Why Older Homeowners May Get Less When Selling - And How to Avoid That From Happening
Recent research from the Center for Retirement Research at Boston College has revealed a concerning trend: homeowners who wait until age 70 or beyond to sell their properties are receiving significantly lower sale prices compared to younger sellers. An 80-year-old homeowner gets about 5% less than sellers in their 40s and 50s for a home held for roughly 11 years. On a typical home price of $405,400, that's more than $20,000 left on the table.
As someone who's worked with many longtime homeowners in Madison and Morris County, I've seen this pattern firsthand. But understanding why it happens is the first step to avoiding it.
The Two Main Culprits
The research indicates that older homeowners are more likely to sell through private, off-market listings that never appear on the public Multiple Listing Service, limiting competition and typically involving investors, which is associated with lower sale prices.
The second factor? Deferred maintenance. Homes sold by older owners are more likely to show signs of deferred upkeep or fewer upgrades, which can weigh on sale prices even after accounting for location and market conditions. When you've lived in a home for 20, 30, or 40 years, it's easy to overlook gradual deterioration or outdated features that buyers immediately notice.
Why This Matters Now
We're currently in a market where buyers have more leverage than they did a couple years ago. When properties show visible deferred maintenance, buyers use that as a negotiating tool to push for lower prices or repair credits. In a competitive seller's market, some of that might be overlooked. In today's more balanced market? Every detail matters.
How to Protect Your Interests
If you're considering selling and you're in your 70s or beyond, here's my advice:
Work with a professional real estate agent. While private sales might seem appealing to avoid commission costs, they significantly limit your buyer pool and often result in lower offers. A good agent exposes your property to hundreds of potential buyers, creates competition, and typically nets you far more than the commission costs.
Address maintenance issues before listing. Walk through your home with fresh eyes, or better yet, bring in a professional. Look for peeling paint, outdated fixtures, worn carpets, and any systems that need attention. Even modest investments in updates can return multiples in your final sale price.
Consider involving family members. Adult children, neighbors, or other family members should keep an eye on the upkeep of an older loved one's home, and when older people interact with the real estate brokerage community, they should consult with adult children or someone they trust to help them.
Don't rush the process. Many older sellers are motivated by timing pressures, whether moving to be near family, downsizing for health reasons, or addressing financial needs. But rushing leads to accepting lower offers without fully exploring the market. Give yourself adequate time to prepare properly.
Our Approach
When we work with longtime homeowners, we're very direct about what updates will meaningfully impact sale price and what won't. We're not suggesting expensive renovations, but strategic improvements that show buyers the home has been well-maintained.
We also understand that selling after decades in a home is emotionally complex. Our goal is maximizing your return while making the process as smooth as possible. That might mean connecting you with trusted contractors for repairs, helping you understand current market values, or simply being patient as you prepare for this transition.
The bottom line: age doesn't have to mean accepting less for your home. With proper preparation, professional representation, and strategic pricing, older sellers can achieve the same strong returns as younger ones. Don't let deferred maintenance or limited marketing cost you tens of thousands of dollars.
Written by Scott Spelker, The Spelker Team. For expert guidance on buying or selling in today's market, we're here to help. Reach out to us via our website or give us a call for a no-obligation consultation.