Are you thinking about retiring or have you already retired? Think about whether your current house still works for the next phase of your life.
Luckily, you might actually be in a better position for moving than you think. Here are a few things to consider as you weigh the options of selling and making a move.
How Long You’ve Been in Your Home
Between 1985 and 2008, people usually stayed in their homes for about six years on average. Now, the National Association of Realtors (NAR) says that number is rising, that people are staying in their homes even longer (see graph below):
If you’ve been living in your home for a while, it’s totally normal to go through some life changes while you’re there. As things change and different things happen, your needs might change too. And if your current house isn’t working for you anymore, there could be some great alternatives for you.
How Much Equity You’ve Gained
Also, if you’ve been living in your house for a good amount of time, chances are you’ve stacked up some serious equity that can help with your next big move. So the longer you’ve been in your home, the more likely it’s shot up in value thanks to the housing market doing its thing. Just take a look at the stats from the Federal Housing Finance Agency (FHFA) (see graph below):
So, depending on where you live, the growth in home prices can be different. But on the average, if you’ve owned your home for about five years, chances are it’s gone up by almost 60%. And if you’ve been a homeowner since way back in 1991, your home’s probably more than tripled in value by now.
Consider Your Retirement Goals
Whether you want to downsize, live in your dream location, or just be closer to family, tapping into your home equity could make those homeownership dreams a reality. According to NAR, most people who recently sold their homes did it to be closer to their loved ones.
Whatever your home goals might be, a trusted real estate pro can help you find the perfect place. They’ll assist you in selling your current home and help you with finding the home that best suits your needs right now.
Bottom Line
When you retire, things can really change, especially when it comes to what you want in a home. Get in touch with a local real estate agent today and check out some of the available homes in your area.