As retirement approaches, there has been an increase in consultations for moving from a large home to a small condo in Palm Springs. The burden of managing a single-family home with a large yard and stairs is prompting couples to consider moving to a community managed by an HOA, which means there are twice as many items to check since both selling and buying are happening simultaneously.

In these downsizing transactions, the role of the agent is not limited to just one side. When listing the current home, they need to determine a fair price through a comparative market analysis, and when searching for a new condo, they must also review HOA regulations, management fees, and conditions for using facilities. The agent's responsibilities during this time include drafting offers, negotiating, reviewing sales contracts, coordinating inspection and appraisal schedules, and managing the closing process for both transactions.

Since the NAR lawsuit settlement in 2024, the starting point of this process has also changed. Buyers must now sign a written buyer agency agreement before viewing new listings. If this is the first time facing such procedures before retirement, it is advisable to carefully review the scope of services and fee structure outlined in the contract. By signing this agreement, the agent is obligated to represent the buyer's interests, so if a couple is simultaneously selling and buying, they should ensure that the representation of the selling agent and the buying agent does not overlap. If you are approaching your first transaction after retirement, it is natural to feel unfamiliar with each of these procedures, so it is best to take your time and go through the contract language step by step to understand it thoroughly.

Recent trends in the Palm Springs market show a gradual adjustment. According to Redfin, the median sale price for all types of homes in Palm Springs in June 2026 is $679,630, which is a 1.5% decrease compared to the same month last year. However, for the three-month period ending in May 2026, the price is $659,000, reflecting a 1.3% increase compared to the previous year, indicating mixed trends depending on the timeframe. The average time to close a sale has decreased to 67 days, down from 77 days last year, and the number of sales in May was 492, up from 442 last year. It appears that properties are moving more actively. Many condo complexes in Palm Springs have restrictions on short-term rentals or require separate approval processes, so it is important to carefully review these regulations before signing a contract, as they can impact post-downsizing living plans. In California, when a sale occurs, the property tax assessment is recalibrated based on the new purchase price. During the downsizing process of selling a long-held home and buying a new one, it is wise to calculate this property tax change in advance and incorporate it into your budget planning.

For Korean families preparing for retirement relocation, understanding the characteristics of a seasonal resort market like Palm Springs through language and cultural insights can be practically helpful. Consulting in Korean to accurately clarify HOA regulations or condo management fees can help reduce unexpected costs after the contract is signed.

If you have children or family in Korea and are preparing for retirement while traveling between the US and Korea, it is also important to meet with an agent who has experience dealing with international remittances, ITINs, and FIRPTA (Foreign Investment in Real Property Tax Act). If you can connect with a trusted attorney or mortgage broker within the Korean community, the process can become much smoother. Given the nature of downsizing, where both selling and buying are happening, coordinating the closing dates for both transactions is also necessary, and experienced agents often handle this smoothly.

Tax and HOA regulations can vary by complex and county, so please verify again before the actual contract. This article is not investment or legal advice, and it is recommended to consult with a professional before signing a contract.