If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your existing home is still a good fit for the next chapter in your life.
Fortunately, you might be in a better position to make a move than you realize. Here are a couple of things to think of as you choose whether to sell and make a relocation.
The length of time You’ve Been in Your Home
From 1985 to 2008, the typical length of time homeowners normally stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, indicating lots of homeowners are residing in their homes even longer (see graph below):
When you reside in a home for a substantial time period, it’s natural for you to experience a number of modifications in your life while you’re in that home. As those life changes and turning points happen, your requirements may alter. And if your present home no longer satisfies them, you may have better options awaiting you.
How Much Equity You’ve Gained
Additionally, if you’ve remained in your home for more than a few years, you’ve likely built-up substantial equity that can sustain your next relocation. That’s because the longer you’ve remained in your home, the most likely it’s grown in value due to home price gratitude. Data from the Federal Housing Finance Agency (FHFA) highlights that point (see graph below):
While home price development differs by state and local area, the nationwide average shows the normal property owner who’s remained in their home for 5 years saw it increase in worth by almost 60%. And the average homeowner who’s owned their home because 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you \’re looking to downsize, transfer to a dream location, or just be closer to liked ones, your home equity can be an essential to understanding your homeownership goals. NAR shares that for recent home sellers, the main reason to move was to be closer to liked ones.
Whatever your home goals are, a trusted realty representative can deal with you to find the very best choice. They’ll help you sell your current home and guide you through purchasing the home that’s right for your way of life today.
Bottom Line
Retirement can bring about significant modifications in your life, including what you require from your home. Let’s connect to check out the available homes in our location.