A Southwest airlines supervisor was just 20 when she married and had her only child, a son who's currently a college sophomore. Now divorced, the woman is ready to sell her five-bedroom brick colonial in the Dallas suburb of Frisco.
"I'm not yet old, but I see no reason to hang on to this McMansion I inhabit. I want a smoother, simpler life in a condo close to the Southwest headquarters. This move will cut my taxes and spare me lots of cleaning and upkeep," she says.
The woman is excited about the possibilities that could come from her downsize move.
"More important than a showy home is the freedom that comes from living smaller. Once I sell, I'll have more leeway for travel and hobbies, like my genealogy and book clubs, as well as my Zumba and spin classes," she says.
Most downsizers are either retired or nearing retirement. But like the Southwest supervisor, an increasing number of middle-aged owners are also eager to divest themselves of an oversized McMansion, according to Zillow, the Seattle-based real estate firm.
"American homes have shifted from status symbols to sanctuaries. Buyers are no longer chasing the biggest footprint of the glossiest finishes. Instead, they're seeking homes that reflect who they are ... and what they value," says Amanda Pendleton, Zillow's home trends expert.
Pendleton notes that at the height of the building boom -- roughly 2002 to 2006 -- McMansions were constructed all over the nation, but especially in Sun Belt metros. Many featured giant Tuscan-style kitchens with dark cherry cabinets and speckled granite countertops, as well as big bathrooms with jetted tubs and three-car garages.
But these days buyers are less interested in impressing guests and more interested in how a home supports their lives in practical ways, such as low energy costs.
Sellers like the Southwest supervisor are aware that many of their home's McMansion features seem dated to current buyers. That's why it's important they choose a listing agent who will highlight the positives, like energy-saving replacement windows and kitchen pantries.
"It's typically not cost-effective to do major renovations to get a dated property sold. But you can stress work you've already completed. This could include a new roof or replacement appliances in the kitchen," says Joan McLellan Tayler, the longtime owner of a California realty brokerage.
"Look for a listing agent who knows what buyers in your area prioritize," Tayler says.
Here are a few pointers for sellers:
-- Seek experience when choosing a listing agent.
Tayler says too many sellers take a casual approach to picking an agent, noting that some make the mistake of hiring a relative, a friend or a young agent looking to get started.
"A lot of the sellers fail to understand that even in a strong market, it takes complex skills to do a great job selling real estate," she says.
Tayler recommends that sellers opt for an agent with experience in handling lots of different deals. Those with a track record are most apt to sniff out problems before they happen.
If for personal reasons you're determined to choose a newcomer, she suggests you ask that agent to share the listing with an established pro from the same office.
"With two agents on your side, you'll benefit from both their strengths," Tayler says.
-- Make sure that prospective buyers are financially qualified.
Sharp sellers are careful to check the financial standing of would-be purchasers.
"Who wants a deal to fall through because the buyers lack the wherewithal or credit to get it to the finish line?" says Eric Tyson, a personal finance expert and co-author of "House Selling for Dummies."
Before accepting an offer, sellers should insist on seeing a genuine preapproval letter from a known lender, Tyson says. This should establish that the prospective buyers have had their credit checked, their employment confirmed and their assets verified.
In addition, prospects can be asked to supply other details about their creditworthiness, such as their credit scores. The most common of these, known as FICO scores, range from 300 to 850. The higher that number, the more likely borrowers are to get the loan they need to close the deal.
"To avoid insomnia, look for buyers with scores of 700 or above," Tyson says.
Bidders can obtain reports on their credit scores from a website of the Fair Isaac Corp (myfico.com).
-- Get ready for issues that could arise during an inspection of your home.
In all sorts of neighborhoods -- including very popular ones -- many purchasers exercise their right to a home inspection. And many use the process as leverage to renegotiate the deal.
"Even in a tight market, if the inspector finds substantial defects in the house, the buyers could attempt to use these findings to revisit the terms of the deal," Tyson says.
Homeowners should never try to talk buyers out of a home inspection. But smart sellers will consider paying for their own inspection even before the property goes on the market.
"The person you hire for a presale inspection is unlikely to find all the same small problems that the buyer's inspector locates. But both should spot the really major problems, like a failing roof or electrical system," Tyson says.
"Knowing the problems that lurk in your house is especially important if the place is more than 10 years old," he says.
(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)