Lisa Mailhot | September 11, 2023
Reaching retirement is a significant life milestone, ushering in a multitude of changes and fresh opportunities. As you stand at the threshold of this exciting new chapter, one consideration that may be on your mind is the prospect of selling your current home and seeking a new one that aligns better with your evolving lifestyle. Reaching retirement is a significant life milestone, ushering in a multitude of changes and fresh opportunities. As you stand at the threshold of this exciting new chapter, one consideration that may be on your mind is the prospect of selling your current home and seeking a new one that aligns better with your evolving lifestyle.
Fortunately, you might be in a more advantageous position to make this transition than you might think. Here are several compelling reasons why:
Between 1985 and 2009, the typical duration that homeowners remained in their homes was approximately six years. However, according to the National Association of Realtors (NAR), this average has risen significantly in recent years. Since 2010, the typical tenure in a home has extended to slightly over nine years, as indicated by the graph below:
This shift implies that many homeowners have been residing in their homes for even longer durations lately. Living in a home for such a substantial period naturally leads to life changes and milestones that might necessitate adjustments in your housing requirements. If your current home no longer aligns with these evolving needs, it's possible that superior housing options are waiting for you.
Moreover, if you've been a homeowner for more than a few years, it's likely that you've amassed a significant amount of home equity that can empower your next move. This is because you accumulate equity as you pay down your mortgage and as property values appreciate. Additionally, the longer you've owned your home, the more substantial your equity gains may be. Data from the Federal Housing Finance Agency (FHFA) illustrates this trend, as shown in the graph below:
While property values can vary by location, the national average indicates that homeowners who have owned their homes for five years have witnessed nearly a 60% increase in their property's value. Furthermore, those who have held onto their homes for 30 years have seen their property's value nearly triple during that time.
Whether your goal is to downsize, relocate to your dream destination, or move closer to friends and family, your accumulated equity can be an invaluable resource. Whatever your homeownership objectives may be, a dependable real estate agent can collaborate with you to identify the optimal course of action. They will assist you in selling your current property and guide you through the process of acquiring a new home that perfectly suits your current lifestyle and preferences.
As you map out your retirement plans, it's essential to connect with us so that we can assess the equity you've amassed over the years and devise a strategy for utilizing it to secure a home that meets your evolving needs.
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