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Determining the best options available can be the most important part of making a real estate transition, but the challenge can be met with the right preparation, according to Realtor Rosemary Maguire and moving specialist Vicki L. Reynolds.

The two women are part of the recently formed Senior Advantage Team, which is taking a multi-disciplined approach with members Maguire of Keller Williams Realty, Rey-nolds of That Special Touch, Vern Martell of Aging-in-Place Construction Specialists, reverse mortgage specialist Mike Sullivan of Wells Fargo, renovation loan specialist David Gutheil of Wells Fargo and elder attorney Susan L. Hunt.

The team’s goal is to fill a void in the marketplace by catering to the specific needs of homebuyers and sellers 55 and older. They say these clients often face practical and financial issues related to the difficulties of downsizing and relocating, renovating an existing home, or buying a home that may need modifications.

The demographic is certainly there, according to recent media reports. By 2014, a quarter of the U.S. population — more than 85 million people — will be 55 or older. And about a third of the homeowners in the 55-plus age group are interested in alternatives.

They want to make a lifestyle change but need to know their options before making a decision, Maguire says. Consultations, which help clients discover their options, are critical to the real estate transition process: “Everybody is a little different as far as what they’re wanting and what’s important to them.”

The senior market is actually very diverse as well, she said. She sees distinct groups separated by their needs at different ages: young seniors ages 55 to 65 who may be considering keeping their house, modifying it or downsizing; seniors ages 65 to 75 who may prefer to sell and move to an active retirement community; and those age 80 and above and their children, who may be dealing with special health needs and are overwhelmed at the thought of preparing their house for sale and tackling the moving process.

Key pieces of the puzzle are determining criteria for the home such as price, location and accessibility, and identifying mortgage options. “Sometimes people don’t know exactly what they want until they start looking,” she said.  “They didn’t realize there were certain things available.”

For example, homes that may not meet all of a buyer’s needs at first glance can be modified with aging-in-place features, from adding grab bars in bathrooms to installing wood floors to accommodate wheelchairs. These changes can be paid for through programs such as federally backed 203(k) renovation loans, reverse mortgages or other financing options. Property value is also critical. Making home modifications incorrectly, without certified aging in place construction specialists, can lead to costly mistakes that may have to be redone or that can negatively affect future values, Maguire warned.

Maguire and Reynolds say clients need to focus on developing a list of needs and options that allow them to live the way they want to live.

“It has so much to do with a control issue,” Reynolds said. She advises clients to make decisions while they have lots of options available. “Don’t wait until there’s a catastrophic tragedy or a fall or something like that where you can’t make those decisions. Because once you can’t make those decisions, then (you) lose control.”

Reynolds’ work centers on one of the most-dreaded pieces of the buying and selling process: moving.

One of the main questions she gets from people who have lived in their homes for dozens of years has to do with clearing out their decades’ worth of belongings. The idea of downsizing is distressing for many, she said: “They’re frozen in that place. Just the thought of dealing with all of the stuff is overwhelming.”

Reynolds’ advice: Break it down into manageable pieces. When she helps clients she sets a timeline, focuses on the move first, completes a floor plan of the new space and makes decisions about the pieces they’re keeping, making sure they’re going to be functional.

The step-by-step planning, taking on one project at a time, makes it work. “Don’t look at the whole house or you’ll go crazy,” she said.

Both Maguire and Reynolds recommend that buyers and sellers educate themselves about the options available — from real estate sales to loans to relocation methods — because the effort could save them money in the long run and give them even more
valuable peace of mind.

— Compiled by Heather L. Modlin