By Donald Issac, Sr.
Donald Isaac Sr. of the Isaac Group at Century 21 New Millennium has been awarded the Seniors Real Estate Specialist (SRES®) designation by the Seniors Real Estate Specialist Council of the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Donald Isaac Sr. joins more than 16,000 real estate professionals in North America who have earned the SRES® designation. All were required to successfully complete a comprehensive course in understanding the needs, considerations, and goals of real estate buyers and sellers aged 55 and older.
The homeowner that is age 55 and older must have a plan to preserve a meaningful quality of life while protecting their most value asset which in most cases is their place of residence. In recognition of this fact and the reality of the high cost of living in Washington, DC. The District of Columbia the Council of the District of Columbia recently passed The Senior Citizen Property Tax Relief Act of 2013. The bill will exempt long-standing residents of the city who are 70 years or older from paying any real property taxes on their primary residence if they have maintained D.C. residency for at least 20 years, have a household adjusted income of less than $60,000, and maintain total assets of $250,000 or less, excluding their residence.
“The act will ease the financial burdens of thousands of the District’s low- to moderate-income aging population,” said Anita Bonds, who is up for re-election in the April 1 Democratic primary. “These residents have supported the District through dire times, and they deserve the opportunity to age in place with dignity and grace.”
Another effort aimed at helping the mature homeowner is the development of “senior villages” Senior Villages is an effort to coordinate volunteers to provide mature residents with services that help them live independently. A generation or two ago, many seniors assumed that when they grew older and more frail, they would go to a nursing home or assisted-living facility. But aging looks different now. Today mature citizens – 88 percent of those 65 and up, according to a recent AARP study prefer to stay in their residence for as long as possible, a trend called “aging in place.”
“The attitudes are changing. People don’t want to get old and sick and isolated, so they are looking for alternatives to that,” said Debra Umberson, a professor of Sociology at the University of Texas who studies aging and relationship. “The boomers want to stay independent – they want to stay more active and vibrant and connected and that is being reflected in their housing choices.”
The Washington area is leading the country in the surge of senior villages, going from about five in 2010 to 40 that are currently up and running or in development. The village model has been more successful in more prosperous areas, which tend to have larger number of people with time to volunteer or money to pay for membership. Many villages offer reduced or sliding-scale rates lower-income members.
In order to stimulate the effort to build villages in some of the more challenged areas in the city the District’s Office on Aging recently awarded two $15,000 grants to organizations in wards 7 and 8 looking to help start villages in the communities east of the city. The grantees, Keys to Canaan in ward 7 and Angels of Hope in ward 8 were given the task of identifying and assisting mature home owners with task from cutting grass, to home repairs that would help the senior homeowner with the goal of aging in place.
In recognition of this growing segment of home owners the national association of real estate professional has established the designation of Senior Real Estate Specialist (SRES) this designation is given to licensed real estate professionals who have
qualified to address the needs of home buyers and sellers age 50 and over.
By earning the SRES® Designation, the Realtor has demonstrated the necessary knowledge and expertise to counsel clients age 50+ through major financial and lifestyle transitions in relocating, refinancing, or selling the family home.
I have obtained the SRES designation because of my commitment to helping the mature homeowner meet their real estate needs. If you want to discuss reverse mortgages, the new FHA home purchase option for persons over the age of 55, strategies for leaving your property to your heirs in the most efficient, tax beneficial way call or contact the Isaac Group to develop a strategy to meet your needs.
In our community real estate is often the most valuable asset we own. We need to utilize experienced professional to develop a plan that has you and your goals in mind. Give me a call for a free consultation to assure the fact that the best is yet to come.
For comments, more information or suggestions for future articles please contact me at firstname.lastname@example.org or 202.546-0055