Retirement is a momentous milestone, bringing with it a world of opportunities and adventures. As you stand on the threshold of this exciting new phase, you might be contemplating selling your current home in search of one that aligns better with your evolving needs. What you might not realize is that you're in an exceptionally favorable position to make this transition seamlessly. Here's why.
Extended Homeownership: In the past, homeowners tended to stay in their homes for approximately six years. However, according to the National Association of Realtors (NAR), the times have changed. Since 2010, the average tenure of homeowners has extended to just over nine years (see Graph 1). This prolonged duration naturally leads to changes in your life and, subsequently, your housing needs. If your current home no longer suits these evolving needs, you may find better options elsewhere.
Unlocking Home Equity: For those who have lived in their homes for more than a few years, significant equity has likely accrued—a valuable resource for your next move. Equity grows as you pay down your mortgage and as home prices appreciate. The longer you've owned your home, the more substantial your equity might be. Data from the Federal Housing Finance Agency (FHFA) underscores this point (see Graph 2).
While property values vary by location, the national average reveals that homeowners who've lived in their homes for five years have seen nearly a 60% increase in value. Meanwhile, those who've owned their homes for 30 years have witnessed their property's value nearly triple.
Whether your goal is to downsize, relocate to a dream destination, or move closer to loved ones, your equity can be a powerful ally. Regardless of your housing objectives, a trusted real estate agent can be your guiding light. They can assist you in selling your current home and help you find a new one that perfectly suits your current lifestyle.
Bottom Line: As you chart your course toward retirement, let's connect to assess the equity you've accumulated over the years. Together, we can devise a plan to leverage this valuable asset to find a home that aligns seamlessly with your evolving needs.
Ready to explore your options and make a move that fits your retirement goals? Let's start the conversation today. Contact me for a free consultation, and together, we'll plan the next steps to find your ideal home.