Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your house and finding a home better suited for your evolving needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.
Consider How Long You’ve Been in Your Home
From 1985 to 2009, homeowners typically lived in their homes for about six years. However, the National Association of Realtors (NAR) reports that the average home tenure has increased since 2010, now standing at just over nine years (refer to the graph below):
This implies that in recent years, a substantial number of homeowners have resided in their houses for even longer durations. Living in a home for such an extended period naturally exposes you to changes and milestones in your life. With these life developments, your needs may evolve. If your current home no longer aligns with these evolving needs, there could be more suitable options awaiting your consideration. Consider the Equity You’ve Gained Additionally, if you've been residing in your home for an extended period, it's probable that you've accumulated significant equity, providing financial support for your next step. This is due to the equity growth as you pay off your loan and experience appreciation in home prices. The longer the duration of your homeownership, the greater the potential equity buildup, as demonstrated by data from the Federal Housing Finance Agency (FHFA) in the graph below:
Although home prices can vary by location, the national average indicates that homeowners who have been in their homes for five years have witnessed nearly a 60% increase in its value. For those who have owned their homes for 30 years, the average appreciation is almost triple.
Whether you're considering downsizing, relocating to a dream destination, or moving closer to friends and family, the equity you've built can be a valuable resource. A trusted real estate agent can assist you in selling your current home and guide you in finding a new home that aligns with your current lifestyle.
In conclusion, as you prepare for retirement, let's connect to determine the equity you've accumulated over the years and strategize how to leverage it for the purchase of a home that suits your evolving needs. 626-653-6903 | info@thechouteam.com | www.thechouteam.com
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