If youre thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could beselling your houseand finding a home that more closelyfits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
Consider How Long Youve 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 theNational Association of Realtors(NAR), that number isrising today, meaning many homeowners are living in their houses even longer(see graph below):
When you live in a home for a significant period of time, its natural for you to experience a number of changes in your life while youre in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Consider the Equity Youve Gained
Additionally, if youve been in your home for more than a few years, youve likely built upsignificant equitythat can fuel your next move. Thats because the longer youve been in your home, the more likely itsgrown in valuedue to home price appreciation.Datafrom theFederal 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 whos been in their house for five years saw it increase in value by over 50%. And the average homeowner whos owned their home for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals
Whether youre 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. NARsharesthat for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.
Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. Theyll help yousellyour current house and guide you as youbuythe home thats right for you and your lifestyle today.
Bottom Line
Retirement can bring about major changes in your life, including what you need from your home. Connect with a trusted real estate advisor to explore the opportunities in your local market.
When you are ready to buy or sell your next home, please call me, Marie McLaughlin 727-858-7569.
Source:https://www.keepingcurrentmatters.com/2022/12/15/planning-to-retire-it-could-be-time-to-make-a-move/
