For homeowners who sell their house later in life, that timing may come with a cost, new research suggests.
Once sellers reach about age 70, they start getting lower sale prices for their houses compared with younger homeowners, according to a January research brief published by the Center for Retirement Research at Boston College.
Compared to sellers in their 40s and 50s, an 80-year-old homeowner gets a 5% lower price for a house held for about 11 years, according to the study. On a typical home price of $405,400 — the national median sale price in December, according to the National Association of Realtors — this amounts to a loss of $20,270. This gap continues growing as homeowners age.
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It’s a scenario that more home sellers may be poised to encounter.
