If you’re thinking about retirement or have already retired this year, now is a great time to consider if your current house is still a good fit for the next chapter in your life.
Fortunately, you may be in a better position to make a move than you realize. Here are three things to think about as you decide whether or not to sell and make a move:
1) 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, with the average tenure now being nine years.
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re 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.
2) 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 it’s grown in value due to home price appreciation.
Data from the Federal Housing Finance Agency (FHFA) shows that 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 have seen increases over 306%!
3) 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 a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, I will work with you to find the best path forward to sell your current house and guide you through buying the home that’s right for your lifestyle today.
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes and options in your area today.
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Is your home still a good fit for your lifestyle?
With years of experience and a deep understanding of the local market, Amy is ready to provide the guidance and support you need. Reach out to Amy today and discover why clients trust her to deliver exceptional results and a seamless real estate experience.