Whether downsizing, joining a retirement community or relocating to be closer to family, navigating the real estate market can come with a unique set of challenges for older homebuyers. What many of these buyers might not know is that there are real estate professionals specifically trained and certified to guide adults 50 and over through the process.

Known as a Seniors Real Estate Specialist, these specialized Realtors understand the financial and lifestyle issues that this segment of the population often faces and are trained on how best to help buyers, sellers and their families handle these transitions. To become certified, Realtors must complete in-depth training on senior housing options, reverse mortgages, downsizing and how to use pensions, 401(k) accounts and IRAs in real estate transactions and more.

“When working with senior clients, you play a larger role in their lives because a lot of emotions come into play when seniors move out of the home that they have lived in for many years," said Agape Real Estate founder John “Skip” Frenzel, who is among the approximately 16,000 Realtors who have earned the Seniors Real Estate Specialist designation from the National Association of Realtors. "You often assume the role as helper, problem solver and educator on issues that will affect them, their families and their loved ones.”

According to AARP, senior households are increasing faster than other age groups. The U.S. Census Bureau estimated that by 2030, 1 in 5 people — or 20% of the population — will be age 65 or older. Seniors also have the highest homeownership rate among all groups and make up the greatest percentage of sellers, according to the National Association of Realtors. While there are some trends toward renting in active adult communities and exploring senior co-housing, many seniors are buying homes similar to those owned previously, and fewer are choosing assisted living facilities than in earlier generations.

Frenzel said housing and transportation are among the biggest concerns for many seniors, followed by rising medical and healthcare costs, living on a fixed budget, long-term care needs and out living their assets – all of which can make buying, selling or moving more challenging for older adults.

Finding a property, for example, that is affordable, has features for those with limited mobility or is close to transportation, may be difficult, especially in regions where there is limited inventory.

Financing is another challenge as retirees may face higher interest rates and more scrutiny when applying for a mortgage loan. In addition, selling a home can trigger significant taxation. There also are legal complexities unique to older adults, such as trusts, power of attorney and estate planning.

A Seniors Real Estate Specialist needs to be able to assess how well their senior client can function and manage their finances, and if not, whom the senior can designate to act for them, Frenzel said. Realtors, as well as the senior’s loved ones, need to consider the senior’s emotions and help them plan ahead and address issues when they come up.

“Most of all, they need someone who will take time to sit and listen to them," Frenzel said.

Those interested in a real estate professional who serves seniors, can find a Seniors Real Estate Specialist here.

Silicon Valley Association of Realtors (SILVAR) is a professional trade organization representing 5,000 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term Realtor is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.

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