Tips for Empty Nesters Trying to Downsize in a Hot Real Estate Market

Most parents alternatively dread and yearn for the day their last child moves out, turning them into “empty nesters.” With today’s rising real estate costs, it seems to be happening much later in their kids’ lives than it used to. In fact, more millennials are living with their parents than at any time since 1940, according to new data.

When they eventually do move out, though, it’s a sad end to the life they knew, but it’s also the start of a new beginning for mom and dad.

In today’s competitive market, with inventory low and bids high, it’s a seller’s market: great for the downsizer, but not so great for the folks who then need a new place to live. However, today’s empty nesters have options – and should exercise them. If they’re preparing for the move, doing their research, and choosing the right location, they can make the transition a whole lot easier in the end. Here’s how:

1. Keeping Your Options Open:

It’s very common for empty nesters who live in big, sprawling suburban homes to either remodel and remain in there, or quickly list it for sale. Neither option is advisable. It’s important to be aware of today’s rental market and realize that buying a brand-new home or condo does not need to be the first step. Instead, those couples should take the time to not only research what’s available, but to check out the neighborhoods that interest them. Consider moving to a hot new area for a while to check it out – and get a feel for the community. If it’s a fit, they’ll be the first ones to hear of potential homes for sale. If it’s not – no harm, no foul.

2. Think About What You Really Want

Many newly “solo” parents decide they want to trade the big home, easily accessible parking, and big yard for a small house or condo that requires less upkeep. For some, that’s the right call – others discover they like the space for extended families, but want a new place with one-level but a different floor plan. Taking the time to think this through is imperative before a permanent housing commitment is made.

3. Prepare for the Move

Preparing for a move isn’t easy. First step? Declutter. You’ll find that not everything you own

holds the same sentimental value as it once did. Remember that you’ll want your new place to have a new look and a new feel – so give yourself permission to purge. If you’re downsizing -- that also means less furniture, kitchen supplies, outdoor supplies etc. Less inhabitants means less stuff, so save money and space. Be strategic about your plan and work to create an ideal picture of what will fit in your new household.

4. Move-in Day:

Prepare for move-in day by labeling bins while packing, and use a coding system for what to keep, sell, or give to charity. Make the 2 latter groupings your priority and get them out of the house as quickly as possible, so they don’t end up moving with you and encroaching on precious space. While packing up the rest, label or color code by room so they’re directly unpacked and put away.

4. Choose the Right Location:

Many empty nesters discover they want access to more action – a vibrant downtown, a walkable neighborhood, and entertainment opportunities nearby. A town like Wellesley, MA, is a great choice, with its proximity to downtown Boston, public transportation, friendly residents, close-knit neighborhoods, and a modern collection of shops and restaurants. To top it all off it’s one of the safest places to live in in Massachusetts and contains one of the lowest crime rates in the nation.

In the end, making an educated decision through thoughtful planning, research, and collaboration with a seasoned real estate broker is the best way to ensure your empty nest continues to feel like home for the next generation of your family.