Reaching retirement is a remarkable milestone that opens doors to a world of change and fresh possibilities. As you step into this exciting chapter of your life, one thought that may cross your mind is the idea of selling your current house and finding a new home that better aligns with your evolving needs.
Surprisingly, you might be in a stronger position to make this move than you think. Here are some compelling reasons why:
1. Your Home Tenure Matters
In the past, homeowners typically stayed in their houses for an average of six years, from 1985 to 2009. However, recent trends, as reported by the National Association of Realtors (NAR), indicate a notable shift. Since 2010, the average duration of homeownership has extended to just over nine years. This extended tenure means that many homeowners have spent even more time in their current homes.
Living in a home for an extended period often accompanies significant life changes and milestones. As your life evolves, your housing needs may evolve as well. If your current home no longer suits your requirements, you may be pleasantly surprised to discover that better housing options await you.
2. Unlock Your Home Equity
Furthermore, if you've resided in your home for an extended period, you've likely amassed a considerable amount of equity that can fuel your next move. Equity accumulates as you pay down your mortgage and as property values appreciate over time. The longer you've owned your home, the more equity you're likely to have built up.
Data from the Federal Housing Finance Agency (FHFA) paints a vivid picture of this phenomenon. Nationally, homeowners who've lived in their homes for just five years have seen their property values increase by nearly 60%. For those who've owned their homes for a remarkable 30 years, property values have nearly tripled.
Whether your retirement dreams involve downsizing, relocating to a dream destination, or moving closer to friends and family, your accrued equity can serve as a powerful asset. Your equity can be the key to realizing your housing goals.
Our dedicated real estate professionals are here to assist you every step of the way. We can help you sell your current property and guide you through the process of purchasing a home that perfectly suits your current needs and lifestyle.
In Conclusion
As you embark on your retirement journey, we encourage you to connect with us. Let's explore how much equity you've amassed over the years and devise a plan for leveraging it to acquire a home that aligns seamlessly with your evolving requirements.
Your retirement should be a time of fulfillment and joy, and the right home can make all the difference. We're here to help you unlock the potential of your equity and achieve the retirement lifestyle you've always dreamed of.
