Planning to Retire? It Could Be Time To Make a Move
If you're thinking about retiring or have already retired this year, you're probably thinking about your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a stronger position to act than you realize. Here are a few things to think about when making that decision.
Consider How Long You've Lived in Your House.
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 house for an extended period of time, it's natural for you to go through a number of changes in your life. Your needs may change as your life changes and milestones occur. And if your current residence no longer meets your requirements, you may have better options available to you.
Consider the Equity You’ve Gained
Additionally, if you’ve been in your home 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 home, the more likely 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 locality, the national average shows that the typical homeowner who has lived in their home for five years has seen its value increase by more than 50%. And the average homeowner who has owned their home for 30 years has seen its value nearly triple in that time.
Consider Your Retirement Goals
Whether you're looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. According to NAR, the primary reason for recent home sellers to relocate was to be closer to loved ones. Furthermore, for those traveling longer distances, retirement played a significant role.
Whatever your housing objectives are, a trusted real estate advisor can help you find the best solution. They will assist you in selling your current home and guide you in purchasing the home that is best for you and your lifestyle today.
Retirement can cause significant changes in your life, including what you require from your home. Connect with a reputable real estate advisor to learn more about the opportunities in your area.
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