PROVIDENCE, R.I. (WPRI) — There are a variety of reasons why older Rhode Islanders might choose to downsize their homes.

In some cases, those residents don’t need the extra space or are looking to save on money.

But the process of selling a larger home in exchange for a smaller one can be daunting, especially amid the ongoing housing crisis.

With a lack of housing statewide and sky-high mortgage rates, older Rhode Islanders are staying in their homes for longer.

“Right now, some sellers are staying put because they’re unsure what to do,” real estate agent Morgan Hollenbeck said. “They might be afraid that they can’t find somewhere to move into.

Hollenbeck said those who are worried about having nowhere to go will always have affordable options, such as assisted living facilities.

Bankrate, a financial services company, said there are a number of factors to consider before downsizing. Those factors include a seller’s current financial situation, plans to retire and the affordability of closing costs.

Hollenbeck said preparation is key: Sellers should do their homework ahead of time so they know what’s available, and consider cutting costs wherever possible.

She also suggested sellers begin organizing their belongings and getting rid of items they no longer need.