Is Your Home Still the Right Fit for Your Retirement?
As you approach retirement or if you've already retired this year, it's an opportune moment to evaluate if your current home aligns with the next chapter in your life.
Duration of Homeownership: Traditionally, homeowners would change residences approximately every six years between 1985 and 2008. However, recent trends, as highlighted by the National Association of Realtors (NAR), indicate that homeowners are now residing in their homes for more extended periods.
Living in a home for an extended time often coincides with various life changes. As these changes unfold, your housing needs may evolve. If your current home no longer caters to these needs, it might be time to explore alternative options.
Accumulated Home Equity: Over the years of homeownership, you've likely accrued substantial equity, a valuable asset for your next move. The longer you've owned your home, the more likely it has appreciated in value. While home price growth varies across regions, national data from the Federal Housing Finance Agency (FHFA) demonstrates significant appreciation over time.
Consider Your Retirement Objectives: Whether you're contemplating downsizing, relocating to a dream destination, or desiring closer proximity to loved ones, your home equity becomes a pivotal factor in achieving these homeownership goals. According to NAR, many recent home sellers moved primarily to be nearer to loved ones.
A trusted real estate agent can be your guide in realizing your homeownership goals. They'll assist you in selling your current home and navigating the purchase of a home that suits your current lifestyle.
Retirement often brings significant life changes, impacting what you require from your home. Let's connect to explore the available homes in our area and find the perfect fit for your retirement lifestyle.
