Are you thinking about retiring soon? Or maybe you have already retired this year. Then now is a good time to consider if your current house is still a good fit for the next chapter in your life and why moving might be the perfect next step.
Fortunately, you may be in a better position to make a move than you realize. As we wrote about in an earlier blog there are some definite perks to selling when inventory is low. Here are a few more things to think about as you decide whether or not to sell and make a move.
How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for several years, it’s only natural for you to experience several changes in your life while you’re in that house. As those life changes and milestones happen, your needs may also change. And if your current home no longer meets them, you may have better options waiting for you.
How Much Equity You’ve Gained
Additionally, if you’ve been in your house for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely that it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%! And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be the key to realizing your homeownership goals. National Association of Realtors shares that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, a trusted real estate agent will work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.
Bottom Line
Retirement can bring about major changes in your life, including what you need from your home. So if retirement is on your horizon we should connect and chat about why moving might be the perfect next step. And, if you’re ready, we’re here to explore the available homes in our area with you.
