Planning to Retire? It Could Be Time To Make Your Move
January 19, 2023
If you’re thinking about retirement or have recently retired, you may be planning your next steps. One of your goals could be selling your house and finding a home or area 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 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:
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 have better options waiting for you.
Consider the Equity You’ve Gained
Additionally, if you’ve been in your home 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 home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point:
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 over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals
Whether you’re looking to downsize or relocate to a dream destination like Southeastern North Carolina, that equity can help you achieve your homeownership goals. Whatever your home goals are, a trusted Kent Homes new home specialist can work with you to find the best option. They’ll help guide you as you buy or build the home that’s right for you and your lifestyle.
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local area.
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