Selling a home during this phase of life comes with unique challenges. Start the process by enlisting the services of a Realtor® with the Seniors Real Estate Specialist (SRES) designation provided by the National Association of Realtors® (NAR). SRES Realtors® have pursued additional education and training to support individuals with decisions related to selling, relocating, or refinancing their investments before or during retirement.  

Demonstrated Knowledge

Your real estate agent should also demonstrate a strong understanding of the market trends in your area. They should know the type of market in Wilmette and offer recommendations based on whether it favors buyers or sellers when they decide to list. In addition, your real estate agent should provide you with a comparative market analysis (CMA) when it comes to your listing. A CMA outlines the most appropriate price range for your home based on comparable sales of homes in your area. Your real estate agent will also offer recommendations for preparing your home, a complete marketing plan to sell your home and their expertise in negotiating in your best interests.

Make an Informed Decision

There are many factors to consider as you decide whether to list your Wilmette home for sale. Knowing your emotional investment is your first step. Outlining the benefits and costs related to staying or moving are the next steps toward making the best decision for you and your family. If you have more questions about the process or have decided to list, contact a real estate agency with the expertise you need. Not only do the Summerville Partners have the SRES Realtor® designation, but they are also the top broker real estate team in the Evanston area. They have almost thirty years of experience and are committed to providing their clients with exceptional customer service. Contact Summerville Partners at Coldwell Banker Realty for more information today!

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