Are you thinking about retirement or perhaps have already taken the leap into this exciting new chapter of life? If so, it might be the perfect moment to evaluate whether your current home is still the best fit for your evolving needs.
Many of my clients are in this phase of life—contemplating retirement or downsizing for personal or health-related needs. But leaping into a home sale or change of location may not be your best move. Let’s take a look at things to consider as you make this decision.
Consider the Duration of Your Stay
Back in the late 20th century, homeowners tended to move approximately every six years. However, times have changed. According to the National Association of Realtors (NAR), today's homeowners are staying in their houses for more extended periods.
As you've likely experienced various life changes during your time in your current home, your needs may have shifted.
Is your home too large, or would you prefer single-level living? Does the yard require too much attention for your travel plans? Would you like to live closer to family members?
If your house no longer aligns with your lifestyle, it could be the opportune time to explore new possibilities.
Evaluate Your Equity
If you've been in your home for a considerable time, chances are you've built up substantial equity that could facilitate your next move. Over the years, your home has likely appreciated in value, contributing to this equity growth. While the rate of home price appreciation varies by location, on a national scale, homeowners who have lived in their homes for five years witnessed an average value increase of nearly 60%. For those who have owned their homes since 1991, the value more than tripled.
It may be time to access that equity and put it to work in meeting your life goals.
Consider Your Retirement Goals
Retirement often comes with new goals, whether it's downsizing, moving to a dream location, travel or being closer to loved ones. Your accumulated home equity can play a crucial role in achieving these goals. According to NAR, many recent home sellers moved primarily to be closer to loved ones.
Let’s Talk About it
No matter what your homeownership goals are, I can be your guide. As a designated SRES agent (Senior Real Estate Specialist) I am trained to assist you in selling your current home and navigate the process of finding a new home that perfectly aligns with your current lifestyle.
Retirement opens up new possibilities, including potential changes to your living situation. If you're contemplating a move, let’s talk today. 925.360.3261