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John Occhi
John Occhi
Mike Mason
Mike Mason

Why should you consider a ‘Senior Real Estate Specialist’?


Friday, December 27th, 2013
Issue 52, Volume 17.
John Occhi, Mike Mason
Special to the Valley News
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To understand the "why" of a Senior Real Estate Specialist (SRES®) you first must understand what a SRES® is.

SRES® is a designation bestowed upon REALTORS® by the National Association of REALTORS® who have completed additional educational requirements that give them insight, understanding and skills that are necessary to handle the more complicated transactions and life situations that are involved with seniors selling and buying a home. Only licensed REALTORS® are eligible to become a Senior Real Estate Specialist.

When real estate buyers and sellers are ages 50+ their needs are different from first time home buyers and move-up buyers. At this stage, buyers and sellers need more than an average agent, they need one with the resources for downsizing, using alternate financing and can provide counsel regarding lifestyle and financial transitions that you may not otherwise consider.

SRES® expertise

A REALTOR® who has earned the SRES® designation has proven expertise in general real estate as well as these very specific issues – all of which are important to those over 50, and buying or selling Temecula Real Estate:

* Housing for Older Persons Act (HOPA)

* is sensitive to the priorities and issues of the 50+ population

* has developed a team of trusted professionals and experts dealing with the financial aspects of the 50+ buyers and sellers

* can counsel clients regarding reverse mortgages as an option to age in place or as an income stream

* understands how Medicare, Medicaid and Social Security should and can impact real estate decisions

* understands and can identify key life stage transitions as they relate to housing choices

* recognizes and identifies financial scams and schemes that target the senior community

* helps clients integrate the disposition of their real property into their estate planning

Ask yourself, "Why do I need an SRES®?"

In today’s changing market and struggling economy there are many options seniors consider, from aging in place to full nursing care. An SRES® is prepared and equipped to help you navigate through the options, to the one that is best for you.

* Aging in place – Perhaps the solution is not moving at all, but staying in the family home and aging in place. An SRES® can educate you on the pluses and minuses of reverse mortgages as well as providing resources to modify your home to meet the needs of aging.

* Downsizing – Many seniors choose to sell their current home and purchase a smaller one; whether it be a single family residence (house), a condo or even a townhouse. Downsizing brings less maintenance and is typically a senior’s first choice if they are healthy and live an active life.

* Active adult communities – These communities are for those 55+ and generally have restrictions about children and grandchildren living at home. The communities can be mobile homes, condos, town homes or single family residences. The common thread is they are designed to deliver a maintenance-free lifestyle for their residents and typically offer amenities and activities that will encourage exercise, social clubs, art lessons and stimulating lecture series.

There are times when seniors no longer want to or just can’t care for themselves and either need or anticipate needing more hands-on care. An SRES®® can make referrals and discuss options that include:

Assisted living communities – There is a lot of variety in the services provided by assisted living communities. The common thread is that the residents all live in their own apartments (some may share apartments) while maintaining the benefit of on-site staff, meal service in communal dining spaces and planned events, activities and outings. Some assisted living communities will offer access to nursing and daily living assistance. Some will even offer more extensive medical and personal services.

Personal care homes – Typically set in residential neighborhoods in single family homes, these homes are licensed for up to six residents and the services will include meals and housing maintenance while attending to residents’ safety and care. Typically, a personal care home will specialize in working with clients with a specific health concern or other commonality and provide care and an environment tailored to these conditions.

Alzheimer’s and Dementia care – These are facilities that specialize in caring for residents diagnosed with either Alzheimer’s or Dementia and offer programs and an environment that address the residents specific needs where they can live safely. Housing services will typically include housekeeping, meals and personal care such as bathing and dressing and administering medication.

Continuing care retirement communities – Many times an active senior wants to plan ahead and make a final move. These continuing care retirement communities will offer a hybrid of services allowing a resident to initially move-in as an independent living resident and then as time and needs mandate allow the resident to transition, in place, to assisted living and nursing care.

When should I find an SRES®?

Like any specialist, you should do your diligence and find one before you need one. Ask for referrals from friends and loved ones who may have used their services in the past. Ask the local Board of REALTORS® – especially if you are relocating, for a list of members who have distinguished themselves by earning the SRES® designation

The more time you allow yourself to grasp the concept and adapt to the lifestyle changes you’re experiencing, the better off you’ll be – both financially and emotionally. Call me today and get the information you need to make the right decision. The info is free, call now! (951) 296-8887.

Questions regarding available inventory and/or other real estate matters contact Mike@GoTakeAction.com. Mike Mason, Broker/Owner of MASON Real Estate Cal. BRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR), Traveling State Director, California Association of Realtors® (C.A.R.).


 

1 comments

Comment Profile ImageVeronika Childs
Comment #1 | Monday, Feb 3, 2014 at 2:27 pm
Great information for prospective buyers!

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Valley News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.

 

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