There’s a large market of older adults who are ready to retire and move into smaller homes. This population is one you can’t afford to overlook; they’re customers you can almost effortlessly sell to as long as you make good use of part exchange (PX).
What Older House Buyers Want
The retirement-age population want to simplify their lives and they want to do so quickly. They’re done with the grind of daily employment and they want to enjoy their lives with as few responsibilities as possible.
Many retirees are long-time homeowners who are tired after years of maintaining a large family home. They’re now keen to downsize and move into simpler and more manageable living quarters.
Older adults often wish to sell their current home and put the sale proceeds towards a retirement unit that suits their new living needs. Part exchange is an excellent way to help them reach their goals. It’s also a service that you should offer if you want to draw in more business from the retirement-age crowd.
Why Part Exchange for Retirement Homes?
Part exchange is letting a housebuyer put the value of their old home towards the price of a new one. Normally, buyers wish to upgrade to a bigger and better house so the funds they get for their old home covers a portion of the cost for the new one.
But when it comes to downsizing to a retirement unit, the situation is the opposite: the buyer gets more money from their sale than they need to pay for their newer smaller unit. This would usually represent a bit of a loss for the seller.
Part exchange isn’t a loss, however, when you outsource the old property purchase to a third party. The value differential doesn’t matter to third party buyers. Outsourcing the exchange will help the transition to happen quickly and smoothly without waiting for months on end for the property to sell on the open market and this will leave your buyers with the funding to proceed with a purchase from you.
How Retirement-Age Homebuyers View Part Exchange
Part exchange can represent a loss to the original owner of a house. A retirement-age adult who wants to sell their old home may be able to fetch a better price on the open market. But there’s a valid reason why they might be willing to cut their losses and accept part exchange and that reason is time.
Older adults tend to have an acute appreciation of the value of time. They don’t want to live out their valuable and limited retirement years maintaining or selling a large old home. They want to begin their retirement right away and focus on other pursuits and hobbies. Some individuals may have urgent health or estate planning matters that distract them from marketing their home.
This population is thus more accepting of the compromise in cost. They’re willing to part with their old property for a little less than usual if it means completing their housing transition on their own timeframe.
The peace of mind that PX can bring to you and to your retirement unit buyers is truly invaluable.
For trusted and well-funded and flexible part exchange, contact HBB Solutions.