I have received inquiries from people who are approaching retirement and want to downsize from their large homes to smaller ones. The first questions those considering downsizing often ask are how much they can sell their current home for and when they should sign a contract for the new home to avoid complications.

To answer these questions, we need to first understand what agents actually do. Their key roles include finding listings, conducting a Comparative Market Analysis (CMA), drafting offers to negotiate price and terms, reviewing purchase agreements, coordinating home inspections and appraisals, and managing the entire process up to closing (source: nar.realtor).

Since the NAR lawsuit settlement in 2024, one procedure has changed. Buyers must now sign a Buyer Agency Agreement in writing before viewing properties (source: nar.realtor). So, what does this agreement include? It specifies the agent's commission structure and the range of services provided. If an agent can explain the terms in Korean rather than having you read and sign the English text as is, it can significantly enhance your understanding.

Looking at the Portland market, the median sale price has recently been around $535,000 based on the last three months (source: Redfin, as of June 2026), and properties are selling approximately 14 days after hitting the market, receiving an average of three offers (source: Redfin). With a trend of selling at 100.56% of the asking price, it can still be seen as a competitive market. Therefore, for sellers considering downsizing, how to negotiate terms after receiving an offer becomes crucial.

Downsizing hinges on aligning the closing schedules of the home being sold and the new home. If the closing of the existing home occurs before the new home, temporary housing may be needed in between, and conversely, if it is delayed, it could complicate the deposit for the new home. Coordinating this order is also ultimately the agent's role, requiring careful adjustments with the title company and escrow schedules.

The reasons for seeking a Korean agent can be summarized as follows:

• They accurately explain the terms of contracts and disclosure documents in Korean to aid understanding.
• They are familiar with the lifestyle patterns preferred by Korean families, such as school districts, religious communities, and access to Korean markets.
• They have experience dealing with situations like international remittances, ITIN issuance, and FIRPTA for non-resident foreigners.
• They can connect you with verified professionals within the Korean community, such as lawyers, mortgage brokers, and inspectors.

Even those who have lived in Portland for a long time may find the decision to downsize to be a new experience. While the primary goal is often to reduce the number of rooms and lower maintenance burdens, the process of deciding where to move can involve considerations of distance from the Korean community and accessibility to children or grandchildren. The ability to naturally understand these personal priorities during conversations can significantly influence overall satisfaction.

If you are considering downsizing after retirement, it is also important to address the tax implications of capital gains from selling your home. Oregon's tax standards may differ from those of your previous state, so it is advisable to check in advance. For those immigrating from Korea and settling for the first time, the process of obtaining a mortgage without a credit history may feel unfamiliar, and guidance from an agent who has dealt with such situations can be genuinely helpful.

Ultimately, a good agent is determined not by the percentage of commission but by how clearly they outline the entire process of the contract. Finding an agent who understands both the language and culture can make navigating complex procedures like downsizing much smoother. This article does not constitute investment or legal advice, and it is recommended to consult with a professional before entering into any contracts.