"Today's baby boomer is far from the typical real estate client," said Nathan Booth, senior adviser to the council. "Many from this generation are experiencing the unique situation of becoming caregivers to their parents while raising children and planning for their own retirement."

The baby-boomer generation, born between 1947 and 1964, is the largest demographic group now contemplating its senior years. Those born in 1947 will be 57 this year, while the number of boomers and seniors will increase by 87 percent over the next 15 years. Last year, 41 percent of all home sellers were 55 years old or older. That number is expected to increase, as more boomer homeowners become empty nesters.

"Intelligent real estate planning can be one of the most important issues impacting boomers' financial security," Booth said. "In addition to meeting their own real estate requirements, baby boomers also are in need of identifying a Realtor who can provide their parents with appropriate living options. For seniors who have not bought or sold a home in many years, the real estate transaction process can be overwhelming."

Realtor John Leslie of Alain Pinel Realtors in Los Gatos believes working with seniors requires special skills. He recommends seniors choose an agent who has some background and current knowledge of the senior-housing market.

"From an agent perspective, working with seniors is a specialty and requires a unique set of skills, the principal one being extreme patience," Leslie said. "It is not unusual for agents to spend a year or more working with senior clients who know they should downsize, but struggle with the whole process of preparing to move and find a suitable replacement home."

According to a recent AARP study, many midlife Americans are not fully prepared for their future housing needs. While some seniors indicate they would like to stay in their own homes as they age, others are choosing retirement communities as a viable option.

Since isolation and loneliness can be a problem for seniors who choose to stay in their homes, many seniors look at retirement communities as a source of companionship and social activities. They also recognize the need to consider health-care options as they age.

"Keeping active and involved is one key to remaining healthy and independent as long as possible," said Richard Flower, president of the board of directors at The Forum, a continuing-care retirement community in Cupertino that features a real estate component with an equity ownership plan. "Making a decision about the future when there is still a choice to be made is critical as well."

Flower said there are several important factors to consider when deciding whether to move to a retirement community. Most importantly, he recommends seniors take the time for financial due diligence and to sort out the different health-care components offered by different retirement communities.

"It's also a good idea to compare monthly fees with how much it costs to live on a monthly basis in one's own home, since people seldom add up all the costs when they pay a bill here and there," Flower said. "Retirement communities are often more affordable than most people think."

How can seniors begin the process of determining what to do about future housing options? When it comes to deciding whether moving to a retirement community is a good option or not, it pays to do some homework.

"Do your homework by visiting different communities and taking the time to understand the intricacies of each one. It's not always easy to make comparisons without an in-depth understanding of all the financial and health-care details. Most importantly, start early. Many of our residents wish they had moved here long before they did," Flower said.

Sometimes described as the sandwich generation, baby boomers are faced with certain challenges that are specific to their unique status—such as helping parents move and then turning around and having to come to terms with their own retirement.

For Alan and Sue Hubbard, both retired from IBM with more than 50 years of service between them, the decision to move to a retirement community was easy. They moved to The Forum just three years ago and were familiar with the process after helping Alan's parents get settled in a retirement community back in Ohio.

"We had a preview when we went through the process with my parents, so we knew what to look for. For me it's the freedom of choice and unlimited opportunities to do what you want to do," said Alan Hubbard.

The downsizing aspect seemed daunting to his wife, Sue, who loved her big house filled with antiques.

"It was a bit overwhelming at first, letting loose and moving from one lifestyle to another. But once I decided to get rid of all those antiques, it was easy," she said.

After using eBay to pare down the furniture—and adding some dollars to her pocketbook—Hubbard has never looked back.

"We both are so busy with all the activities at The Forum, we don't have time to do everything we want to do," she said.

For baby boomers who are dealing with their parents' housing needs as well as their own, Hubbard recommends a good book on the subject called Moving Mom and Dad: Why, Where, How and When to Help Your Parents Relocate," by Sarah Morse.

Whether the decision is to age in place at home or to move to a retirement community, it's wise to consult a Realtor to consider the options.

A Realtor with a special designation of Seniors Real Estate Specialist can provide expertise and knowledge to help senior clients make appropriate decisions.