If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your housz and finding a housz that more closely fits 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 You’ve Been in Your Housz From 1985 to 2008, the average length of time houszowners typically stayed in their houszes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many houszowners are living in their houszes even longer (see graph below):
When you live in a housz 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 housz. As those life changes and milestones happen, your needs may change. And if your current housz no longer meets them, you may have better options waiting for you.
Consider the Equity You’ve Gained Additionally, if you’ve been in your housz 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 housz, the more likely it’s grown in value due to housz price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While housz price growth varies by state and local area, the national average shows the typical houszowner who’s been in their housz for five years saw it increase in value by over 50%. And the average houszowner who’s owned their housz for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your houszownership goals. NAR shares that for recent housz 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 housz goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current housz and guide you as you buy the housz that’s right for you and your lifestyle today.
Bottom Line Retirement can bring about major changes in your life, including what you need from your housz. Let’s connect to explore your opportunities in our local market.