Planning to Retire? It Could Be Time To Make a Move.
You may be preparing your next move if you're considering retiring or if you've already retired this year. Selling your home and buying a new one that better suits your needs may be one of your objectives.
Fortunately, you might be in a stronger position than you think to take action. Here are some things to consider before making that choice.
Take into account how long you have lived in your house.
The mean tenure of homeowners in their residences was barely six years between 1985 and 2008. However, the National Association of Realtors (NAR) reports that this number is increasing now, indicating that more homeowners are staying in their homes even longer:
It's normal for your life to undergo a variety of changes when you reside in a residence for an extended period of time. Your demands may alter when those milestones and life changes take place. And you might have better options available if your current residence no longer satisfies them.
Think About the Equity You've Acquired
Furthermore, if you've lived in your house for a while, you've probably amassed a sizeable amount of equity that will likely support your next relocation. That's because it's more likely to have increased in value due to home price appreciation the longer you've lived there. This is demonstrated by data from the Federal Housing Finance Agency (see graph below):
Although state and local area differences in home price growth exist, the national average reveals that the typical homeowner who has lived in their home for five years has seen a value increase of more than 50%. And the typical homeowner who has lived in their house for 30 years has seen an almost threefold increase in value.
Examine Your Retirement Objectives
That equity can assist you in achieving your homeownership objectives, regardless of whether you want to downsize, move to a dream location, or relocate so you can be near loved ones. According to NAR, moving to be nearer to loved ones was the main motivation for recent home sellers. Additionally, retirement played a significant effect for individuals relocating farther.
Whatever your housing objectives are, a reliable real estate professional can help you locate the ideal solution. They can assist you in buying the property that is best for you and your present way of life as well as in selling your current residence.
To sum up
Your life can change significantly after retirement, including what you require from your house. Let's talk to each other to discuss your potential in the regional market.