Are you considering downsizing? Whether you're an empty nester, looking to simplify your life, or seeking a more manageable home, downsizing can be an exciting and rewarding process, especially in the current real estate market in Fairfield County. Now is an amazing time to sell, and here's why.
Buyers are desperate for homes in Fairfield County. Baby Boomers currently own 28% of large homes, despite being empty nesters, while Millennials with children own only 14%. What's more, 38% of buyers in the market are millennials, creating a significant demand for 3+ bedroom single family homes.
Leaving a home you have spent over a decade in can be daunting, to help you prepare for this new chapter, here are the essential steps you need to take to get ready for downsizing:
Determine Your Downsizing Goals
The first step is to take some time to reflect on your goals. What are your reasons for downsizing? Are you looking to reduce maintenance, lower expenses, or simply embrace a more minimalist lifestyle? Clarifying your objectives will guide your decisions throughout the downsizing journey.
Declutter and Organize
One of the most crucial steps in downsizing is decluttering your current home. Start by sorting through your belongings and deciding what to keep, donate, sell, or discard. This will help streamline the moving process and make your home more appealing to buyers.
- Keep pile: box up and label the items you know you won’t use for the next few months and set them aside for the move.
- Important documents, home videos and photos: now’s the time to digitize. Invest in external hard drives or cloud storage (like Google Drive or DropBox) to store digital files securely. And if you're not sure how to do it yourself, services like LegacyBox or EverPresent can help.
- Donate: Danbury ReStore, Vietnam Veterans of America, Pick Up Please
- Sell: Have a tag sale, utilize Facebook Marketplace or contact an estate sale professional. My favorite estate sale companies local to the Redding and Ridgefield area are: Bluebird Estate Sales; Clearing House Estate Sales; Silver Lining Consignments; Black Rock Galleries
- Organize: reach out to an organizational professional, I like working with Tidy Nest
Hire a Real Estate Professional
Navigating the downsizing process can be overwhelming, especially when it comes to real estate transactions and legal considerations. This is where your Realtor comes in! We can help give you an accurate valuation of your home, make recommendations on how to prep it for the market to maximize your sale and help you find your new home. Moving out of state? No problem, Compass agents are located throughout the country and I would be happy to refer you to an amazing agent in your new location.
Plan for the Transition
Downsizing involves more than just moving to a smaller home. It's a significant life transition that requires careful planning. Consider the logistics of moving, such as hiring movers, transferring utilities, finding new doctors and updating your address.
Downsizing can be an empowering and liberating experience. By following these essential steps and seeking professional guidance, you can successfully prepare for the next chapter of your life. Embrace the opportunity to access the wealth you have built over the years and to enjoy wherever life takes you next!
Are you ready to embark on your downsizing journey? Please reach out, I would love to help.
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Sources:
Boomers won’t part with their homes, and that’s a problem for young families | CNN Business
Study: Millennials Reclaim Position as Largest Group of Home Buyers | Real Estate In-Depth
